IT and Digital Leaders in Financial Services are aware of the benefits of IoT and there are some use cases that most of them think will help transform Financial Services (Figure 2).
However, there are many more potential use cases. Here are some use cases whose volume will only grow every day to fuel incessant data generation, consumption and processing at the Edge.
Smart Homes. IoT devices like Alexa/Google Home have capabilities to become “bank in a speaker” with edge computing.
In-Sync Omnichannels. IoT devices can be synced with other banking channels. A customer may start a transaction on an IoT device and complete it in a branch. Facial recognition can be used to identify the customer after he/she walks in and synced IoT devices will ensure that the transaction is completed without any steps repeated (zero re-work) thereby enhancing customer satisfaction.
Virtual Relationship Managers. In a digital branch, the customer may use Virtual Reality (VR) headsets to engage with virtual relationship managers and relevant experts. Gamification using VR can be amazingly effective in the area of financial literacy and financial planning.
Home and Auto Purchase. VR may also find use in home and auto purchase processes with financing built into it. The entire customer journey will have a much smoother experience with edge computing.
Auto and Health Insurance. Companies can use IoT (device installed in the vehicle) plus edge computing to monitor and improve driving behaviour, eventually rewarding safety with lower premiums. The growth in electric mobility will continue to provide the basis for auto insurance. Companies can use wearables to monitor crucial health parameters and exercising habits. The creation of real-time dynamic rewards around it can change behaviour towards a healthier lifestyle. Awareness, longevity, rising costs and pandemic will only fuel this sector’s growth.
Payments. Device to device contactless payment protocol is picking up and IoT and edge computing can create next-gen revolution in payments. Your EV could have an embedded wallet and pay for its parking and toll.
Branch/ATM. IoT sensors and CCTV footage from branches/ATMs can be utilised in real-time to improve branch productivity as well as customer engagement, at the same time enhancing security. It could also help in other situations like low cash levels in ATMs and malfunctions. Sending live video streams for video analytics to the cloud can be expensive. By processing data within the device or on-premises, the Edge can help lower costs and reduce latency.
Trading in Securities. Another area where response time matters is algorithmic trading. Edge computing will help to quickly process and analyse a large amount of data streaming real-time from multiple feeds and react appropriately.
Trade Finance. Real-time tracking of goods may add a different dimension to the risk, pricing and transparency of supply chains.
Cloud vs Edge
The decision to use cloud or edge will depend on multiple considerations. At the same time, all the data from IoT devices need not go to the cloud for processing and choke network bandwidth. In fact, some of this data need not be stored forever (like video feeds etc). As a result, with the rise in the number of IoT devices and increasing financial access, edge computing will find its place in the sun and complement (and not compete) with cloud computing.
The views and opinions mentioned in the article are personal.
Anupam Verma is part of the Leadership team at ICICI Bank and his responsibilities have included leading the Bank’s strategy in South East Asia to play a significant role in capturing Investment, NRI remittance, and trade flows between SEA and India.
Johnson Controls/DigiCert have designed a new way of managing PKI certification for IoT devices through their partnership and integration of the DigiCert ONE™ PKI management platform and the Johnson Controls OpenBlue IoT device platform. Based on an advanced, container-based design, DigiCert ONE allows organisations to implement robust PKI deployment and management in any environment, roll out new services and manage users and devices across your organisation at any scale no matter the stage of their lifecycle. This creates an operational synergy within the Operational Technology (OT) and IoT spaces to ensure that hardware, software and communication remains trusted throughout the lifecycle.
Rationale on the Role of Certification in IoT Management
Digital certificates ensure the integrity of data and device communications through encryption and authentication, ensuring that transmitted data are genuine and have not been altered or tampered with. With government regulations worldwide mandating secure transit (and storage) of PII data, PKI can help ensure compliance with the regulations by securing the communication channel between the device and the gateway.
Connected IoT devices interact with each other through machine to machine (M2M) communication. Each of these billions of interactions will require authentication of device credentials for the endpoints to prove the device’s digital identity. In such scenarios, an identity management approach based on passwords or passcodes is not practical, and PKI digital certificates are by far the best option for IoT credential management today.
