Monday, May 9, 2016

To FinTech Executives: Three actions to bolster your IoT strategy

To FinTech Executives: Three actions to bolster your IoT strategy
To ride the impending FinTech wave, IoT has emerged as a fruitful possibility. As a FinTech and startup enthusiast, I always look out for new possibilities and ideas to create value and spur innovation. To stay ahead of the curve, I have identified three key strategies to maximize your possibilities of success.

João-Pierre S. Ruth, in his recent article, covered one of the leading technology startup accelerators in the country, Techstars, opening a new accelerator in New York that will solely focus on the development of IoT (Internet of Things) primarily at with an interesting focus on B2B. The key will be to tap into a market that will be focused on IoT at an industrial level as this is a far less regulated market than that at a consumer level. Furthermore, the prospect of harnessing the power of industrial data, especially in the FinTech industry can be immense. 

Sarah Kocianski of Business Insider, debriefs us on the latest in FinTech investments in her recent article. We are continuing to see new investments in the insurance technology market particularly highlighting the importance of tapping into industrial markets that are relatively less regulated. It discusses the combination of IoT in insurance tech particularly with wearables and the possibility of trackers in cars to monitor and structure effective auto insurance policies.

Based on these articles and my interest in the industry here are three action items I foresee for the coming cycle of innovation that you can leverage to be ahead of the curve:
      Thinking Industrial - Thinking about IoT at an industrial level
      Bigger Data, Faster Analytics - B2B and an industrial focus widens the scope for data collection at humongous scale. It is imperative that this be met with smarter, more efficient analytics infrastructure
      B2B is Scale - Operating in B2B markets will lead to scale and faster adoption/growth

Innovation through technology excites me and I am always eager to see the development and creation of new markets by groundbreaking ideas and products. I am a senior at Northwestern University, tech enthusiast and in pursuit of unique opportunities in the San Francisco Bay Area. Nihar Bobba is a tech enthusiast and aspiring tech entrepreneur. Feel free to reach out to him on LinkedIn or Twitter. 

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