An Overview of IoT in Financial Sectors

Internet of things (IoT) enables humans to transfer the data over a network using connected devices without human-to-human or human to computers interaction. With the growing demand for technology in vast areas of everyday life, IoT is widely been used in several fields, including home automation, health care and fitness, automated machines, agriculture, smart cities, etc. Apart from this, there are wide applications of IoT in financial sectors. A lot of technological advancements were seen in financial sectors in the last decade. The advancements in technology lead to several new dimensions to conventional banking. More and more financial organizations are getting adopted to new technologies which in turn increases their operational efficiency and user-friendliness. IoT in financial sectors can be explored much to minimize the risks involved owing to the rapid increase in digitalization and mobilization of those sectors. Use of IoTs in banks can help them to improve the decision-making process and to gather information about customers and provide personalized services. It has been estimated that 40% of the financial sectors are now experimenting with IoT and big data. This chapter gives an overview of IoT in financial sectors and the various risks involved in it. Proper use of IoT in financial sectors can lead to various growth opportunities.