Creating lifecycle management for connected devices, including revocation of expired certificates, is another example where PKI can help to secure IoT devices. Having a robust management platform that enables device management, revocation and renewal of certificates is a critical component of a successful PKI. IoT devices will also need regular patches and upgrades to their firmware, with code signing being critical to ensure the integrity of the downloaded firmware – another example of the close linkage between the IoT world and the PKI world.
PKI certification benefits both people and processes. PKI enables identity assurance while digital certificates validate the identity of the connected device. Use of PKI for IoT is a necessary trend for sense of trust in the network and for quality control of device management.
Identifying the IoT device is critical in managing its lifespan and recognizing its legitimacy in the network. Building in the ability for PKI at the device’s manufacture is critical to enable the device for its lifetime. By recognizing a device, information on it can be maintained in an inventory and its lifecycle and replacement can be better managed. Once a certificate has been distributed and certified, having the control of PKI systems creates life-cycle management.
Ecosystm Advisors, Alan Hesketh, Darian Bird, and Niloy Mukherjee comment on how HPE is preparing for the Hybrid world and the key announcements at HPE Discover, 2021 including GreenLake, Lighthouse, and Aurora.
If we can get machine learning happening in the field, at the Edge, then we reduce the time lag and also create an extra trusted layer in unmanned production or automated utilities situations. This can create more trusted environments in terms of possible threats to public services.
What kind of examples of machine learning in the field can we see?
Health systems can improve hospital patient flow through machine learning (ML) at the Edge. ML offers predictive models to assist decision-makers with complex hospital patient flow information based on near real-time data.
For example, an academic medical centre created an ML pipeline that leveraged all its data – patient administration, EHR and clinical and claims data – to create learnings that could predict length of stay, emergency department (ED) arrival models, ED admissions, aggregate discharges, and total bed census. These predictive models proved effective as the medical centre reduced patient wait times and staff overtime and was able to demonstrate improved patient outcomes. And for a medical centre that use sensors to monitor patients and gather requests for medicine or assistance, Edge processing means keeping private healthcare data in-house rather than sending it off to cloud servers.
A retail store could use numerous cameras for self-checkout and inventory management and to monitor foot traffic. Such specific interaction details could slow down a network and can be replaced by an on-site Edge server with lower latency and a lower total cost. This is useful for standalone grocery pop-up sites such as in Sweden and Germany.
In Retail, k-nearest neighbours is often used in ML for abnormal activity analysis – this learning algorithm can also be used for visual pattern recognition used as part of retailers’ loss prevention tactics.
Working with the data locally on the Edge, creates reduced latency, reduced cloud usage and costs, independence from a network connection, more secure data, and increased data privacy.
Cloud and Edge computing that uses machine learning can together provide the best of both worlds: decentralised local storage, processing and reaction, and then uploading to the cloud, enabling additional insights, data backups (redundancy), and remote access.
In their recent whitepaper, network provider Ciena talks about “the concept of an adaptive learning strategy – a technology-based teaching method that replaces the traditional one-size-fits-all teaching style with one that is more personalised to individual students. This approach leverages next-generation learning technologies to analyse a student’s performance and reactions to digital content in real-time, and modifies the lesson based on that data.”
To create an adaptive learning strategy that can be individualised, these learners need to be enabled by technology to be immersed in a learning experience, complete with multimedia and access to a knowledge base for information. And this is where a solid 5G network implementation can create access and bandwidth to the resources required.
Example of 5G and Immersive Learning
An example of adaptive learning where the technology not only supports but challenges the learner can be found in a BT-led new immersive classroom developed within the Muirfield Centre in Cumbernauld, North Lanarkshire, using innovative technology to transform a classroom into an engaging and digital learning environment.
Pupils at Carbrain Primary School, Cumbernauld, were the first to dive into the new experience with an underwater lesson about the ocean. The 360-degree room creates a digital projection that uses all four classroom walls and the ceiling to bring the real-world into an immersive experience for students. The concept aims to push beyond traditional methods of teaching to create an inclusive digital experience that helps explain abstract and challenging concepts through a 3D model. It will also have the potential to support students with learning difficulties in developing imagination, creative and critical thinking, and problem-solving skills. BT has deployed its 5G Rapid Site solution to support 5G innovation and digital transformation of UK’s Education sector. The solution is made possible through the EE 5G network which brings ultrafast speeds and enhanced reliability to classrooms.
