Building trust in the age of the IoT.

As the volume of data we share increases, the On the other hand, because platforms deal with question of trust becomes critical. With the payments and identity, they need to be completely transition to smart wallets in our phones, secure. wearables and even our appliances, the data they Therefore, it is critically important for businesses hold will be ever more closely tied to identity – wanting to take advantage of this new technology raising privacy and security concerns. to partner with a trusted provider with an In a recent survey by Mobile Ecosystem Forum, established reputation for strong data protection 60% said that they were concerned about and robust security and privacy protocols. connected devices. Privacy was listed by 62% as the predominant concern, while more than half Who to trust? (54%) were most worried about security. And more generally, around one in five (21%) agreed that Gaining the trust of consumers to manage they saw the Internet of Things (IoT) as a threat. transactional data is one area where the banking sector has a clear advantage. This not only creates a likely barrier to widespread adoption, but also has the potential for significant Research by suggests that when it comes reputational damage for businesses that fail to to personal data, financial institutions are the most protect their customers’ data. trusted by consumers. One in five even report that they would share their DNA with their to help At the same time, customers are demanding a keep their financial and personal information more integrated and convenient customer secure. 1 experience, enabled by digital technology. At CommBank, we’re continuing to innovate in the Making use of these platform-based solutions payment technology space. therefore requires a considered approach. On the one hand, the power of an open architecture is With Pi, we’ve built a framework to enable that it provides the ability for authorised developers businesses to innovate, through a very distributed to create and deploy new apps and solutions – and decentralised structure. The Pi platform makes giving businesses and their customers new ways it easy to customise and integrate apps to suit your to connect. business and customers. But it’s based on secure

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technology and robust privacy protocols that would make them very likely to switch institutions.2 underpin CommBank’s transaction banking. We understand that if you want to be in the business of payments, you need to be working in a For us, security is also a critical business issue: compliance-led organisation – and continually almost two thirds (65 per cent) of consumers state investing to protect the needs of customers. that having their identity stolen or compromised

About the author Bronwyn Yam MBA Managing Director ––– Commerce and Platforms CashCash----flowflow & Transaction ServicesServices,, Commonwealth Bank of

About Cash-flow & Transaction Services A specialised team with CommBank’s Institutional Banking & Markets division, Cashflow and Transaction Services helps Australia’s leading companies manage their working capital, international transactions and cash payments more effectively, driving business efficiencies and lowering their overall cost of capital.

This report is published solely for information purposes. As this report has been prepared without considering your objectives, financial situation or needs, you should before acting on the information in this report, consider its appropriateness to your circumstances and if necessary seek the appropriate professional advice. The information in this report and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its publication but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this report. Commonwealth Bank of Australia ABN 48 123 123 124. AFSL and Australian credit licence 234945.

References 1 Mobile Identity: The Fusion of , Mobility and Identity, Telstra, 2015. 2 Mobile Identity: The Fusion of Financial Services, Mobility and Identity, Telstra, 2015.

Find out more For a confidential discussion about the impact of connected technology on your large corporate or institutional business, talk to your Relationship Banker today.

1 Mobile Identity: The Fusion of Financial Services, Mobility and Identity Telstra, 2015.

2 Mobile Identity: The Fusion of Financial Services, Mobility and Identity (Telstra, 2015), p14.

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