Internet of Things and Its Impact on Financial Services

Background

Internet of Things (IoT) is taking up all the industries by a storm and is shaping up to the century’s most ubiquitous and prolific technological revolution. Nearly everything we do on digital devices will be interconnected to other digital devices in less than three years, giving rise to one of the quickest IOT developments accompanied by market adoption. IOT will have a significant impact on our lives and hence, financial services companies should start preparing for those changes the sooner the better.

The IoT technology in monetary offerings is to help a consumer save time, work smarter, and live a greater energetic lifestyle. IoT within the banking and finance sector is still in the planning stage but there is an incredible scope of innovation in it. IoT facilitates a financial institution in each aspect, ranging from an increase in sales to higher consumer offerings.

Digital gadgets like computing devices, smartwatches, or even a car will communicate not only with each other but also with other outside entities. IoT is anticipated to have a massive impact on every component of our monetary lives from banking and coverage to fitness, financial planning, and health. Interconnected intelligent gadgets will become ubiquitous and healthy seamlessly into everyday activities. Adopting IoT brings opportunities and challenges across all industries, with clear impacts on manufacturing, logistics, and life sciences. But how will IoT impact financial services organizations, and how can banks and insurance companies make the best of this emerging opportunity?