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Internet of Things Think Tank Original

The ultimate value of the Internet of Things is reflected in its application to all walks of life in the national economy. Previously, more application scenarios of the Internet of Things focused on industrial Internet, smart cities, smart transportation, smart security, smart logistics, smart environmental protection, and smart retail , Smart agriculture and other fields, and finance, an industry with strong financial strength and ability to pay, does not seem to be active. However, as the financial industry pays more attention to scientific and technological means, the application scale of the Internet of Things has also begun to increase.

Recently, major banks have successively released 2020 annual reports, and many banks have also disclosed their plans for the Internet of Things and their determination to invest in the long-term in their annual reports. When a vertical industry itself is actively researching and promoting the implementation of the Internet of Things, the value of the Internet of Things to the industry has begun to appear.

The layout of the Internet of Things in the bank’s annual report

The annual report, as a concentrated reflection of listed companies summarizing the achievements of the past year and looking forward to the focus of future work, has become the focus of industry attention every time it is released. As the largest financial institution, banks have the most obvious impact on the entire industry. The author has read the published 2020 annual report of the bank, and the excerpts related to the layout of the Internet of Things are as follows:

Industrial and Commercial Bank of China: Forging 5G and IoT comprehensive connection technology capabilities, creating an integrated IoT technology system of “end, edge, and cloud”, building an enterprise-level audio and video platform, and supporting non-contact customer services such as cloud outlets and cloud counters Model innovation. The IoT platform has access to 1 million devices and provides massive IoT data support. Promote the integrated development of online and offline channels, inside and outside the industry, and explore the construction of a physical gold IoT platform.

China Construction Bank: Completed the pilot project of the Internet of Things private network, and the Internet of Things platform has access to more than 200,000 Internet of Things terminals, enabling 15 Internet of Things applications such as smart security, 5G+ smart banking, and China Construction Bank Yunongtong, and the Internet of Things ecosystem It is beginning to take shape. The Internet of Things platform independently developed by CCB Financial Technology undertakes the secure collection, access and management of data from massive Internet of Things devices and mobile devices in bank branches.

Agricultural Bank of China: Promote the construction of 5G smart banking outlets. 69 5G smart bank model outlets were built in 28 provincial-level branches, including 15 in the county area. Relying on the support of digital technology and systems, we will enhance customer experience, enhance the information management and analysis capabilities of outlets, and realize smart marketing and intelligent management of outlets.

Postal Savings Bank: In terms of Internet of Things and 5G, a cash and important item management system based on Internet of Things technology has been built, and it has been launched in Beijing, Jiangsu, Hainan, and Chongqing branches on a trial basis, realizing electronic document transfer and full tracking of in and out of the warehouse ,Greatly improve the efficiency of the business library and reduce operational risks. 5G technology helps the construction of smart outlets in Beijing, Shanghai, Shenzhen and other places, opens up online and offline financial scenarios, and promotes unbounded financial services.

Ping An Bank: Accelerating the promotion of the “Nebula Internet of Things Platform”. On December 22, 2020, the Bank and a leading commercial satellite company with independent communication channels launched the first Internet of Things satellite “Ping An 1” in the domestic financial industry “, the “Ping An 1” satellite and the “Nebulas Internet of Things Platform” are important components of the “Nebulas Internet of Things Program”; as of the end of 2020, the “Nebulas Internet of Things Platform” has completed smart manufacturing, smart car linkage, smart energy, and smart agriculture. , Smart logistics, smart urban construction and other scenarios, with access to more than 330,000 Internet of Things devices; the “Nebula Internet of Things Program” explores and promotes financial innovation application scenarios in the supply chain and other fields, and helps small, medium and micro enterprises through a new model of industry-finance integration Enterprise Development.

Zheshang Bank: Leading by financial technology, building a dual engine driven by blockchain and Internet of Things technology. Accelerate the integration and innovation of the Internet of Things and financial services, independently design data collection, chaining, modeling, and external service systems, research and develop IoT perception platforms, and innovate risk management models based on property rights management and dynamic monitoring of production and operation, and build based on The objective credit investigation in the digital world of “things” reshapes risk control capabilities.

It can be seen that the statements about the Internet of Things in the annual reports of these large banks are no longer general descriptions, but have very clear product, business planning and value analysis.

Fintech wave drives IoT applications

Actually, banks have begun to explore related applications of the Internet of Things many years ago. For example, as early as 2013, Ping An Bank began to explore the sources of liquor traceability and automobile Internet of Things finance. However, from the perspective of the entire banking industry, the Internet of Things finance The scale of application is still very small. At present, the application of the Internet of Things in the banking industry has the conditions for in-depth application, and the scale of application is gradually expanding, which also benefits from the rapid development of financial technology in recent years.

