Internet of things in the modern technology
- 2. Contents • Introduction • Identification of IOT applications • Concept of IOT • Specific applications
- 3. What is Internet of Things(IoT)? • The Internet of Things (IoT) is the network of physical devices, vehicles, daily life appliances, and all other physical devices that are embedded with sensors, software, and network connectivity allowing them to communicate with each other by collecting and sharing data. • It is an ecosystem of web-enabled devices that allows the devices to autonomously do the tasks with the basic input. With IoT, data is transferable over the network without requiring human-to- human interactions or human-to-computer interactions. The sensors and software embedded in the IOT devices help to read the surrounding conditions and behave accordingly.
- 4. IoT Applications • An Internet of Things (IoT) application is a collection of software and services that integrate data from various IoT devices, analyze it, and make decisions based on that data. It uses machine learning or artificial intelligence (AI) technology to analyze this data and make informed decisions. IoT applications bring a lot of value to our lives. It provides objects, and computing devices which can make a person’s life much more easier.
- 5. Businesses/Industries using IoT: • Finance • Healthcare • Retail • Tourism
- 6. IoT in finance sector: IOT stands as a key force in narrowing down the process and enabling real-time data analysis for financial services. Since, the introduction of IOT in this sector, the operational efficiency of financial institutions like banks has highly spiked. Benefits such as enhanced operational efficiency, security advancements, and deep data analysis insights have been achieved. • IoT payments • Customer Services • Fraud detection • Auditing
- 7. Fraud Detection Fraud detection Scams and frauds occur frequently in the financial industry which can make businesses lose huge amounts of money. When IoT is coupled with machine learning(ML), it can help to detect anomalies by collecting data from various machines and web applications including payment portals and servers which helps to quickly identify suspicious activities of fraud and money laundering and take necessary actions. Accounting and auditing are the most crucial processes in a financial process to uncover any financial fraud. Traditional auditing involves a ton of paperwork which thus makes it inefficient and causes many errors. With IoT, accountants can easily track transactions in real-time whether they make a purchase or receive money. This makes the auditing processes much easier and lowers the efforts that are otherwise needed for the auditing process. This also makes the accounting process accurate and error-free.
- 8. IoT payments Customer Services IoT-enabled devices, such as contactless payment cards, wearables, and mobile apps, allow the user to make payments by simply tapping or holding their device near a POS terminal. These payments are done without any human intervention, based on a set of rules. Enabling IOT payments in receivable accounts can help elevate customer experiences and make the payment process smoother. The Internet Of Things can help businesses to get data on how customers are using their services or looking at their goods/products so that the companies can decide in real-time. Doing this can highly increase the productivity of the businesses as well as sales.
- 9. Benefits of IoT in finance sector:
- 10. Faster Decision Making: The business decisions including investment decisions are based on in-depth data analysis, business pattern analysis, and market research. If these tasks are to be done manually, it takes a huge human input and valuable time. With IoT, we can collect data from businesses and fetch it to the AI and ML model, to provide detailed market research and in-depth business analysis.
- 11. Improves Efficiency: With IoT, we can track real-time performance of employee and business performance. Also, the decisions taken with the help of these IoT devices are more accurate than those made by humans in most cases. Also, IoTs with advanced technologies like Ml, AI, and blockchain can provide a secure, efficient, and faster way to deal with problems and errors in the finance sector.
- 12. Future of IoT in banking and finance sector: • Voice-activated Banking: Natural Language Processing (NLP) and AI-powered banking through voice-activated interactions hold immense potential for a seamless, and personalized banking experience. • Personalized insurance: Health and driving habits can be monitored by smart sensors and trained by machine learning. provide custom-tailored insurance. • Predictive loan approvals: Banks can use real-time IOT data to provide quicker and more personalized loan approvals.
- 13. Thank you