The Role of the Internet of Things in the Future of Banking, Financial Services, and Insurance

Purpose- The purpose of this paper is to understand how the Internet of Things can be used to reshape the BFSI sector; to understand the current scenario and find various new avenues that can be developed.

Design/methodology/approach- This study has used secondary research and literature reviews to get an understanding of the topic. Apart from that, emphasis was given to getting the primary information from the market. 

Brief Understanding- The Internet of Things is a network or interconnection of computing devices. For the network to exist, internet infrastructure is required, which is used as the facilitator of information transfer. Data gathering followed by analysis is the basic tenet of the Internet Of Things. Information Technology and semiconductor industries are essentially the brain and heart of the IOT. It is through these semiconductor devices that the information is stored and then through the use of the internet passed to the appropriate destination. IT acts as the brain of the system and is used for the analysis of the huge data collected.

IOT can act as a game changer in Banking, Financial Services, and Insurance sector and till now has made its presence in the sector. Customer satisfaction and unique user experience are two of the fundamental objectives of Industry 4.0 and IOT can help in achieving these objectives.