What specialties does your bank have? If you don’t have a set of banking specialties then chances are you are trafficking in commoditized bank products and strategic differentiation will be difficult. As we look ahead, one area that banks should consider specializing in is the financing of robotic systems for small and mid-sized companies. The Internet of Things (IoT) trend is a perfect fit for bankers looking to become more of a trusted advisor as it takes a certain level of expertise.
Tag: Internet of Things
The “Internet of Things” is well on its way of changing how we move around the physical world, and 2014 marks the first time banks are starting to capitalize off this trend. Manufacturers are embedding sensors, tracking devices and actuators in various devices and linking them via the Internet. These devices form a network that not only churn out a steady stream of raw and analyzed data, but are able to be communicated with. The result is a “dynamic information layer” that adds value to any activity touching this network, including bank financing.