{"id":11925,"date":"2018-12-24T23:49:03","date_gmt":"2018-12-24T23:49:03","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=11925"},"modified":"2018-12-24T23:49:03","modified_gmt":"2018-12-24T23:49:03","slug":"developing-iot-solutions-in-the-financial-industry","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/developing-iot-solutions-in-the-financial-industry\/","title":{"rendered":"Developing IoT solutions in the financial industry"},"content":{"rendered":"<p>The internet of things (IoT) is creating new possibilities and realities in nearly every sector. This is especially true for the financial sector, where it is improving customer service, security and decision-making as well as helping create new products for a more mobile and convenient life. In order to remain relevant with a demanding consumer-base, financial institutions need to at least keep pace with new developments. Here are a few things to keep in mind when implementing IoT solutions:<\/p>\n<ul>\n<li><strong>Concept and audience<\/strong> \u2013 verifying demand and defining its value proposition will ensure that the product\/service to be developed will provide real value to consumers.<\/li>\n<li><strong>Data<\/strong> \u2013 it is necessary to define what data is necessary as well as how it will be collected, stored, processed and made secure. This is especially important with ever-stricter regulations being passed around the world.<\/li>\n<li><strong>Hardware design<\/strong> \u2013 custom hardware can be a challenge to both design and sell. Consider if a solution might better be integrated with an already-existing solution (e.g. wearables, beacons, etc.). But don\u2019t be too afraid to build a custom devise if it\u2019s truly necessary.<\/li>\n<li><strong>Software development<\/strong> \u2013 remember that IoT software development is not easy. Typically, there are up to seven layers that must all work together.<\/li>\n<li><strong>Integration<\/strong> \u2013 ensure that everything works together as expected (both front-end and back-end infrastructures). When used with an existing internal system, make sure new products\/services works with it as expected. Don\u2019t forget to add tools for analytics, advertising and\/or customer support (as is relevant).<\/li>\n<li><strong>Ongoing improvements<\/strong> \u2013 the second a new product\/service is brought to market, it is time to think about how it can be improved. It is crucial to obtain user feedback for this purpose.<\/li>\n<li><strong>Support<\/strong> \u2013 Constant support and reliability are important for new, and especially IoT, products. Don\u2019t risk losing consumer confidence by neglecting this important part of new product\/service development.<\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-11925 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Despite new technology, customers still open accounts at branches'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/despite-new-technology-customers-still-open-accounts-at-branches\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/challenge-idea-game-wooden-one-corporate_1418-521-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-10268\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10268'>\n\t\t\t\tDespite new technology, customers still open accounts at branches\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='The importance of data science skills in HR'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/the-importance-of-data-science-skills-in-hr\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/05\/business-presentation-laptop-screen_53876-13516-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12740\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12740'>\n\t\t\t\tThe importance of data science skills in HR\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Why alternative lenders are becoming popular with small businesses'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/why-alternative-lenders-are-becoming-popular-with-small-businesses\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/profile-portrait-of-an-attractive-cloth-designer-woman-talking-p_1163-2043-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-9896\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-9896'>\n\t\t\t\tWhy alternative lenders are becoming popular with small businesses\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The internet of things (IoT) is creating new possibilities and realities in nearly every sector. This is especially true for the financial sector, where it is improving customer service, security and decision-making as well as helping create new products for a more mobile and convenient life. In order to remain relevant with a demanding consumer-base, &hellip;<\/p>\n","protected":false},"author":5,"featured_media":11945,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[421],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/11925"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=11925"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/11925\/revisions"}],"predecessor-version":[{"id":11926,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/11925\/revisions\/11926"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/11945"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=11925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=11925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=11925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}