As more financial service providers adopt M2M solutions, it is becoming ever more apparent that these solutions are vital to economic inclusivity and innovation on the African continent.
This is according to Jeremy Potgieter, SADC regional head at Eseye, who notes that the financial sector has always been a front runner in technological advancements and is no stranger to the Internet of Things (IoT) and M2M.
“Already 95 percent of the African financial sector is engaged in IoT in some form or another. From ensuring POS transactions are timeously processed, to customer behaviour monitoring and data analysis, the financial sector is certainly geared to drive IoT uptake globally,” explains Potgieter. He adds that far from being behind the digital curve, the numerous pioneering initiatives being explored by African developers are prompting major financial institutions to sit up and take notice. “We see a large focus being placed on the underserved SMME where traditionally cash was the only means of transaction. Companies like eWater, M-Kopa, Yoco, Snapscan and iKhoka are making strides in bringing balance to the underserved, by providing payment solutions which meet their budgetary constraints.”
The benefits of M2M for financial services organisations are numerous, not least because the technology widens the net for more customers. “Financial services have an impact on every industry imaginable, and it’s because of this that the sector needs to be abreast of innovation and show that they are in touch with an ever-changing landscape,” Potgieter says. “M2M is the springboard to introduce mechanisms, which address the needs of the underserved to provide economic inclusivity while enabling growth for entrepreneurs and SMMEs, which we know are vital to the success of African economies,” he adds.
Much of the innovation already taking place on the continent has been spearheaded out of a very real necessity according to Potgieter. “Small businesses have provided a gap, which entrepreneurial developers have identified and grown sustainable businesses as a result. Take for example the introduction of payment pebble, Yoco, nomanini and Wongeta as solutions, all born and bred in Africa because of specific needs, which also cleverly subvert socio-economic challenges and lack of formal infrastructure.”
While financial service providers offering M2M solutions offer opportunities for higher efficiencies, the security of any and all solutions is of paramount importance and cannot be overstated enough. “The impact unsecured solutions have on the financial sector are far reaching and hard hitting,” Potgieter warns, “It is the difference between economic stability and a complete collapse of industry. Banks stand or fall on confidence, trust and sturdiness.” Thus the solutions Potgieter believes poised to be most successful will be those that not only provide higher efficiencies, but also ensure business continuity and allow for an ecosystem where dependency and trust will extrapolate opportunities and interconnected spinoffs.
He says that Eseye’s AnyNet Secure SIM is a great example. This cellular connectivity solution integrates fully with the AWS Cloud management console and other Cloud platforms. It allows secure, automated, remote provisioning of IoT devices to an IoT Management Console, other cloud providers or on-premises enterprise servers: “AnyNet Secure, identifies, catalogues and connects IoT devices to your AWS IoT cloud, while enabling rapid scaling and reducing costs and risks of IoT deployments. A technology that has already started to make a positive impact on the IoT space.”
M2M growth and innovation in Africa shows no sign of slowing, as the solutions being developed and perfected are not yet considerations in other parts of the globe. “We see innovations in cash management through drop safe mechanisms to lower the risk of theft and violent crimes. Then there are mobile payment applications linked to cellular accounts, which are now more prevalent as the preferred method of payment rather than the use of cash or even owning a bank account in numerous African territories. These are just a few examples and they are growing on a daily basis,” concludes Potgieter.
How we use phones to avoid human contact
A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.
Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances.
Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?
The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.
In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.
Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.
Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”
To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:
· I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?
With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.
· Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?
Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.
· I’ve lost my phone! How will I keep myself entertained now?
Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.
Five key biometric facts
Due to their uniqueness, fingerprints are being used more and more to quickly identify and ensure the security of customers. CLAUDE LANGLEY, Regional Sales Manager, for Africa at HID Global Biometrics, outlines five facts about the technology.
How many times in a day are you expected to identify yourself? From when you arrive at work you are required to sign in, visiting your bank, receiving healthcare services… The list is endless. When a system knows who you are, you are able to do any number common, everyday activities. Your identity is unique and precious. It is also easily stolen and the target of many hackers across the globe. Technology is constantly evolving alongside the criminal element, always looking for ways to protect data and identity. One such solution happens to be biometrics and it is rapidly gaining traction in our increasingly complex modern world.
Reliable, secure and fundamentally YOU, unique biometric traits such as fingerprints are being used by banks, enterprises and consumers to verify identity. Biometric solutions offer significant identity protection because they use unique biological details to ensure an account is only accessed by the account holder, a door only opened by the owner. Here are five things that are little known about this technology…
- The uncut identity. Your fingerprint is unique to you. Nobody can use a copy of it to impersonate you. Good technology is capable of scanning down into the layers of the fingertip to differentiate unique elements of a person’s fingerprint, this data is then encrypted and used as a key to unlocking whichever physical or virtual door that the biometric system protects.
- The living proof. No, there is nothing to the stories of fingerprints being used without their owner’s knowledge or permission. Biometric solutions can use specific variables to determine if the finger used to access the system is that of a present, living person. A copy or a fake cannot be used to access a cutting-edge biometric solution.
- Easy and convenient. Queues and documents and paperwork may well be a thing of the past should biometrics take a firmer grip of government and banking systems. The process of registering is easy, and access to identity documents and records is yours alone.
- Security blanket. A thousand passwords and a hundred post-it notes stuck on walls and drawers. An excel file with a list of sites and applications and their corresponding passwords, all a thing of the past. Nobody needs to remember their password with biometrics, they only need to show up.
- Anywhere is cool. Schools, airports, networks, offices, homes, toilets, banks, libraries, governments, border controls, immigration services, call centres, hospitals and even clubs and pubs – knowing “who” matters and biometrics can quickly and conveniently confirm your identity where needed.