IoT in Financial Services Innovations in Banking and Insurance

Abstract

The integration of Internet of Things (IoT) technologies into financial services, particularly within the banking and insurance sectors, has ushered in a wave of innovation and transformation. This article explores the evolving landscape of IoT in financial services. In the banking sector, IoT-enabled devices such as smart ATMs, contactless payments, and biometric authentication systems and enabling personalized banking experiences. Through a comprehensive review of literature and empirical research, the study aims to understand the extent to which IoT innovations are transforming traditional banking and insurance practices. Data collection involves quantitative analysis of industry data. The findings reveal significant advancements in customer interactions, operational efficiency, risk management, and fraud detection facilitated by IoT devices and data analytics. Furthermore, it discusses the broader implications of IoT adoption, including enhanced customer experiences, improved risk mitigation, and the need for robust cybersecurity measures.