The Internet of Things (IoT) has become an area of debate in terms of its applications and implications on the Indian economy, both at workplace and households. It has impacted both our life and work style. It’s a gigantic network of connected things and human, which collects and share data about the way it used and about the surrounding around them. It has its diverse impact in terms of the productivity as well as on the growth of the service sector. As per Gartner & HIS forecasts, there will 25 to 30 billion IoT devices by 2020, and the total IoT market size will be US$3.7 billion (McKinsey). There has been increase in the innovations and the inventions because of the increasing market of Innovations. This has also mandated huge responsibility not only on the consumers of Io, but also on the producers of objects and gadgets compatible to the needs of the different industries. The banking industry has seen tobe greatly affected by the trend of IoT in India. The paper looks at the scope of the internet of things (IoT) on banking and financial services and the impact of IoT on Banking &Fintech industry.
