An IoT-based financial data managing device designed for the banking sector has been granted a patent for managing financial data. The patent is titled: ‘Internet of Things-Based Financial Data Managing Device in Bank’. The device is designed by Hari Prasad Josyula, a fintech product transformation expert.

The new device could be a sign of a breakthrough in the way financial data is collected, processed and managed within banking institutions.

Josyula spoke of the announcement, saying: “The patented device offers a seamless and efficient solution for the real-time monitoring and analysis of financial transactions. It significantly enhances security measures and streamlines operational processes, aiming to improve overall efficiency and customer satisfaction.”

IoT-based invention will give an edge in data security to banks

The device consists of a network of interconnected data processing units. These units are strategically deployed throughout a bank’s premises, to capture a wide range of financial data. This data can include transaction records, customer activity, and security information. The data is then transmitted to a centralised server for advanced analysis, providing real-time insights and actionable information to bank personnel.

This device holds the potential to be a big advancement in the realm of financial technology in the banking sector. This IoT-based financial data managing device is designed to address the a need for efficient, real-time data processing and security in banking institutions.

Currently, India is leading and adding new frontiers in patenting. This new IoT-based invention will manage financial transactions and gives an edge in data security to banks. The invention incorporates security protocols to safeguard sensitive financial information ensuring a higher level of protection against potential cyber threats.

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Josyula concluded the announcement by saying: “The implementation of this IoT-based financial data managing device is poised to revolutionise the banking sector. It is expected to set new standards in data management and analysis, paving the way for more innovative solutions in financial technology.