5G is expected to provide network improvement in the areas of latency, energy efficiency, the accuracy of terminal location, reliability, and availability – therefore creating the ability to better leverage cloud capacity.
With the greater bandwidth that 5G provides, learners and instructors, can connect virtually from any location with minimal disruption with more devices than on previous networks. This allows students to enjoy a rich learning experience and not be disadvantaged by their location for remote learning, or by the uncertainty of educational access. This also provides more possibilities of exploration and discovery beyond the physical confines of the classroom and puts those resources in the hands of eager learners.
As educational institutions reopen, institutions are looking at ways to redesign the education experience. Connected devices are helping schools and universities expand the boundaries of education. Explore what the IoT-enabled future of education would look like
Last week AT&T announced a partnership with Fortinet to expand their managed security services portfolio. This partnership provides global managed Secure Access Service Edge (SASE) solutions at scale. The solution uses Fortinet’s SASE stack which unifies software-defined wide-area network (SD-WAN) and network security capabilities into AT&T managed cybersecurity framework. Additionally, AT&T SASE and Fortinet will integrate with AT&T Alien Labs Threat Intelligence platform, a threat intelligence unit to enhance detection and response. AT&T has plans to update its managed SASE service during the year and will continue to bring more options.
Talking about the AT&T-Fortinet partnership, Ecosystm Principal Advisor, Ashok Kumar says, “This move continues the trend of the convergence of networking and security solutions. AT&T is positioning themselves well with their integrated offer of network and security services to address the needs of global enterprises.”
Convergence of Network & Security
AT&T’s improved global managed security service includes features such as secure web gateway, firewall-as-a service, cloud access security broker (CASB) and zero-trust access, which provides security teams and analysts with unified capabilities across the cloud, networks and endpoints. The solution aims to enable enterprises to create a more resilient network bringing the core capabilities of the two companies that will reduce operational costs and deliver a unified offering.
Last year AT&T also partnered with Cisco to expand its SD-WAN solution and to support AT&T Managed Services using Cisco’s vManage controller through a single management interface. Over the past years multiple vendors including Fortinet have developed comprehensive SASE solution capabilities through partnerships or acquisitions to provide a unified offering. Last year Fortinet acquired Opaq, a SASE cloud provider to bolster their security capabilities through OPAQ’s patented Zero Trust Network Access (ZTNA) cloud solution and to strengthen SD-WAN, security and edge package.
The Push Towards Flexible Networking
Kumar says, “The pandemic has created a higher demand and value for secure networking services. Enterprises experienced greater number of phishing and malware attacks last year with the sudden increase in work-from-home users. The big question enterprises need to ask themselves is whether legacy networks can support their evolving business priorities.”
“As global economies look to recover, securing remote users working from anywhere, with full mobility, will be a high priority for all enterprises. Enterprises need to evaluate mobile SASE services that provide frictionless identity management with seamless user experiences, and be compatible with the growing adoption of 5G services in 2021 and beyond.”
The Top 5 Telecommunications & Mobility Trends that will dominate the telecom industry to watch out for in 2021. Signup for Free to download the report.
#1 Cities Will Re-start Their Transformation Journey by Taking Stock
In 2021 the first thing that cities will do is introspect and reassess. There have been a lot of abrupt policy shifts, people changes, and technology deployments. Most have been ad-hoc, without the benefit of strategy planning, but many of the services that cities provide have been transformed completely. Government agencies in cities have seen rapid tech adoption, changes in their business processes and in the mindset of how their employees – many who were at the frontline of the crisis – provide citizen services.
Technology investments, in most cases, took on an unexpected trajectory and agencies will find that they have digressed from their technology and transformation roadmap. This also provides an opportunity, as many solutions would have gone through an initial ‘proof-of-concept’ without the formal rigours and protocols. Many of these will be adopted for longer term applications. In 2021, they will retain the same technology priorities as 2020, but consolidate and strengthen on their spend.
