Market Insights report
Smart Finance refers to the application of Internet of Things technologies in the financial industry. IoT applications in financial sector include ATMs, insurance telematics, smart payment systems and asset tracking.
The term Internet of Things (IoT) describes a network of physical or virtual devices which are able to communicate autonomously with one other using the Internet Protocol.
What's included?
ATMs were one of the first applications of the Internet of Things used in broader society. In the 1970s, cash machines referred to as automated teller machines (ATMs) were developed. Today, there are more than 3 million ATMs worldwide. In order to match the payout with the account balance, these data terminals establish a connection to the cardholder's bank account via a host processor using the internet protocol.
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