EY defines the Internet of Things (IoT) as a technology that enables physical objects to be connected to the digital world. The EY paper, The true value of the internet of things for the financial sector, points out that IoT devices do not provide information but rather provide the results of objective observations. In simple terms, IoT provides data.
According to EY, the massive deployment of sensors will result in unprecedented capabilities for gathering objective data about the world around us. It can be argued that the application of other technologies like machine learning, deep learning or artificial intelligence to a large repository of data courtesy of IoT devices may be used to draw insight leading to data-driven decision-making.
FutureIoT spoke to Varun Mittal, global emerging markets Fintech leaders at EY, on the potential use cases of IoT in financial services. In this exclusive, he shares his views on real-world applications of IoT in financial services, including banking, payments, and insurance.
“Everywhere where more data can help you make a decision – that is where IoT adds value to financial services,” Mittal concluded.