Afero Blog

How IoT Revolutionizes the Financial Industry

No matter the industry, deployments of Internet of Things technology have a way of bringing about major change. From the significant rise in smart appliances and devices in the home to the many applications of IoT in manufacturing facilities, IoT products continue to emerge as valuable additions to many different industries, capable of overhauling existing operations and even enabling new markets. Now, thanks to Afero’s collaboration with Mitsubishi UFJ Financial Group, IoT innovations are being extended to the financial services industry, in an effort we refer to as the “Bank of Things”.

The Bank of Things is the first significant injection of IoT into the world of payment systems and payment processing, offering the potential to completely upturn not only the way payments are made, but the way we think about payments. On a basic level, the Bank of Things is the integration of blockchain technologies with the edge-to-cloud foundation provided by Afero’s IoT Platform. By applying our comprehensive, platform-based approach to IoT with the massive quantity of information present in the blockchain database, Afero provides the means to make low-cost micropayments at an unprecedented scale. What’s more, these payments aren’t simply restricted to consumer-facing “person-to-thing” transactions. Our Platform actually allows payments to be automated, allowing for instantaneous “thing-to-thing” transactions and effectively creating the potential for new business models to emerge.

Sculpting the Future of Financial Services

As with other industries, IoT is proving to be an important part of the future of financial services. In addition to Thing-to-Thing transactions, the Bank of Things is creating an instant transactional marketplace that is post-credit card and post-cashier, with dynamic pricing and enhanced security throughout, and as with any product developed with the Afero IoT Platform, any and all technologies and solutions in use can be scaled to any size and reused for any future projects. In such a new market, the Afero Platform’s versatility is incredibly valuable, as it can be quickly and easily adapted to meet any unforeseen challenge without missing a beat.

The Bank of Things goes so much deeper than convenience and automation though. As it grows in popularity, new revenue streams via data services will be created, both capital and operational expenditures will be slashed across the board, and customer experience will be improved with seamless service. These facets of the Afero-enabled Bank of Things are just a few of many, and as the insights afforded by IoT data continue to roll in, new needs will be exposed, new ideas will be spun up, and new solutions will be created.

The Afero IoT Platform

Our Platform is designed to encourage innovation and make IoT ideas and concepts into a reality. Our Bank of Things collaboration with Mitsubishi UFJ Financial Group is an example of how our IoT Platform can be used to harness the potential of IoT to create something wholly new.

If you’re interested in learning more about Afero, our IoT Platform, the Bank of Things, or just IoT in general, please don’t hesitate to contact us! Your next innovation could start today, so why wait?