How the IoT is Revolutionizing Automobile and BFSI Sector

0
195

IoT is a critical enabler, if not the key driver, for EV adoption in India. EV OEMs, Battery manufacturers, lenders, and insurers all benefit from the Internet of Things since they can get real-time information about their movable assets from anywhere, at any time, on any device underlines Sameer Mahapatra, Country Manager-India & SAARC at Aeris Communications. A lot more interesting insights during this candid chat below.

TimesTech: How is IoT revolutionizing the Automobile Sector?

Sameer: According to industry reports, 90% of all new cars will be IoT connected by 2040. IoT is presently being used across sectors, including traffic prediction, accident notification, and vehicle maintenance. By establishing a shared V2V network, the Internet of Things can enable secure and seamless communication. This can be useful in preventing road accidents by allowing vehicles to communicate real-time about their speed, location, and route with other cars. The sensors implanted in the cars can create immediate alerts and send information to the driver or vehicle manager in an emergency. These real-time notifications enable them to take prompt action to avoid any mishaps, making real-time monitoring one of the most crucial elements of automotive IoT.

TimesTech: How is IoT helping players of BFSI sector optimize their operations

Sameer: The deployment Internet of Things has been expanding in various fields due to technological advancements, igniting digital revolution. This has also provided the BFSI industry with a plethora of opportunities. IoT, or machine-to-machine (M2M) communication, enables real-time data collection and exchange from any location. The data provides deeper insights into customers, allowing for a better knowledge of changing purchasing habits and psychographics, particularly in the aftermath of the epidemic, which radically altered consumer behaviour.

Quick and seamless onboarding, contextual services, multichannel payments, intelligent asset tracking, and backend optimization are key characteristics driving IoT adoption. IoT technology allows banks, NBFCs, and MFIs to provide a considerably more personalized experience to their consumers. IoT-enabled banks are obtaining more excellent commercial results with access to data from across the business customers’ value chain and from suppliers to distributors and retailers. The ‘Bank of Things’ is a new IoT structure that facilitates data transmission between consumers and financial organizations. According to a study by Absolute Market Insights, the Internet of Things-based banking and financial services will increase at a CAGR of 55.3 per cent between 2019 and 2027. While the use of smart devices in the BFSI vertical is still in its early stages, it is predicted to rise exponentially in the coming decade.

TimesTech: What is the rate of adoption of IoT-enabled electric vehicles in India? Is there a region of the country that is experiencing higher demand than others?

Sameer: IoT is a critical enabler, if not the key driver, for EV adoption in India. EV OEMs, Battery manufacturers, lenders, and insurers all benefit from the Internet of Things since they can get real-time information about their movable assets from anywhere, at any time, on any device. They can watch the movement of the vehicles on a map, monitor vehicle performance, including battery charge, total asset usage, and receive alerts for crashes, accidents, and even driver behaviour. Regarding regional demand, the northern and southern parts of the country have seen the most IoT adoption, although other regions are progressively catching up.

TimesTech: What is the usage of Aeris’ Asset Assurance Platform and how has it benefitted customers globally?

Sameer: Approximately 90% of all commercial cars sold in India are financed. Over the last year, commercial vehicle repossession losses have been as high as 15-20 per cent. Asset repossession becomes a significant factor for financing businesses in the automotive sector due to the secured nature of loans. Aeris highlighted the problem of substantial credit defaults on heavy and light commercial vehicles for financers as a significant worry area while working closely with more than a dozen clients in several areas as their technology partners. Aeris Asset Assurance Platform has already onboarded, and services are leading OEMS, auto financing, leasing, and insurance companies as clients in India, Indonesia, Vietnam, and Africa, assisting them in proactive credit default detection, reducing repossession costs related to losses, improving business profitability, and improving customer satisfaction and service experience through Aeris’ 24×7, multilingual service support.

