Impact of IoT on banking and financial services.

The Banking and Financial Services and Insurance (BFSI) sector in today's time is highly dependent on technology for various transactional activities. With increase in smart devices that enable customers to make payments or authorize transactions more conveniently, IoT seems to be a major enabler for these domains. IoT, paired with other latest technologies like blockchain, ML etc. has made the process of using smart devices more practical and secure over time for financial transactions. The objective of this paper is to understand the impact of IoT applications on Banking and Financial services by studying the applications cases, benefits, and future scope of IoT technology in the BFSI sector. The research paper is aimed towards helping academicians and practitioners to understand the current applications and benefits of IoT in the BFSI domain. The paper will include a study based on use cases of IoT in BFSI sector, providing insights about the impact it is making as a technology to the sector. [ABSTRACT FROM AUTHOR]