The Internet of Things (IoT) refers to the network of physical objects — “things” — that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the Internet. These devices range from ordinary household items to sophisticated industrial tools. Â
And just like any company that blissfully ignored the Internet at the turn of the century, the ones that dismiss the Internet of Things risk getting left behind.
Jared Newman, tech journalist
In Simpler Terms
Think of IoT in fintech as a personal financial assistant embedded in your daily life. Your smart home thermostat not only adjusts the temperature for efficiency but also optimizes your energy bills. When you pass by a coffee shop, your smartwatch suggests the best deals based on your spending habits. It’s all about integrating financial decision-making seamlessly into your everyday life.
