Banking on IoT in Transforming Financial Services for the Digital Age

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Financial and banking services sector plays a crucial role in the economic development of many nations, serving as a foundation for growth. Information Technology (IT) plays a vital role in facilitating the management of these services and streamlining operations for banking institutions, enabling them to expand their reach and efficiency. The Internet of Things (IoT) is a component of intelligent infrastructure, and the banking sector is among the possible domains that can benefit significantly from the use of IoT technologies. Therefore, this chapter examines the use of the Internet of Things (IoTs) within the finance and banking industries. This study examines the advantages and obstacles associated with the implementation of Internet of Things (IoT) technology in the banking industry. The banking business is experiencing a notable shift towards digitalization, hence enhancing convenience for users. The Internet of Things (IoT) is a significant component of the ongoing rapid transformation towards the future of banking. It is crucial for both consumers and financial institutions to adjust and align themselves with the emerging trends in retail and mobile banking.