#2 Cities Will be Instrumented Using Intelligent Edge Devices
The capabilities of edge devices continue to increase dramatically, while costs decline. This reduces the barriers to entry for cities to collect and analyse significantly more data about the city and its people. Edge devices move computational power and data storage as close to the point of usage as possible to provide good performance. Devices range from battery powered IoT devices for data collection through to devices such as smart CCTV cameras with embedded pattern recognition software.
Cities will develop many use cases for intelligent edge devices. These uses will range from enhancing old assets using newer approaches to data collection – through to accelerating the speed and quality of the build of a new asset. The move to data-driven maintenance and decision-making will improve outcomes.
#3 COVID-19 Will Impact City Design
The world has received a powerful reminder of the vulnerability of densely populated cities, and the importance of planning and regulating public health. COVID-19 will continue to have an impact on city design in 2021.
A critical activity in controlling the pandemic in this environment is the test-and-trace capabilities of the local public health authorities. Technology to provide automated, accurate, contact tracing to replace manual efforts is now available. Scanning of QR codes at locations visited is proving to be the most widely adopted approach. The willingness of citizens to track their travels will be a crucial aid in managing the spread of COVID-19.
Early detection of new disease outbreaks, or other high-risk environmental events, is essential to minimise harm. Intelligent edge devices that detect the presence of viruses will become crucial tools in a city’s defence.
Intelligent edge devices will also play a role in managing building ventilation. Well-ventilated spaces are an important factor in controlling virus transmission. But a limited number of buildings have ventilation systems that are capable of meeting those requirements. Property owners will begin to refit their facilities to provide better air movement.
#4 Technology Vendors Will Emerge as the Conductors of Cities of the Future
The built environment comprises not only of the physical building, but also the space around the buildings and building operations. The real estate developer/investor owns the building – the urban fabric, the relationship of buildings to each other, the common space and the common services provided to the city, is owned by the City. The question is who will coordinate the players, e.g. business, citizens, government and the built environment. Ideally the government should be the conductor. However, they may not have sufficient experience or knowledge to properly implement this role. This means a capable and knowledgeable neutral consultant will at least initially fill this role. There is an opportunity for a technology vendor to fill that consulting role and impact the city fabric. This enhanced city environment will be requested by the Citizen, driven by the City, and guided by Technology Vendors. 2021 will see leading technology vendors working very closely with cities.
#5 Compliance Will be at the Core of Citizen Engagement Initiatives
Many Smart Cities have long focused on online services – over the last couple of years mobile apps have further improved citizen services. In 2020, the pandemic challenged government agencies to continue to provide services to citizens who were housebound and had become more digital savvy almost overnight. And many cities were able to scale up to fulfill citizen expectations.
However, in 2021 there will be a need to re-evaluate measures that were implemented this year – and one area that will be top priority for public sector agencies is compliance, security and privacy.
The key drivers for this renewed focus on security and privacy are:
The need to temper the focus of ‘service delivery at any cost’ and further remind agencies and employees that security and privacy must comply with standard to allow the use of government data.
The rise of cyberattacks that target not only essential infrastructure, but also individual citizens and small and medium enterprises (SMEs).
The rise of app adoption by city agencies – many that have been developed by third parties. It will become essential to evaluate their compliance to security and privacy requirements.
2020 was a breakout year for SaaS providers – and a tough one for a lot of on-premises software vendors. SaaS (or mainly SaaS) providers like Salesforce, Zoom, Microsoft had record growth and some of the best quarters in their history, while other mainly on-premises software providers have had poor quarters. SAP is even accelerating the transition to a 100% cloud-based business as their revenue suffers. The race to deploy SaaS tools and platforms is well and truly happening. Many of the usual ROI models and business cases have been abandoned as the need for agility – to drive business change at pace trumps most other business needs. Ecosystm data validates this
This trend will continue in 2021 – in fact, we expect it to accelerate. Most SaaS solutions (such as CRM, ERP, SCM, HRM etc.) are implemented by less than 30% of businesses today – which means the upside for the SaaS providers is huge.
