I find it interesting to see and speculate on the impact of the internet of things for implementation in our future smart homes. Smarthouse devices are pioneering an interactive technology revolution in our homes. This revolution will definitely create a necessity for us to manage our finances through the use of smart devices in the comfort of our homes. In the following, I decided to gather a few examples of current real-world usages and I am taking this opportunity to also dream about the future.
Smart devices can create a novel tool for banking and this can be enabled and made even easier and ergonomical for the user and casual consumer through the use of a digital assistant. These smart devices are primarily used in our smart homes where they can help ensure that we ‘bank’ at our own pace after making informed decisions from our couches. Capital One, a bank in the US, pioneered in using a virtual assistant in undertaking its operations with a mobile application that can be linked to Capital One mobile banking app. to support its client with different functionalities. A good example for such use can be where a person is asking Alexa the following, “Please, send me last month’s transactions from my current account to my e-mail.”
Banking applications can suit perfectly when integrated with IoT devices to enable payments in smarthouses. A good example of such potential use is American Express which is already delivering financial services through the use of wearable devices like Jawbone. To integrate banking in future homes, banks need to go the extra mile by integrating payment features to other home appliances applications. For instance, having a refrigerator with a feature that seeks permission to make an automatic payment for a refill of groceries and supplies.
Smart meters can enable people in smarthomes to connect to different utilities to help with economic budgeting and payments. This can be achieved by connecting smart meters to utilities. For instance, in a thermostat set for the heating budget through a smart algorithm that ensures electricity used is within a certain allocated budget. This can in turn help minimize costs in smart homes.
Smart Piggy Banks
Digitizing families daily life, a simple good example can be with our children’s piggy banks where the savings end up deposited in their junior accounts. In the future, a smart digital saving box, as an IoT device will be used to enable banking for all members of the family as a peer-2-peer payment function. Nowadays this can be achieved through the idea that children earn their allowances by a deposit of their parents to these digital saving boxes. ASB in New Zealand has used IoT device in Clever Kash.
Family Data Vaults
Banks will be used as data vault providers. Smarthouses are best at collecting information and this information can be sensitive in times, so having a family data vault becomes a necessity.
A glimpse into hands-free banking, smart home devices versus mobile https://www.finextra.com/blogposting/13127/a-glimpse-into-hands-free-banking-smart-home-devices-versus-mobile