First of all, financial technology has become the core of the digital transformation of the entire financial industry, and the Internet of Things has also been highly valued as one of the means. Financial report data shows that various banks have invested a lot of real money in financial technology. In 2020, ICBC invested 23.8 billion yuan in technology, China Construction Bank invested 22.1 billion yuan, Agricultural Bank invested 18.3 billion yuan, China Merchants Bank invested 11.9 billion yuan, and Postal Savings Bank invested 9 billion yuan. Yuan, both achieved substantial growth over 2019. Large-scale investment in technology is the direct driving force for the application of technological means in the financial industry. The Internet of Things is also part of the layout of various banks. Under the background of increasing investment intensity, the application will also accelerate.

Comparison of financial technology investment of some banks (unit: 100 million yuan)

Secondly, the demand for financial product and service innovation promotes the accelerated implementation of the Internet of Things. From the Internet of Things financial layout disclosed in the financial reports of various banks, scenarios such as supply chain finance, asset management, traceability and tracking are all scenarios that cannot be covered by traditional financial products or are very costly to achieve. The expansion of the scope of asset perception greatly reduces the degree of information asymmetry, thus forming new financial products. In recent years, the banking industry has faced multiple competitive pressures, and the speed of product innovation and service innovation has accelerated, which constitutes a background for promoting the accelerated implementation of the Internet of Things.

Again, the ecosystem of the Internet of Things industry is becoming more mature, laying the foundation for the application of the Internet of Things in the financial industry. In the past many years, the application of the Internet of Things in the financial industry has been slow, and there are multiple obstacles such as technology, cost, and business model. In recent years, the rapid development of the Internet of Things industry has gradually broken through various barriers. For example, with the deep integration of the Internet of Things and artificial intelligence, AIoT has become an industry consensus. Data collection, transmission, data analysis, and applications are inseparable. Various manufacturers can provide integrated solutions; network infrastructure dedicated to the Internet of Things has been realized Great progress has been made. Low-speed, medium-speed and high-speed Internet of Things network contact facilities have been formed in China such as NB-IoT, Cat.1, Cat.4+, and 5G. Various industries can choose according to application characteristics and cost sensitivity. ; The functions of the Internet of Things platform have been further improved. The traditional connection management, device management, and reference enablement platforms have embedded big data, security, blockchain and other capabilities; hardware and platform development costs have been greatly reduced. The experience and scenarios of mature applications in other industries also have the conditions to be copied to the financial industry.

In addition, 5G has become a hot spot in the current society, and financial institutions are also paying close attention to it, objectively expanding a new space for the application of the Internet of Things. Although the current 5G application scenarios in the financial industry are limited and most of them are still pilot applications, during the pilot and research process, most financial institutions have discovered many current mature Internet of Things financial applications, which can be upgraded to 5G-based Internet of Things financial applications in the future.

The application effect of the Internet of Things in the banking industry is beginning to show

The application of the Internet of Things in the financial industry, especially the banking industry, is mainly manifested in three aspects, namely, improving the level of banking operation and management, realizing business product and service innovation, and reshaping the financial credit system. From the perspective of the layout of major banks, different banks have different focuses on these three aspects, but multiple behaviors show thatFor the layout of the Internet of Things, some common features are formed.

First, the construction of the Internet of Things infrastructure is an important measure for the layout of the Internet of Things finance. The Internet of Things infrastructure is mainly manifested in the Internet of Things platform and edge computing nodes.

In terms of IoT platforms, many large banks have built their own IoT platforms. Industrial and Commercial Bank of China began to use the distributed technology architecture to build the “ICBC Internet of Things Service Platform” in 2017 to provide Internet of Things terminal equipment connection management and data collection and processing. At present, ICBC has formed the “ICBC Polymer” professional Internet of Things The platform, together with cloud computing, big data, and blockchain, forms the ICBC’s ten major technology platform systems; the China Construction Bank’s self-built IoT service platform realizes unified access, unified management, unified control and data sharing of IoT terminals, and supports 5G+ Smart banking, smart treasury, smart cash box and other applications; the “Nebula Internet of Things Platform” built by Ping An Bank in 2019 has achieved a large number of scene access. The bank built its own IoT platform and lays up its own IoT infrastructure, which shows its determination to expand its IoT financial business.

