Smart fridges, belts, kettles and all manner of devices that can be connected to each other and the internet have been making the news recently. These ‘smart’ devices all use the Internet of Things to offer us a more efficient and fuss-free lifestyle, and the recent advances in the technology could herald new frontiers for banking.
A recent Digital Espresso session yielded some interesting points, which we’ve highlighted below.
“Connected objects” on the rise
Advances in mobile technology set to increase in the next five years, with the number of “connected objects” (now numbered at 5 billion) increasing at a much faster rate.
Three points that are crucial to innovation
It is essential that we focus on these three points when thinking about IoT as a whole: the technology, the people you want to engage, and the need for that innovation.
Data at the centre of it all
IoT relies on data to operate at its optimum state, and data can also help identify certain audiences, needs or desires. This helps us utilise IoT in more effective ways.
The existence of grassroots maker communities
There are groups who create and make devices using IoT technology – either in response to a certain need, or simply for fun. Examples ranged from two Seattle girls launching a balloon spacecraft to the edge of space, to a colour-blind man who used sounds to better interact with his environment. Both cases showed that innovation’s three crucial points can be found just about anywhere.
Learn from the data
Outcomes and learning opportunities from specific tasks can be applied to a range of other projects, simply by analysing the data provided previously.
Real world R&D
In order to better identify who your target demographic is and what their needs are, R&D departments should be placed in the real world – where they can gather data from real life, rather than using speculative data.
Digital Espressos are 30-minute talks from either internal or external speakers with expertise in different areas of digital, ranging from the Internet of Things to AI. These sessions help us learn about the wider digital industry and keep up with what different organisations and individuals are doing in this space – which gets us thinking outside of the traditional financial and banking realms as we do our best to become the best bank for our customers.
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