IoT for Banking and Financial Sector
Every other industry is trying to embrace IoT and the BFSI sector too, is actively looking at IoT applications to make their operations more seamless, efficient and profitable. Here are a couple of innovations on the Bolt IoT platform developed for the Banking Sector.
- Banking Cube:
Today, people do not look at SMS, (why?) this is mainly because a majority of SMS, nowadays, comprises of spam messages like advertisements & promotions. On the other hand, your friends & family have shifted to WhatsApp and other messaging apps. (Okay! So, what’s the problem?) The problem is too serious to ignore. Despite containing a lot of spam, SMS are widely used to deliver important messages, like banking transactions. And in a world, where the instances of fraudulent transactions a filling up the newspapers, one can not simply afford to ignore them.
To solve the issue, we built the ‘Notification Cube’. This is a small cube that connects to your WiFi Network, it glows to notify you about a banking transaction from your account whenever it happens. Different type of debit transaction like Net Banking Debit, ATM withdrawal, Credit Card Swipe, etc. will have a different colour associated with it. If it is a conscious transaction, you can simply tap on the cube to accept it and the cube will stop glowing.
The cube is to be placed at a location where you can easily see it, such as your desk, so that you do not miss any notification. The cube can be customised to use for other transactions as well, such as double tap to recharge a specific phone number with a specified amount, etc. The cube can be setup and customised with a smartphone app.
The cube is low-cost device, hence, banks are giving it out to their customers as a gift. This is an innovative, high-tech and more practical option compared to the traditional gifts given by the banks.
2. iSafe Alarm:
This innovation by a Delhi-based startup puts the panic/emergency button in the hands of every bank employee. The siren is connected to the WiFi and can be switched on with a click on the smartphone app. The system automatically sends out an SMS to the emergency numbers. These numbers are to be entered in advance at the time of setup. The app is password protected to prevent false alarm and also keeps the log of the users.
The system also works on a local WiFi network, in case, your internet connectivity goes down, to ensure high safety level.
The Bolt IoT platform is an excellent solution to use in the BFSI sector with a high level of security, third party certified. It also makes the development quick and easy. We, at Bolt IoT, also offer end-to-end development of custom products and services.
If you are looking for deploying either of the above innovations or if you want to build a custom IoT offering or you are curious to hop on the IoT wagon but not sure of the end use case, feel free to write to me at ppv@inventrom.com or visit www.boltiot.com.
