A Review of IoT in Banking Industry

Abstract

The Internet of Things (IoT) involves connecting physical objects -- devices, vehicles, buildings and many more -- with electronic components, software, sensors and other means of communication, allowing the exchange of data.This data can then be used to automate tasks, optimize operations and improve the performance of connected devices, enabling users such as businesses and consumers to interact with their environment in completely new ways. IoT represents the next phase in the digital revolution, transforming the lives of consumers and businesses through connections that allow data to be exchanged between objects and machines, leading to automated information and behaviour-based decisions which can create an incredible amount of value.