IoT in Online Banking

Abstract

As we know, there are so many changes arriving right now ion the banking industries which are really complex industries. Every day, huge amount of data is processed and gathered. With this increase in size, it is becoming more difficult for banking institutions to manage this data and handle other segments of their business. This paper presents the scope of IoT in the banking domain and how various transformations could potentially bring game changing reforms in the traditional methodology. Banking institutions need to integrate IoT in their systems to increase their market share by providing services catered to a clients need based on the data that’s being processed in real time. In future, IoT will be able to create such technologies which will be able to connect physical objects so that objects can do their own intelligent decision making.