Prasanna Lohar, Head Technology - Innovation & Architecture, DCB Bank Ltd.

Welcome Internet of Things!

Looks like it will be Internet of Everything! No wonder it will be exciting to experience an automated world with the power of IoT.

Is it possible for you to experience the next level of lifestyle with IoT? And is not it great that…

  • Self-driving car is getting parked automatically on its own
  • Refrigerator is ordering fruits or eggs on its own
  • Payment of electricity bills is automated thru an energy meter directly
  • You receive a warm welcome at the bank branch as soon as you enter
  • You receive much needed notifications on your mobile device as soon as you enter a shopping mall or coffee shop
  • Your home assistant carries all your work – plays your favorite music, orders a pizza, suggests best weekend locations to visit
  • You could control the environment for a better crop yield
  • Your car could have access to your calendar and already know the best route to take
  • What if your alarm clock wakes up you at 6 a.m. and then notifies your coffee maker to start brewing coffee for you?
  • What if your office equipment knew when it was running low on supplies and automatically re-ordered more?
  • What if the wearable device you used in the workplace could tell you when and where you were most active and productive and shared that information with other devices that you used while working?

Yes it is possible to through the power of IoT!

Wow! it will be an amazing world for the customer. He would want to be treated as special in every business relationship.

Let us Deep Dive in IoT

IoT is becoming an increasingly growing topic of conversation in the workplace, home, and outside of it. It is a concept that not only has the potential to impact how we live but also how we work. But what exactly is IoT and what impact is it going to have on you, if any? Let me tell you there are a lot of complexities around IoT but I want to stick to the fundamentals.

Let us start with understanding a few things – broadband internet is become more widely available, the cost of connecting is decreasing, more devices are being created with wi-fi capabilities and sensors built into them, technology costs are going down, and smartphone penetration is sky-rocketing. All of these things are creating a perfect storm for the IoT. IoT is an additional layer of information, interaction, transaction, and action which is added to the internet thanks to devices, equipped with data sensing, analysis, and communication capabilities, using internet protocols.

What is IoT?

IoT is an umbrella term that describes a multifaceted foundation for a range of applications and goals that are enabled through the connection of items (devices, sensors, tagged beings), equipped with data capture and communication capacities, uniquely identifiable and connected, in order to transmit and/or received data for a clear human, business, or societal purpose.

Simply put, this is the concept of basically connecting any device with an on and off switch to the internet (and/or to each other). This includes everything from cellphones, coffee makers, washing machines, headphones, lamps, wearable devices, and almost anything else you can think of. This also applies to components of machines, for example, a jet engine of an airplane or the drill of an oil rig.

The analyst firm Gartner says that by 2020 there will be over 26 billion connected devices. That is a lot of connections (some even estimate this number to be much higher, over 100 billion). The IoT is a giant network of connected things (which also includes people). The relationship will be between people–people, people–things, and things–things.

Crucial Internet of Things Characteristics

Connectivity. This does not need much further explanation. Devices and sensors need to be connected: to an item, to each other, actuators, a process and to the Interne’ or another network

Things. Anything that can be tagged or connected as such as it is designed to be connected. From sensors and household appliances to tagged livestock. Devices can contain sensors or sensing materials can be attached to devices and items

Data. Data is the glue of the IoT, the first step toward action and intelligence

Communication. Devices get connected so they can communicate data and this data can be analyzed

Intelligence. The aspect of intelligence as in the sensing capabilities in IoT devices and the intelligence gathered from data analytics (also artificial intelligence)

Action. The consequence of intelligence. This can be manual action, action based upon debates regarding phenomena (for instance in climate change decisions) and automation, often the most important piece

Ecosystem. The place of the IoT from a perspective of other technologies, communities, goals, and the picture in which the IoT fits. The Internet of Everything dimension, the platform dimension, and the need for solid partnerships

Connected World and Use Cases

With the rise of the hyper personalized customer and its expectation, the new rule for the future is going to be, Connected World – Anything that can be connected, will be connected.

Take a look at few banking use cases:

  • To track tractors and cars lent to consumers
  • Enhanced branch experience with the help of beacons
  • Energy Meter Tracking at bank branches
  • Wearable devices for consumers to track health and relevant insurance provision
  • Voice banking through home assistants
  • Payment experience for connect car, home appliances , payment ring


The growth in these connected devices will spike over the next several years. IoT devices are poised to become more pervasive in our lives than mobile phones and will have access to the most sensitive personal data such as social security numbers and banking information. It is not hard to see how and why IoT is such a hot topic today; it certainly opens the door to a lot of opportunities and also to many challenges. Security is a big issue that is oftentimes brought up. As the IoT will bring in new opportunities, especially in analytic and visualization applications, major information management challenges will follow including data governance, integration, quality, privacy, and security. The graph below illustrates the results of a survey conducted among IT pros about the top governance issues. However two main concerns stand out: the increased security threats (for 38 % of the IT pros interviewed) and data privacy (for 28 %).

When it comes to these issues, you want to counter it by exercising control over your data, and there are several ways to do so.

  • First, keep in mind that as much as you want it, you cannot control all the data
  • Second, you should consider revisiting your information policies in term of security

We can list the threats of IoT under three categories: privacy, security, and safety. Experts say the security threats of the IoT are broad and potentially even crippling to systems. Privacy and security are a hot-button topic even today, so one can only imagine how the conversation and concerns will escalate when we are talking about many billions of devices being connected.

Way Forward

With billions of devices being connected together, what can people do to make sure that their information stays secure? Will someone be able to hack into your toaster and thereby get access to your entire network? The IoT also opens up companies all over the world to more security threats. Then we have the issue of privacy and data sharing. IoT data breaches will not only continue to increase, but the consequences will be more severe than before. Another issue that many companies specifically are going to be faced with is around the massive amounts of data that all of these devices are going to produce. Companies need to figure out a way to store, track, analyze, and make sense of the vast amounts of data that will be generated.

Conversations about the IoT are (and have been for several years) taking place all over the world as we seek to understand how this will impact our lives. We are also trying to understand what the many opportunities and challenges are going to be as more and more devices start to join the IoT. For now the best thing that we can do is educate ourselves about what the IoT is and the potential impacts that can be seen on how we work and live.

The reality is that the IoT allows for virtually endless opportunities and connections to take place, many of which we cannot even think of or fully understand the impact of today.

To conclude, IoT is already around us and is here to stay, which is at the same time an opportunity and a risk. We will have to reconsider our information governance practices and policies to take into account the challenges that come with it, as well as to take advantage and capitalize on the value it holds. Companies capabilities to foresee and rethink their information governance will be a key differentiator in the coming years and the early birds will surely enjoy the ripest fruits

Bharat exn


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