International Journal of Contemporary Research in Multidisciplinary

Abstract:

IoT refers to the network of physical objects like devices, vehicles, buildings, and other items embedded with sensors, software, and other technologies that enable them to connect and exchange data with other devices and systems over the internet. IoT devices significantly impacts numerous industries, such as manufacturing, telecommunications, IT, energy, healthcare, logistics, finance, media, defense, and government, by enhancing operational efficiency and service delivery. Within the Banking and Financial Services sector, the Internet of Things (IoT) is poised to revolutionize all aspects of the industry.  IoT technology enables financial institutions to gather and analyze data from sensors embedded in various devices. This data provides insights into customers' activities, life events, and needs, allowing institutions to tailor their services more precisely. The aim of this paper is to analyse the impact of IoT applications in Banking and Financial services.

Keywords:

Internet of Things, Banking and Financial Services, Financial Technology

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Methods