Kayla Matthews

Here’s How AI Startups Are Doing in 2019

AI Startup Growth Now that artificial intelligence (AI) is part of the mainstream, companies are rapidly investigating what they can do to develop new AI technologies that will make society better and translate to substantial profits for their startups. These AI startups continually capture the
/
Aruna Cisco

2019 Predictions for Innovating, Transforming and Enabling Workplace Transformation

My Predictions for 2019 As we think of the top Collaboration trends for the coming year, we should start by taking a look back at 2018. In 2018, Team collaboration solutions became the norm. More than just an application, it has become the principal interface
/

How IoT, Wearables, and Mixed Reality May Disrupt Banking

Banking Disruption

Technology and finance have always gone together. It takes the best, most secure technologies to keep stockpiles of money safe.

We don’t often consider banking and technology together, but it’s the banking industry that stands to be disrupted most by emerging technologies like the Internet of Things, augmented and virtual reality, and wearable technology.

Whether that disruption comes from established players or new ones is yet to be determined, but it’ll be interesting to watch things take shape.

Changing the Face of Consumer Payments

Payment processing

Millennials are one of the most difficult groups to pin down. Younger generations like doing things new ways, and a recent survey found 73 percent of millennials are looking to Google, Apple, PayPal, and other tech companies for new financial offerings instead of their banks.

It’s millennials that drive the push for mobile, contactless payments. Both established tech and financial companies along with startups like Adyen, TransferWise, and Currency Cloud are rushing to create intuitive ways to use mobile phones for payments.

Now that most major merchants are equipped to handle contactless payments, it’s only a matter of time before you’ll need neither your card nor phone to make a purchase in store. Keychain dongles with timed, regenerating passcodes have long been used to secure financial information on the enterprise side.

Introducing these to the consumer side brings a cryptocurrency level of verification and encryption to mobile payments, and thanks to two-step authentication implemented in popular consumer platforms like Gmail and Steam, understanding of this technology is somewhat ubiquitous.

And it’s not just consumer banking that’s seeing rapid changes.

Evolving the Trading Floor

When the second Oculus Rift development kit was released, Fidelity Labs created an innovative new way for people to view their investment portfolio with Stock City. Instead of stale, boring graphs and charts, each investment is translated into an equivalent building that builds a town. Like Sim City, Stock City requires a carefully planned and executed balance to maintain and grow.

This was just one taste of one direction investment firms are taking virtual, augmented, and mixed reality.

Over the summer, Citigroup released a video showing proof of concept for an AR application that extends the desktop into the real world. It utilizes Microsoft’s Hololens, which, like the Rift HDK2 isn’t ready for the consumer market. Using AR to pull stock quotes, graphs, and other visual data into a 3D world makes it easier to see patterns and optimize trades.

Polish company Comarch is taking things even further. Comarch designed a virtual reality investment newsroom for their wealth management clients. Creating a virtual space gave the feeling of virtually meeting with clients and reviewing their portfolio one-on-one even though it’s in the digital space.

Providing Marketing and Education

It’s not just the financial industry involved in these new technologies. From artificially intelligent chatbots like Taco Bell’s Tacobot helping consumers shop to location-based augmented reality games like Pokemon Go motivating record numbers of people around the globe to get outside and explore, every industry is finding value in the new Internet.

This makes it more important than ever for the financial industry to provide consumers with financial education and other refined services. While using AR to find imaginary creatures, consumer can also locate ATMs, money management services, and more. Not only do customers need to be educated on how to utilize technical aspects of these platforms, but how to pay for them.

Microtransactions, subscription services, and even fraudulent schemes are going to occur using these technologies. Consumers need to be provided with ways to responsibly navigate this new world with all its gadgets and technologies.

These technologies represent new marketing avenues as well. Instead of creating flat, YouTube-style videos, brands can now create immersive, 360-degree experiences that fully engage consumers from every angle. IoT devices like Amazon Dash help you bypass search engines entirely to create a direct connection to customers.

Understanding Emerging Technologies

Of all companies, it’s likely to be Microsoft that jumpstarts the VR revolution. With its announcement in October 2016 that Windows 10 will soon be compatible with its $300 headset, Microsoft is hoping to bridge the gap between consumer and enterprise and make VR as ubiquitous as the flat-screen monitor or smart TV.

The first step to getting started with these new technologies is to explore their capabilities firsthand.

Smartphone-powered VR headsets are available practically everywhere for as little as $10 and as much as $200 while desktop-powered VR starts at around $500. Spherical cameras can be found for as low as $100. IoT sensors, Raspberry Pi and Arduino boards, and development kits are readily available to create smart devices, applications, and experiences. Or just wait for Microsoft’s headset.

Experiencing the technology firsthand helps in understanding the full capabilities. I can spend all day describing to you the feeling of being surrounded by 3D holograms of spreadsheets, databases, and more, but you can’t understand it until you see it for yourself.

So check them out – maybe you’ll see something these other companies didn’t and kickstart your own tech revolution.

By Brian Penny

Brian Penny

Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower and freelance writer. Now he regularly attends industry trade shows around the west coast with his work in Forbes, Fast Company, The Street, Huffington Post, and more...

Cloud Computing In Education

Cybersecurity Policies Must Address Internal Threats

Cybersecurity Policies The contentious U.S. election campaign offered up many highlights, but the aftermath of election night – explosive cyberattack allegations – provided even more ...
Cloud Migration – 10 ‘Do it Right’ Tips

Cloud Migration – 10 ‘Do it Right’ Tips

Cloud Migration Tips Businesses continue to adopt the cloud at break neck speed. Inherent benefits like lower operational costs, no infrastructure overheads, and quick access ...
Mobile security

It May Not Be Sexy, But Strict Compliance Delivers The Freedom To Innovate

Compliance and Business Innovation When the U.S. based non-profit organization RHD | Resources for Human Development decided to move its operations into the cloud, one ...
Steve Prentice CloudTweaks

Why Certification Matters for Cloud Service Providers

Certification for Cloud Service Providers The concept of “cloud” has become more of a norm for companies and organizations worldwide. Most now use cloud service ...
Rackspace partner

Rackspace’s ObjectRocket Portfolio Offering Expands with Complete MongoDB Licensing

/
SAN ANTONIO – Rackspace’s ObjectRocket portfolio offering has been certified as a worldwide cloud provider of MongoDB, a leading open source general purpose database platform. With this certification, Rackspace has joined a select ...
ISC2

CEOs: Cybersecurity Will Be a Major Challenge in the Coming Decade

/
Cybersecurity concerns remain top of mind for global CEOs as they weigh the challenges their organizations will face in the next five to 10 years. A new report by global ...
AWS

Amazon ECR now supports increased repository and image limits

/
Amazon Elastic Container Registry (ECR) now supports increased number of repositories per region and images per repository. Previously, the default limit was 1,000 repositories per region and 1,000 images per ...