Banking and finance sector has come a long way from the barter system to digital payment solutions. Today, thanks to advancing fintech app development services, we have convenient and secure ways for online transactions. We have entered into the era of cryptocurrency and other financial products.
Digital transformation in finance industry works wonders by bringing automation. As banking and financial institutions have started to pay more attention to digitization, we see the rise in the IT budget of banks globally. As per the prediction, the bank’s IT budgets will cross $299 billion by 2022.
Another study has predicted that the global IoT banking and financial services will grow at a CAGR of over 55% between 2019 and 2027. Simply put, IoT in finance technology seems set to bring change in the way we bank.
The Bank of Things concept has started gaining ground, and the IoT technology brings more data to the sector and assists financial institutions to provide personalized experience and improved services.
Apart from these benefits, there are many other advantages of integrating IoT in finance technology.
Original Source: How IoT Solutions Can Transform the FinTech Industry