EMERGING TRENDS IN INFORMATION TECHNOLOGY

(GROUP 1)
Information Technology for Management

Q.1. Explain the following non-Hardware specific IT innovations:

i)Big Data
ii)Blockchain
iii)Internet of Things(IoT)
iv) Cloud Computing
Ans.

i)Big Data: Big data refers to the large, diverse sets of information that grow at ever-increasing rates. It
encompasses the volume of information, the velocity or speed at which it is created and collected, and the
variety or scope of the data points being covered (known as the "three v's" of big data). Big data often
comes from data mining and arrives in multiple formats.Big data can be categorized as unstructured or
structured. Structured data consists of information already managed by the organization in databases and
spreadsheets; it is frequently numeric in nature. Unstructured data is information that is unorganized and
does not fall into a predetermined model or format. It includes data gathered from social media sources,
which help institutions gather information on customer needs.

Big data can be collected from publicly shared comments on social networks and websites, voluntarily
gathered from personal electronics and apps, through questionnaires, product purchases, and electronic
check-ins. The presence of sensors and other inputs in smart devices allows for data to be gathered across
a broad spectrum of situations and circumstances.Big data is most often stored in computer databases and
is analyzed using software specifically designed to handle large, complex data sets. Many software-as-a-
service (SaaS) companies specialize in managing this type of complex data.

ii)Blockchain: Blockchain is a specific type of database. It differs from a typical database in the way it
stores information; blockchains store data in blocks that are then chained together. As new data comes in
it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block,
which makes the data chained together in chronological order. Different types of information can be
stored on a blockchain but the most common use so far has been as a ledger for transactions. In Bitcoin’s
case, blockchain is used in a decentralized way so that no single person or group has control—rather, all
users collectively retain control. Decentralized blockchains are immutable, which means that the data
entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to
anyone.

iii)Internet of Things: The Internet of things (IoT) describes the network of physical objects

—“things”—that are embedded with sensors, software, and other technologies for the purpose of
connecting and exchanging data with other devices and systems over the Internet.

Emerging Trends In Information Technology Group 1

Things have evolved due to the convergence of multiple technologies, real-time analytics, machine
learning, commodity sensors, and embedded systems. Traditional fields of embedded systems, wireless
sensor networks, control systems, automation (including home and building automation), and others all
contribute to enabling the Internet of things. In the consumer market, IoT technology is most synonymous
with products pertaining to the concept of the "smart home", including devices and appliances (such as
lighting fixtures, thermostats, home security systems and cameras, and other home appliances) that
support one or more common ecosystems, and can be controlled via devices associated with that
ecosystem, such as smartphones and smart speakers. IoT can also be used in healthcare systems.

There are a number of serious concerns about dangers in the growth of IoT, especially in the areas
of privacy and security, and consequently industry and governmental moves to address these concerns
have begun including the development of international standards.

iv)Cloud Computing: Cloud computing is the delivery of different services through the Internet. These
resources include tools and applications like data storage, servers, databases, networking, and software.
Cloud computing is named as such because the information being accessed is found remotely in the cloud
or a virtual space. Companies that provide cloud services enable users to store files and applications on
remote servers and then access all the data via the Internet. This means the user is not required to be in a
specific place to gain access to it, allowing the user to work remotely.

Cloud computing takes all the heavy lifting involved in crunching and processing data away from the
device you carry around or sit and work at. It also moves all of that work to huge computer clusters far
away in cyberspace. The Internet becomes the cloud, and voilà—your data, work, and applications are
available from any device with which you can connect to the Internet, anywhere in the world.

Cloud computing can be both public and private. Public cloud services provide their services over the
Internet for a fee. Private cloud services, on the other hand, only provide services to a certain number of
people. These services are a system of networks that supply hosted services. There is also a hybrid option,
which combines elements of both the public and private services.

Emerging Trends In Information Technology Group 1

Q.2. Explain major IT hardware innovations in the last decade.
Ans.

1) Unmanned robots
Robots can carry out simple medical procedures, clean facilities, and pick and pack items in warehouses.
The intelligence in these automated machines will be further increased as new technologies come onboard
to collect everything that has been learned by all machines into a central data bank that any machine can
access.

2) Drones

Unmanned aerial vehicles (UAVs) will continue to push themselves into commercial applications,
whether it is delivering packages, taking photographic images, or surveying physical terrain that is
difficult to access. They will collect IoT data through sensors and channel it into central communications.

3) USB and USB Devices

The concept of plug-and-play was brought to the world with the creation of the USB standard connector.
The idea raised a few eyebrows at the time, but they couldn’t have foreseen what a juggernaut the USB
industry has become in modern times. Originally, the USB was designed as a secondary connector that
was much faster than the parallel port in the back of the computer to hook up everything from printers to
adapters, everything peripheral would now go through the USB connector. This was especially important
because of the USB’s “hot-swapping" ability. Connect any device through USB and you can disconnect
and reconnect it as many times as you please without the need to reboot your PC.
Once you combine the fact that the USB could hook up peripherals without a reboot to the fact that it
could also serve as a memory interface for flash drives, external hard drives, and the like, you discover
why the USB is what it is today. Currently, my desktop has more than five USB devices connected to it –
a testament to the idea that one day, we would see a USB powered future.

