IoT provides real-time data collection and analysis, creating unprecedented insight into financial behaviors.
Applications
• Smart devices are used to monitor spending patterns so that credit risk models may be developed.
• Connected homes and vehicles provide data to help optimize loan terms and conditions.
Market Growth
IoT in Banking and Financial Services Market size is estimated to reach US$30.93 Bn by 2030 at a CAGR of 50.10%.
Cybersecurity and Data Privacy
While embracing digital solutions, the scope of cyber threats also amplifies. Banks are deploying predictive and AI-based cybersecurity models in order to safeguard customer details and resources.
Innovative Practices
• Zero-Proof of Knowledge: Offers identity proof without revealing information to anyone.
• Homomorphic Encryptions: Supports data computation at the encrypted platform without requiring decryption