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January 8, 2015

Finance Is the Real Focus of CES

Posted by Rajashekara V. Maiya (View Profile | View All Posts) at 5:41 AM

CES 2015: The Internet Of Things [Source: https://www.youtube.com/watch?v=eU66gkdDaFc]

Fact: Finacle by Infosys serves 451 million banking customers around the world. That's 18 percent of the global financial services population. So a word to those of you who are enamored by the sleek drones, the pint-sized computers, and the cool robotics that come out of the annual Consumer Electronics Show: Have fun, but always, always remember that it's money - and not those neat gadgets - that makes the world go 'round.

Indeed, the real star of the CES is digital finance. It's not as pleasurable to look at or as fun to play with as all the other innovations at the annual show, but tools that enable and empower people to make better financial decisions are becoming really hot. CEB TowerGroup says that Finacle is best-in-class when it comes to solutions for large banks. Although the success of Finacle is nothing new, the way consumers use such banking solutions will be. During CES, what I've been seeing is a spirit of cooperation among fierce rivals that stimulates the imagination.

An example of this spirit is how companies as large as Intel are working with others in their space to come up with common standards that will allow the Internet of Things to become a reality. Unless everything can connect under one umbrella, what's the use of opening a different app each time you want to control something via your mobile device? My prediction is that digital banking solutions will embark on a similar path of cooperating so that mobile payments becomes more than just idle chatter in the press. Mobile payments will become a seamless reality. In fact, one of the most admired Wall Street analysts predicts that 2015 will be the year when mobile point-of-sale devices truly change the way retailers operate...and how consumers interact with them. For retailers that are already known for exemplary service, mobile point-of-sale (or mPOS for short) will make the in-store shopping experience even smoother and more pleasant. That's because a sales associate can help the consumer purchase the items right on the floor of the store.

No standing in line at a checkout involved. It also means speedier interactions (and by that I mean standard clearing practices, etc.) with banks which handle those accounts. Indeed, manufacturers of computer hardware that processes in-store financial transactions will feel the pinch of all those mPOS devices attracting digitally savvy customers.

Simply put, the coming year is going to see a lot more changes for the better where payment methods and digital financial solutions are concerned. Big banks are becoming technology powerhouses, and, frankly, it's about time. They're stepping up security measures yet making it easier for merchants to process payments. Judging by what I've seen at CES, the market has some fascinating digital financial products in the pipeline. And whatever those products are, you can be sure that the consumer stands to be empowered even more. Drones and robotics are fun, but digital finance is where the action will be this year!


simple , yet driving your message.

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