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3 ways to prepare for the IoT revolution

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We’re in the midst of a high-change period in financial services, with the evolution of technology teetering on the edge of radically re-shaping the entire financial industry. The Internet of Things (IoT) is already far bigger than anyone expected. In this day and age, everything from your latest kitchen appliance, your car and even a heart monitoring implant is connected to the internet. But is our industry ready to dive into the sea of digital opportunities?

In my experience, the financial industry can sometimes be “behind the times” – we still receive roughly 50,000 faxes a week at State Street. However, even at this pivotal point of technological evolution, the industry has proven itself to be resilient. After all, great companies define their futures – rather than waiting for the future to define it for them.

So how do we prepare for the IoT revolution? It’s time to get digital. Here’s how:

  1. Experiment

    As the saying goes, walk before you run. Great innovation doesn’t come from geniuses having a moment of inspiration. It comes from trial and error – you have to be able to learn from your mistakes. Organisations must create a culture that ensures continuous development of more sophisticated products and services. It seems simple, but it’s often overlooked. Firms need to be willing to try new approaches, to tolerate failure, and to adapt quickly to market challenges and client needs.

  1. Remove boundaries

    The amazing thing about the internet is its endless possibilities and the radical transparency it creates. The IoT applications might help banks improve underwriting processes and reach new markets.

  1. Stay future-safe

    The idea that everyday objects – from a car to a doorbell –could be brought online has raised concerns. And as the digitization of the financial services increases, so too does the risk of breaches. It’s time to guarantee the integrity and security of data, develop strong governance and protect data. Tools that analyse emails, texts and voice are being used to search for cases of fraud, market abuse or investment bias every day. Biometric authentication will play a critical role in preventing fraud in an omni-channel environment, and financial services firms are fast adopting these to verify their customers’ IDs.

Silvio Angius is Executive Vice President, Head of the Relationship Management Group & Asset Manager Sector Solutions, EMEA at State Street Securities Services.

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