Author(s): Dillip Kumar Parida
The internet of things is the next digital revolution, and it symbolises the next phase technological transformation that will alter the lives of banking consumers and bank. While the Internet is typically limited to the electronic realm, connected objects indicate the Internet's expansion to include things and places. The influence of digital trends and IoT on a traditional bank's operational procedural is taking into shape. New edge digital technologies have started influencing bank and its processes. Bank and financial institutions started using IOT to increase the efficiency of banking process and to enhance the customer experience. The objective of this article is to illustrate the smart contract applications of IoT in banking can be leveraged to optimise the customer service and risk management. How the IOT can influence the digital trends over bank’s traditional process. We'll focus on approach of these new initiative and developments for digital transformations of banks with these new technologies like Internet of Things.