This story was originally published on HackerNoon at: https://hackernoon.com/how-is-iot-shaping-fintech-in-2023.
Connected technologies continue to revolutionize modern industries, and the banking and financial industry is no exception. With the advent of digital solutions and artificial intelligence (AI), we’re seeing a major transformation in financial services.
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The Internet of Things (IoT) is the growing network of physical and electronic devices, or “things,” that are connected to the internet. Its global market is projected to rise at a compound annual growth rate (CAGR) of 13% from 2023 to 2033, with a whopping $165.17 billion this year. The IoT helps the banking and FinTech industry become more efficient, reliable, and secure.