The Internet of Things is one of the biggest impending technological transformations, according to Zuzar Tinwalla, chief information officer (CIO) for India at Standard Chartered Bank. “Machine-to-machine connectivity is going to have a major impact on society, culture and business,” he says.
Analytics firm IHS Markit predicts the number of connected devices – including smartphones, smartwatches and other wearables, and connected cars – will reach 125 billion by 2030. “This level of connectivity enables mass collection and exchange of information from processes and objects,” Mr Tinwalla continues. “It opens up numerous opportunities for banks, as we will be able to better track, analyse and understand customer behaviour and needs. We can achieve a new level of intimacy with our clients to enable personalised products and services, as well as new cross-selling opportunities.”
