By now, most of us have heard about the “IoT” (the “Internet of Things”) and are beginning to realize and feel that the web is virtually a living, breathing organism that’s here to stay, and in a big way! Every millisecond of our lives is now being touched in some way by the IoT. Not so long ago, the Internet was an “add-on” element that was coexisting on-demand next to us whenever we needed it. Now, however, it’s there, not lingering but actively doing something all the time, no longer on-demand, but always “on” and always moving.
Imagine an entire household of items that do more than just process information—they utilize it! Your toaster oven may recognize what you’ve removed from your fridge and pantry and then know the proper time and temperature to cook the best avocado toast. Your pen might interface with your computer to tell you better methods of holding writing instruments to improve your handwriting. Your lights will recognize what time you leave for work, and thus turn off just as you leave the house. The Internet of Things hasn’t reached full implementation, and yet these concepts are already very viable.
How does that affect credit unions?