In terms of edge computing nodes, many face the infrastructure formed by smart network points. For example, in 2020, the Agricultural Bank of China used the “digital operator” project as a starting point to explore a set of AIoT-based integrated cloud and edge solutions. On the “cloud-edge node-terminal” link, the cloud is responsible for model training, and the edge node is responsible for Based on the model issued in advance by the cloud for reasoning, the terminal device is responsible for collecting data to realize the application scenarios of “VIP customer identification”, “regional stay time analysis”, “regional thermal analysis” and other smart network application scenarios with edge computing as the core technology. ABC believes that smart outlets are undoubtedly an important entry point for commercial banks to embrace the 5G era, and edge computing is one of the most critical basic technologies for building smart outlets.

Second, the improvement of internal operation management level and the realization of product and service innovation have begun to land, and reshaping the credit system is the future prospect.

Of the three aspects of the application of the Internet of Things in the banking industry, the first two have already been implemented, and many banks have adopted the path of first improving the level of internal operation and management through the Internet of Things, and then providing product and service innovation to the outside world.

From the information disclosed in the annual report, it can be seen that many banks have adopted the Internet of Things to achieve significant results in their own asset management and operation automation. The Industrial and Commercial Bank of China has adopted the Internet of Things technology to realize the storage and transportation of cash on hand and precious metals, and it has been widely used in the management of off-bank equipment such as ATM and POS machines;Realize applications in scenarios such as treasury and smart cash box.

Compared with the application of improving the level of internal operation and management, large banks are more cautious about the promotion of product and service innovation, so the scale of application is not large. As mentioned above, the two largest banks, ICBC and China Construction Bank, have 1 million and 200,000 IoT device connections respectively. However, the use of the Internet of Things to innovate external products and services has started, and the experience of large banks’ self-built Internet of Things platforms has been continuously summed up, and the scale effect industry has gradually emerged.

In the author’s opinion, the Internet of Things will take time to reshape the credit system. Although Internet of Things finance can collect more abundant, objective and true customer data, it can realize the “three streams” of capital flow, information flow, and entity flow. “Unification”, but currently there are few data on financial customers, and data standards have not been established. With the deepening of the application of the Internet of Things in various industries, the deep integration of the Internet of Things and the financial industry has formed a huge amount of data. Over time, it will have a huge impact on the future credit system.

Thirdly, a number of financial scenarios for the Internet of Things are mature and have the conditions for small-scale and large-scale promotion.

Some first tried banks have explored a number of mature IoT scenarios over the years, and formed a certain scale of applications.

Take Ping An Bank as an example. The bank started to explore in 2013. By the end of 2020, its “Nebula Internet of Things Platform” has more than 330,000 access devices. According to the latest data, the Ping An Nebulas Internet of Things program will have access to equipment at the end of March 2021. It has invested more than 2 million yuan, supported inclusive financing of more than 110 billion yuan, and achieved comprehensive financial landing in key areas such as smart manufacturing, vehicle connection, agriculture, energy, and logistics. For example, Ping An Bank and Ping An Leasing launched the Internet of Things device “equipment bracelet” to small and medium-sized manufacturing enterprises. This device can monitor the operation dynamics of enterprise equipment, and through precise monitoring of equipment, financial institutions can understand the actual operating conditions of the enterprise. Small and micro enterprises provide customized financial services. Based on the data of the device bracelet, Ping An also released the “Safety Index-Ping An Small and Micro Manufacturing Resumption Index”, which provides a new and reliable dimension for observing the economic prosperity.

Competitive pressure in the banking industry has increased, making small and medium-sized banks more motivated to improve their competitiveness through technological innovation, among which the Internet of Things is one of the means. Take Jiangsu Bank as an example. In 2017, the bank launched the first full-line IoT mobile property pledge product in China, and continued to upgrade, through electricity, gas, water, sewage, traffic heat, vehicle entry and exit, equipment start-up, and raw material changes. Accurate portraits of companies are carried out in dimensions such as changes in finished products and finished products. By the end of 2019, the bank’s accumulated loan amount for IoT finance has reached 11.8 billion yuan. Similarly, a large number of small and medium-sized banks are also using the Internet of Things to achieve product and service innovation in movable property financing and supply chain finance.

In 2020, the added value of China’s financial industry will exceed 8.4 trillion yuan, accounting for more than 8% of GDP. As a core theme of the financial industry in the next few years, financial technology will usher in hundreds of billions of investment every year. Nowadays, every machine in the financial industryOrganizations began to actively research and promote the implementation of the Internet of Things. With the help of financial technology to develop Dongfeng, the development of Internet of Things finance is worth looking forward to.