Page 42 - Banking Finance September 2022

ARTICLE

can gain critical insights into the likelihood of accidents has become a reality now. It is alluded to the monitoring
and price insurance premiums appropriately. and controlling of processes via the internet. Rather than
embodying manual efforts to execute daily tasks. Internet
Real-time and customized Life Insurance of Things (IoT) has reformed how we deal with
things,making business faster, economical, and more
By combining health metrics from wearable with
systematic with each passing day. The financial business is
medical history, a biometric digital identity storage,
becoming more significant than ever before.
people will be able to request and get life insurance
instantly anywhere, anytime. Time required for
It will also transform retail banking, core banking, and other
underwriting could also be drastically cut from months
financial software in the future. With the blend of client
to near real-time.
management, business automation, and transformed
transactions, Internet of Things (IoT) in Fintech is proven to
Peer 2Peer Finance on Tangible Assets
be fruitful. When it comes to banking ithas made the
In the future, it might be possible to lease assets to
transition from traditional processes to modernized
individuals or businesses through 100 percent online
oneseasier that provide better customer experiences. One
services that directly match lessor with lessee.
can see Fintech and banking organizations are stepping
Leveraging digital identity, the leasing process can be
outside their comfort zones to adapt to Internet of Things
completed in real-time as the ownership of the asset
(IoT) technology and become market leaders. Banks are
can be switched from lessor to lessee in a second after
required to use Internet of Things (IoT) technology to
payment is confirmed. This has the potential to unleash
transform data into actionable insights that help them make
a completely new business model, whereby any financial
better decisions.
dealings based on digital objects can be carried out peer-
to-peer, disrupting banks in areas such as leasing and
The increased use of devices by bank customers had led to
mortgage.
an increase in Internet of Things (IoT) data usage. Banks can
also use Internet of Things (IoT) data to improve their
Latest development: customer interactions and deliver personalized services and
NASSCOM, in partnership with the Ministry of Electronics products. Today banks need to turn the IoT derived data into
and Information Technology (MeitY) and government of useful information that will help them make right decisions.
Andhra Pradesh, on 30/11/2021 launched a centre of The banks can increase their market share through the data
excellence (CoE) focussed on Internet of Things (IoT) and obtained, and use the same to offer better services to the
Artificial Intelligence at Andhra University Campus, customers.
Visakhapatnam, aimed at promoting innovation in emerging
References:
technology. This will promote entrepreneurship by providing
an incubation facility for peer-to-peer learning and the https://www.oracle.com
benefit of an industrial environment. https://www.theceoviews.com
https://www.businesstoday.in
Conclusion: https://thehindubusinessline.com

Internet of Things (IoT) is not a science fiction anymore, it https://livemint.com

Razorpay buys Ezetap for $150mn

Indian fintech unicorn Razorpay has acquired payments platform Ezetap in a deal that values the latter at around
$150-200 million. It is Razorpay's largest acquisition so far. It's largely a cash deal, with a small equity portion. Founded
in 2011 by Silicon Valley veterans Abhijit Bose, who is currently the head of WhatsApp India, and Bhaktha Keshavachar,
Ezetap is an offline PoS (point of sale) company that has simplified the offline payments experience. Ezetap launched
their first device in 2013 at under $50. The company's solution accepts all payment modes, be it cards, mobile wal-
lets, biometric-based, QR code-based, or even payments via messaging apps. It supports all hardware devices.

42 | 2022 | SEPTEMBER | BANKING FINANCE