Abstract
Internet of things is interconnectivity of objects over a network. These objects are able to exchange information and take necessary action without human intervention. IOT are used in many sectors which increases efficiency, improves health/safety, or creates better experiences. Banks are now increasingly trying to connect their systems to the internet to improve bank operations. When IOT is connected to banks, banking operations will be improved with greater customer experience and can be provided with higher quality of services. This paper conveys the application of IOT used in Banking and the challenges that occurs when IOT is connected to Banks.
References
1) The Internet of Things – Banking, Infosys Whitepaper.
2) Daniel E. O’Leary (2013), ‘Big Data’, the ‘Internet of Things’ and the ‘Internet of Signs’. Intelligent Systems in Accounting, Finance and Management. 20(1), 53-65.
3) Enabling the IOT: Why banks should be part of IOT, Universal payments UP, Whitepaper.