4)Virtual Reality

Virtual reality (VR) refers to a computer-generated simulation in which a person can interact within an
artificial three-dimensional environment using electronic devices, such as special goggles with a screen or
gloves fitted with sensors. In this simulated artificial environment, the user is able to have a realistic-
feeling experience. The concept of virtual reality is built on the natural combination of two words: the
virtual and the real. The former means "nearly" or "conceptually," which leads to an experience that is
near-reality through the use of technology. Software creates and serves up virtual worlds that are
experienced by users who wear hardware devices such as goggles, headphones, and special gloves.
Together, the user can view and interact with the virtual world as if from within.

To understand virtual reality, let's draw a parallel with real-world observations. We understand our
surroundings through our senses and the perception mechanisms of our body. Senses include taste, touch,
smell, sight, and hearing, as well as spatial awareness and balance. The inputs gathered by these senses
are processed by our brains to make interpretations of the objective environment around us. Virtual reality
attempts to create an illusory environment that can be presented to our senses with artificial information,
making our minds believe it is (almost) a reality.

Emerging Trends In Information Technology Group 1

Bulky headsets have encumbered VR users and made them dizzy or seasick, prompting companies to
avoid VR applications. That's about to change. For example, Google cardboard provides a small holder
for your smart phone and delivers a full-bodied video experience that rivals those produced through older
headgear. More comfortable VR headgear will pave the way for greater corporate adoption of VR.

Emerging Trends In Information Technology Group 1

 Q.3. Explain any Four IT specific innovations that have been made in Banking Sector in last
decade.

The banking sector worldwide is becoming more focused strategically besides making huge advancement
in technology. This is helping them to meet customer expectations while also defending market share
against increasing competition. 
New innovations and developing new solutions by taking advantage of data, advanced analytics, digital
technologies and new delivery platforms have become critical. 2019 has seen the banking industry
innovate in different areas and incorporate the traits and practices that were once the trademark of fintech
start-ups. Banks and credit unions are innovating faster by targeting, expanding their services, delivering
proactive advice, re-configuring delivery channels, integrating payments and using blockchain
technology.
 

Let us look at the top 5 of the big innovations in Banking Sector

Expanding Open Banking

An increasing number of regulatory bodies globally are making it mandatory for banking organizations to
allow customers to share their data securely with third parties in a move to boost new financial services
and enhance the competition in the banking industry. Consumers have more freedom and control in the
interaction with their financial service providers with account and payment data being made available
through secure application programming interfaces (APIs). 
Open banking APIs boost innovation and collaboration, and lead to growing banking ecosystems to make
a consumer's lifestyle better with more than just financial services. Because of consumer consent being a
core part of open banking strategy, there is an increased emphasis on consumer value proposition with the
firms offering innovative solutions becoming the relationship winners. 
Giving consumers choice and control of their own data, first-mover banks and credit unions can become
the mavericks of personalized financial services. The growth of open banking will also push non-
traditional financial firms to collaborate with traditional banks and innovate for the consumer.

Commitment to Physical and Digital Delivery

An increasing number of traditional financial services companies are introducing digital only banking
entities, as a lot of transactions are moving to digital channels and also to combat the high cost of a
traditional branch network. From launching digital-only banks to collecting deposits, to using digital

Emerging Trends In Information Technology Group 1

platforms for lending, investing and speciality services, banks and financial firms are focusing on quality
customer experiences and increased value for customers. These organizations are aiming to protect their
current customer base, while others are trying to expand their market share by introducing first-to-market
products that are consumer-focused. 
Thus, client expectations and the cost of alternative forms of delivery are factors that play an important
part in structuring the banking industry and bringing in innovative new delivery models.

AI-Driven Predictive Banking

One of the most exciting innovations in 2019 is predictive banking. For the first time, the banking
industry is consolidating all internal and external data and building predictive profiles of customers in real
time. With rich, accurate and financially viable consumer data, financial institutions know their customers
very well and are able to offer advice for the future, while increasing security and efficiency. 
With robo-advisors and AI-driven Chatbots, financial institutions offer 'next-best actions' with
personalised solutions in real time and universal cash management solutions that address implicit needs in
an integrated service. Information with figures and insights are contextually delivered with the aim of
proactively changing customers' behavioural patterns.

Customers are taking more control of their data

In the past and till date, banks, lending institutions and credit bureaus have been selling and sharing
consumers' financial data without the consumers' knowledge or consent while data aggregators gather
information without the consent of financial services providers. 
However, these practices are set to disappear. A significant number of consumer banking accounts come
with controls that let consumers choose which third parties can access their data and how. This is due to
the larger banks implementing application programming interfaces with such controls built in. Some
fintechs are also testing apps that allow customers greater control over how third parties use their data. A
few innovative financial organizations are setting up ways to enable their customers to sell their own
information. Smaller banks are also seeking to find ways to allow consumers a say in the sharing of their
data with third parties, with the cooperation of their core banking vendors.
 

Emerging Trends In Information Technology Group 1