Exciting Potential of the AI Drones

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...

Matthew Cleaver

Dispelling the Myths of Cloud Solutions for the Small Business

Dispelling the Myths of Cloud Solutions As a business leader, migrating to the cloud can be overwhelming due to the large number of cloud solutions available, and the services they offer. Finding the right fit ...
Biometric Authentication

Passwords: More Secure Than Biometric Authentication?

Biometric Authentication Biometrics has long granted or denied access to secure things like premises and vehicles. Now it is being seriously considered for the same role as regards connected services. A recent draft publication by ...
Imminent IoT Eye-Tracking Technologies To Transform The Connected World

Imminent IoT Eye-Tracking Technologies To Transform The Connected World

IoT Eye Tracking Smelling may be the first of the perceptible senses, but the eye is the fastest moving organ in the human body. While the first, second, and third screens have historically exercised the ...
How Brands Can Use IoT and Wearables to Enhance Customer Experience

How Brands Can Use IoT and Wearables to Enhance Customer Experience

Using IoT and Wearables as Part of the Customer Experience The IoT and wearables are on the verge of completely changing how brands interact with customers. Here’s how this tech will boost the customer experience ...
The IoT-Connected Car of Today - Cases From Hertz, Nokia, NTT, Mojio & Concur Technologies

The IoT-Connected Car of Today – Cases From Hertz, Nokia, NTT, Mojio & Concur Technologies

The IoT-Connected Car of Today Imagine a world where your car not only drives itself, but also says intelligent things like these: A hotel is just around the corner and you have been driving for ...

CLOUDBUZZ NEWS

Researchers combine wearable technology and AI to predict the onset of health problems

Researchers combine wearable technology and AI to predict the onset of health problems

A team of Waterloo researchers found that applying artificial intelligence to the right combination of data retrieved from wearable technology may detect whether your health is failing. The study, which involved researchers from Waterloo’s Faculties ...
Oracle Buys DataScience.com

Oracle Buys DataScience.com

Adds Leading Data Science Platform to the Oracle Cloud, Enabling Customers to Fully Utilize Machine Learning Oracle today announced that it has signed an agreement to acquire DataScience.com, whose platform centralizes data science tools, projects ...
Kaspersky Lab to open Swiss data center to combat spying allegations

Kaspersky Lab to open Swiss data center to combat spying allegations

LONDON (Reuters) - Moscow-based Kaspersky Lab plans to open a data center in Switzerland by the end of next year to help address Western government concerns that Russia exploits its anti-virus software to spy on ...
Star Wars IoT CES
The Lighter Side Of The Cloud - Passwords
The Lighter Side Of The Cloud - The Robo-Revolution
The Lighter Side Of The Cloud - The Nanodegree
The Lighter Side Of The Cloud - The Backup Reminder
The Lighter Side Of The Cloud - Easter Egg Hunt
The Lighter Side Of The Cloud - Playing It Safe
The Lighter Side Of The Cloud - Dial-up Speeds
The Lighter Side Of The Cloud - The Money Grab