By tracking assets’ location and usage history, the technology gives an on-demand insight into moving assets. Commercial cars that are leased to people or a third party can now be sure that their support is being used for the reason it was intended for by finance and lending businesses. When cars are not operable for an extended period or are stolen during the credit period, this helps to decrease the high risk of default. Recently, ON Credit Service India and Aeris have embarked on a four-year strategic relationship. Aeris has deployed IoT device capabilities to enable ON Credit Service India to establish a viable business portfolio in the car lending industry as part of this relationship. Using IoT device capability, the collaboration assists ON Credit Service India in becoming one of the leading companies in the segment.

TimesTech: What does Aeris ‘Connected Battery Management Solution’ do? Can you elaborate.

Sameer: The exponential growth of electric vehicles and the EV ecosystem has increased the demand for EV batteries. The battery is the heart and nervous system of an electric vehicle, and the industry is expected to grow by 40% in the next several years. On the other hand, the battery market is predicted to grow by 60%.

The Aeris Connected Battery Management Solution has anti-theft features for batteries, including real-time, 24-hour tracking. The battery can be immobilised promptly and remotely by the owner in the event of theft. Commercial vehicles that only travel in specific areas, such as food and grocery delivery or hyperlocal courier services, benefit from Aeris’ battery geofencing technology, which adds an added degree of security. IoT-enabled batteries would be critical to this ecosystem, enabling new business models and use cases while enhancing the segment’s overall productivity.

TimesTech: What are your thoughts on EV charging infrastructure? Where is this industry headed according to you?

Sameer: It’s worth noting that both the federal and state governments have issued policies such as the National Urban Transportation Policy, the Auto Fuel and Vision Policy, and the National Electric Mobility Mission Plan 2020. While the Central Government supports EV brands by allocating tens of billions of rupees to the FAME II scheme and a 5% decrease in GST for EVs, state governments are also going above and beyond. For example, Delhi has declared plans to replace its fleet with electric vehicles over the next six months and build 100 vehicle battery charging stations throughout the city. While there has been a progression in the right direction, large-scale adoption is still a long way off, and the road ahead is littered with obstacles. The lack of sufficient infrastructure in the form of public charging outlets is a key concern. These charging stations are anticipated to become a vital resource in the future, and EV sales will be driven by their availability and reliability.

An EV is likely to be more expensive than a conventional counterpart due to manufacturing and technological expenses, government policies, and charging infrastructure are just a few of the top worries surrounding EV adoption. Additionally, charging infrastructure is limited and will need to be expanded for EV sales to gain traction. In January 2020, India’s Department of Heavy Industries (DHI) approved 2,636 electric vehicle charging stations in 62 cities to boost e-mobility. Furthermore, EVs must grab customer attention and be readily available, or the lack of desirable vehicle size or style would have a long-term impact on consumer purchasing behaviour. But appearances aren’t everything; vehicle durability, after-sales service, ability to manoeuvre varied terrains, ongoing maintenance and operational costs, and the capacity to transport heavy loads will all play a role in EV adoption.

TimesTech: Talk about the ways how IoT will play a big role in 2022  

Sameer: The Internet of Things (IoT) is a hot topic of conversation among the tech and manufacturing industries. The Internet of Things (IoT) is a hyped-up futuristic technology known for its social and technological miracles. The most recent IoT trends show that this technology has altered several industries. It has aided firms in streamlining procedures, increasing profits, and improving customer service.

Below mentioned are some top IoT Trends for 2022:

A heightened focus on security will be seen in the IoT sector. IoT network hacking is expected to become a routine occurrence by 2022; according to experts, Intruders will be prevented from causing any harm by network operators acting as cybersecurity personnel. Companies like Sierra, Wireless, and others who have been cyber-attacked in the past have implemented IoT-driven cyber technologies due to the recent increase in intrusions.

There are several proofs, studies, and instances of effective IoT deployment in business models that have improved the company’s performance by raising output and improving other business KPIs and objectives. Manufacturers are converting their entire business models into more inventive and productive ones with the help of automation. With IoT, virtual and augmented reality may connect the physical and digital worlds. It opens the possibility of using IoT data in AR and VR technology. The use of IoT in various technologies has several economic benefits, including lower costs and new and greater earnings and opportunities. Combining these technologies could help organisations teach staff about virtual prototypes of items, different types of equipment, and different business growth tactics.

LEAVE A REPLY

Please enter your comment!
Please enter your name here