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Future-proof fintech and banking with IoT
IoT impacts many different industries, and now it is changing the landscape of fintech and banking too. From personal banking to enterprise financial services, from bank counters to vending machines, IoT serves a great purpose. EMQ is helping the fintech providers build infrastructure that makes this change of business happen.
Background
IoT in the fintech and banking
The banking and finance industries have already heavily invested in IoT to embrace technological advances. Mobile banking is taking the place of traditional bank branches, personalized services provide better quality and time savings for the consumer, interconnected enterprise applications and banking services reduce costs for business operations. The fintech industry is still exploring new possibilities to make better use of IoT technologies.
The individual needs of customers requires industrial upgrading
Similar to other industries, the fintech customers’ requirements become more and more individual. Mobile banking, online banking, contactless payment, smart ATM, and other applications and facilities combined with IoT technologies, provide more real-time insights into customers’ needs and interests. Thus, businesses can offer improved experiences to customers.
Enhanced bank security
IoT-enabled cameras, motion sensors, smart access control systems in branches, all gathering data and connecting to centralized security systems can react instantly and prevent money losses. Real-time data, including user behavior and geographical information, can be activated when necessary to lock payment devices and prevent unauthorized transfer.
More possibilities
The potential of Interconnected IoT devices is infinite. This means that more and more new businesses can be started. One example is the smart meters of utilities sending data across service providers to banks, and bills can be automatically generated and consolidated. With the use of IoT technology, we can foresee the boom of IoT applications in the fintech and banking industry.
Capabilities
Massive device connection via MQTT
It is common that fintech providers need to connect million-level devices. Before MQTT, the most used communication protocol was HTTPS, which is secure, but heavy and resource-intensive. The request/response communication pattern of HTTPS is very suitable for always-online services. However, light weight MQTT exchanges messages using a subscribe/publish pattern which is much better at allowing the connection of massive amounts of end devices and provides services that use less bandwidth. EMQX is a high performance MQTT broker that can connect millions even tens of millions of devices via any standard MQTT SDK. With EMQX, fintech providers can easily migrate their current system to MQTT and add more new devices.
Flexible and powerful northbound data bridge
As an MQTT broker, EMQX is located in the middle, between the end devices and backend services. The backend databases and services of fintech may be complex and EMQX provides the interoperation of most mainstream databases and streaming services. Whether it is a SQL DB, NoSQL DB, TSDB, streaming processing, or third-party authentication platforms, EMQX has a way to communicate with it. This ability relieves the application developers from worrying about data access and frees them so that they can focus on business innovation. With the continuous research and innovation of new technologies in the market, EMQ will provide more possibilities to connect to third-party software.
Simplified data processing on the application
EMQ's rule engine can process message flow, device events, and response rules, efficiently transmitting massive amounts of data generated in real-time to applications. This provides the ability to quickly adapt to various business needs. At the same time, it also provides data processing capabilities and thus accelerates the development of new business processing.
Why EMQ
High availability and high security
Fintech and banking require high security of data. EMQX is based on the Erlang/OTP distributed platform and it can provide carrier-level high availability. EMQX supports TLS/mTLS, which ensures confidentiality and integrity of data communication. It provides integrated authorization and authentication and can also integrate with third-party authentication platforms. EMQX fulfills the security requirements of the fintech and banking industry.
Easy to integrate
Besides the rule engine, EMQX also provides an abundant HTTP API, which simplifies device connection and integration with external systems.
High performance and low latency
EMQ provides a soft real-time, low-latency, and distributed platform to ensure that millisecond-level low latency can be maintained even with tens of millions of connections. It meets the low latency and high concurrency requirements of the fintech industry.
