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Leveraging IoT Insight for Increased Profit Margins in Financial Services

george_hope

 

1200x627.jpgThough big data and the Internet of Things (IoT) seem futuristic, they are rising digital disruptions of the present. Some are even calling this the third industrial revolution. Experts predict that by 2020, 25 billion IoT devices will be in place. That’s four to six devices for every person on Earth! As this revolution continues to grow, maximized IT performance and security are necessities. For the financial services industry, IoT solutions are helping businesses analyze and use their data, increasing their profit margins and returns on investment (ROI). In the financial services industry, “things” include smart phone applications, card-free financial transactions, and sensors which provide insurance carriers with information about driving habits. In recent years, leaders in the industry have been investing more in IoT, with spending set to reach US $153.5 million by 2018. In fact, Gartner forecasts that endpoints in IoT will grow at 32.5 percent compound annual growth rate (CAGR) by 2020.

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Source: The Financial Brand, 2015

 INCREASED INVESTMENT, INCREASED PROFIT

Small to midsize businesses (SMBs) who want to gradually virtualize and modernize current IT should invest in IoT technologies to maximize profits. SMBs are investing in IT solutions specifically designed for the IoT, which allows them to focus on facilitating business growth in flexible, secure, and affordable ways. With IoT technologies, financial services SMBs have the opportunity to improve efficiency and productivity in the following ways:

  • Comparative data insights. With IoT technologies, businesses can use historical data to compare growth and success over time.
  • Customer insights. Analysis of IoT data can help financial services SMBs learn their customer’s habits and needs so they can more efficiently manage their resources.
  • Productivity insights. IoT data can monitor employee productivity and equipment downtime, giving business leaders invaluable insight.

SECURITY FOR FINANCIAL SERVICES IoT

Clearly, IoT analytics is a great way for business leaders to gain insight into their business, but IoT security has been lacking. Thankfully, Hewlett Packard Enterprise (HPE) offers Aruba technologies, which allows businesses to utilize IoT data without worrying about network vulnerability or security threats associated with off-premises IT. Aruba ClearPass follows a three-step process, allowing IT managers to identify devices, enforce policies, and protect the network. In financial services, rule enforcement and network protection are the most important elements of keeping data secure. ClearPass uses a template-based policy enforcement so IT management can create wired and wireless oriented policies that leverage user roles, device types, MDM/EMM data, certificate status, location, day-of-week, and more. In conjunction with these policies, ClearPass uses existing solutions such as firewalls, anti-virus software, and spyware, allowing for automated threat protection and workflows to third-party security and IT systems that previously required manual IT intervention. ClearPass offers an intuitive web-based interface, allowing IT departments to quickly and easily create and administer policies for IoT. With Aruba ClearPass, businesses can harness their IoT insights without fear of security breaches.

To learn more about how IoT solutions are helping financial services SMBs increase their profit margins, please follow us on Twitter at @HPE_SMB for the latest SMB news and updates.

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About the Author

george_hope

George Hope is Vice President, Worldwide Small and Medium Business. He brings to HPE over 20 years of technology experience, joining HPE as part of the SimpliVity acquisition, where he was VP, Global Channels. He was named one of the 50 most influential channel chiefs by CRN in 2015 and 2016. Prior to SimpliVity, George spent 17 years at EMC. He was Sr. Director of Global Channels for EMC’s Isilon Division, where he tripled the partner business in 3 years. George also led the US Field Channel team for all product lines from EMC, and has held other Sales, Sales Strategy and Channel Management positions. George holds a Bachelor of Arts degree in Economics from the University of Massachusetts at Amherst.