Enabling Technologies

Daily Review: Alibaba Bets on Connected Devices as Pillar for Growth

MEDICIGlobal Head of Content

“By 2021, more than 55% of spending on IoT projects will be for software and services,” said Carrie MacGillivray, group vice president, Internet of Things and Mobility at IDC. “Software creates the foundation upon which IoT applications and use cases can be realized. However, it is the services that help bring all the technology elements together to create a comprehensive solution that will benefit organizations and help them achieve a quicker time to value.”

Worldwide spending on the IoT is forecast to hit $772.5 billion in 2018 and no other companies than highly diversified behemoths in Asia & US are positioned better to dominate the sphere. That is precisely why Alibaba, with all the power of its network of customers and solutions, is aiming to build new avenues of growth, exploring IoT.

Pick #1. Alibaba Bets on Connected Devices as a Pillar for Growth

“Our vision is to build an intelligently connected world through transformative IoT technologies. IoT will sit alongside e-commerce, finance, logistics, and cloud in its own right, and command relevant focus and resources, in order to become the new strategic track for Alibaba.” – Simon Hu Xiaoming, the president of Alibaba Cloud

Alibaba Group Holding plans to build a network of 10 billion connected devices within the next five years as part of a push to expand its business in the Internet of Things (IoT).

Alibaba announced a partnership with NXP Semiconductors, the world’s largest supplier of automotive semiconductors, with the aim of installing AliOS and NXP’s automotive infotainment solution in millions of vehicles in China by 2020.

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Pick #2. JPMorgan Brings Amazon’s Alexa to Wall Street Trading Floors

JPMorgan and Amazon have partnered to provide JPMorgan’s Wall Street users with another way to access its research. Alexa is able to send analysts’ reports and related queries, and the bank is testing other features, like providing prices on bonds or swaps.

JPMorgan’s automated service is the latest shared project for the biggest US bank and the world’s largest online retailer. Amazon already leases cloud-computing power to JPMorgan and has asked the bank to compete in creating new products including a small business credit card for its customers. The companies are also collaborating on a healthcare venture.

The next step is enabling institutional clients to act on the information they’re getting. In the not-so-distant future, Wall Street traders could routinely use Alexa to execute trades, according to David Hudson, global head of markets execution for the New York-based bank. But the bank needs to do more work on client authentication and other security measures to prevent errant trades before that happens, he added.

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Pick #3. Equifax Launches NeuroDecision® Technology

Equifax launched NeuroDecision® Technology, a patent-pending machine learning technology that paves the road for advanced neural network modeling in credit scoring.

NeuroDecision Technology (NDT) is the first regulatory-compliant machine learning credit scoring system reviewed by regulators and credit scoring experts. This technology develops a neural network model that promises to improve performance and accuracy, giving customers the ability to make more informed business decisions when assessing risk.

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Pick #4. Kabbage Data Shows High Growth Rate of Mobile Lending Among Small-Business Owners

Kabbage, a financial services, technology & data platform serving small businesses, analyzed the lending behavior of ~150,000 small businesses, uncovering an increasing growth of mobile lending. The total number of loans accessed through mobile increased by more than 360% between April 2014 and February 2018. In the same period, the total dollars accessed through mobile increased over 1,220%.

The growth demonstrates a new trend that small business owners expect a simple, no-wait process to apply for and access working capital. Today, 17% of all small business loans and nearly 15% of total dollars accessed via Kabbage are through mobile. At this rate, Kabbage predicts one of every five dollars funded to small businesses will be through a mobile device by the end of 2018.

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Pick #5. Nok Nok Labs Next-Generation Authentication Solutions Deployed at Leading Financial Institution

Nok Nok Labs announced that Mizuho Bank, one of the largest financial institutions in Japan, has deployed Fujitsu Limited’s FIDO-enabled Finplex Online Authentication Service. The deployment of the Fujitsu Limited’s Finplex Online Authentication Service to Mizuho’s mobile banking customers promises to improve authentication, ease-of-use, and overall customer satisfaction.

The integrated solution allows Fujitsu Limited customers - like Mizuho Bank - to easily deploy online authentication systems with robust security and eliminates the reliance on passwords. By partnering with Fujitsu Limited, Nok Nok Labs has been able to gain further traction in the financial sector worldwide. Mizuho Bank is one of the initial deployments of the integrated offering and has a banking network that encompasses every prefecture in the country, which extends to all of the major financial and business centers throughout the world.

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Elena Mesropyan

MEDICIGlobal Head of Content

Global Head of Content, MEDICI

Elena is a research professional with a background in social sciences and extensive experience in consumer behavior studies and marketing analytics. She is passionate about technologies enabling financial inclusion for underprivileged and vulnerable groups of the population around the world.