Conceptual analysis of Internet of Things use cases in Banking domain

Internet of Things (IoT) is an element of smart infrastructure and banking is one of the potential domains which can leverage a huge opportunity from IoT technology. Currently Automated Teller Machine (ATM), Point of service (POS) terminal, mobile banking acts as the edge for banking infrastructure. These digital edge systems in banking bring in one on one interactions with customers and their requirements which opens up opportunities for data acquisition, processing, analytics and decision making on that data. In this paper, banking, financial services and insurance (BFSI) based IoT application usage / use cases with concepts, current trends, opportunities and challenges will be discussed. Smart banking edge systems are needed to address the growing demands on BFSI requirements and IoT is one of the elements for Digital banking infrastructure that will meet the expectations.