Hybrid Cloud Will Finally Become Mainstream
The sudden move to remote working in 2020 forced most organisations to increase their use and reliance on cloud-based applications. Employees have relied on collaborative tools such as Zoom, Microsoft Teams and WebEx to conduct virtual meetings, call centre workers had to respond to calls from home – most if not all relying on cloud-based apps and platforms. This trend is set to continue going forward. Ecosystm research finds that 44% of organisations will spend more on cloud-based collaboration tools in the next 6-12 months.
But the forced adoption of these tools has also prompted many – especially larger organisations – to worry about losing control of their IT resources, including worries related to security and compliance, cost, and reliability. As for the latter, both Microsoft Azure and Zoom experienced outages after the pandemic hit and this has made many organisations wary of relying too much on a single public cloud platform. Ecosystm therefore expects a sharp increase in focus on hybrid cloud platforms in 2021 as IT Teams seek to regain control of the apps and services their employees rely the most upon.
Carrier Investment in 5G Will Give Edge Computing a Boost
The gap between the hype around edge computing and the actual capabilities it offers will narrow in 2021 as 5G networks are built out. One of the most promising methods of deploying edge computing involves carriers embedding cloud capacity in their own data centres connected to their 5G networks. This ensures data does not unnecessarily leave the network, reducing latency and preserving bandwidth. This combination of 5G and the Edge will be of particular benefit to applications that until now have faced a trade-off between mobility and connectivity. Over the last twelve months, the major hyperscalers announced their 5G edge computing offerings, and some of the major global telecom providers have served as test cases by partnering with at least one hyperscaler and will likely add more over the next year. Expect this ecosystem to expand greatly in 2021.
Cloud environments can benefit from pushing computing-heavy workloads to the Edge in much the same way as IoT and provides a great platform for managing the edge computing endpoints. The flipside of pushing containers to the Edge will be the increased complexity and the fact that the number of attack surfaces will increase. Containerisation must therefore be deployed with security at its core.
Stateful Applications Will Move to the Cloud with Containers and Orchestration
As organisations seek to migrate workloads and applications between platforms in an increasingly hybrid cloud environment, the need for “lifting and shifting”, refactoring and partitioning applications will increase. These approaches all have their shortcomings, however. Lifting and shifting an application may limit its functionality now or in the future; refactoring may take too long or be too costly; and partitioning is often not feasible or possible. A better approach to this task is to modernise the applications to make use of application containers like Docker, Windows Server Containers, Linux VServer and so on, to enable a faster and more seamless way to migrate applications between platforms. We also see container orchestration environments like Kubernetes and containerised development and deployment platforms like IBM’s Cloud Paks.
How these technologies are used to deploy stateful applications in multicloud environments will evolve. A raft of container management platforms, based on Kubernetes, are being released to simplify what was once a complex DIY process. New entrants will look to challenge the cloud hyperscalers, virtualisation giants, and Kubernetes specialists. The emerging features that previously required cobbling together third-party tools, like service mesh, data fabric, and machine learning, will speed up containerisation of stateful core applications. The deployment of containers on bare metal rather than in virtualised environments will also gather pace. The most challenging task will be delivering containerised applications at the Edge, forcing developers and platform providers to create inventive solutions.
Serverless will take us a step closer to NoOps
As the application lifecycle speeds up and the distinction between development and operations shrinks, the motivation to adopt serverless computing will grow in 2021. While NoOps, the concept that operations could become so automated that it fades into the background, is still a distant goal, serverless computing will make a stride in that direction by abstracting the application from the infrastructure. Having seen the agility benefits of a microservices architecture, many DevOps teams will experiment with breaking services down further into functions. Moreover, the pay-as-you-go model of serverless will appeal to OpEx driven organisations. Expect stories of bill shock, however, as were seen in the early days of cloud adoption. While AWS Lambda is currently considered the serverless industry standard, it is likely that in 2021, Microsoft, Google, and IBM will ramp up efforts in this space. Each of these providers will build out their offering in terms of languages supported, event triggers, consumption plans, machine learning/AI options, observability, and user experience.