Augmenting Banking and FinTech with Intelligent Internet of Things Technology

Banks and Financial institutions play a crucial role in economic development of country albeit slow to embrace IoT technology. IoT has the potential to revolutionize financial services by enabling a deeper understanding of economic trends, customer preferences and capturing their needs and preferences in real time. Integrating Artificial Intelligence in IoT enhances IoT performance by analysing the information and extracting knowledge therefore making them more intelligent. The FinTech(Financial Technology) needs to be amalgamated with Intelligent IoT to improve customer services, gain customer's perspicacity and to improve efficiency. This paper proffers a cloud centric Intelligent Internet of Things conceptual architecture for banking and financial sector. Furthermore a case study of implementing Intelligent IoT for vehicle loans has also been presented.