Internet of Things (IOT) Driven Digital Transformation in BFSI Sector

Abstract

Internet of Things (IoT) technologies have transformed businesses from physical to data-driven. It is a component of smart infrastructure, and one possible industry that can take advantage of IoT’s enormous potential is banking, financial services, and insurance. In order to make it more efficient, IoT plays a crucial role as the companies collect, share, and analyse data from internet-connected intelligent devices and systems on the cloud to transform business processes. An increase in the use of devices by BFSI customers has led to enormous growth in IoT data usage. This can enable the BFSI sector to anticipate customer needs and strategize opportunities for additional business, leading to enhanced customer loyalty. This digital transformation obtained via IoT devices can improve client interactions and assist in delivering customized services and solutions. The study analyzes the adaptation of IoT technologies for the banking, financial services, and insurance sector, understand the impact as well as benefits of IoT, and its future potential in the BFSI sector. Several use cases in the BFSI sector have been studied with regard to the adoption of IoT technologies, where impact and benefits, as well as digital transformation, are discussed. This study will be helpful to all the industry players and academicians to design and develop various solutions for the betterment of the BFSI sector through the IoT technology that will enhance value for the society at large.