A probable effect of the development of internet technology on insurance & banking sectors, decision processes and service structures

Abstract

The history of the development of the Internet of Things (IoT) covers the last twenty years. Despite the short of time, the concept and implementation of the Internet of Things have widely spread all over the world. The impetus of the dissemination of the concept has exponential speed. In the near future, billions of smart sensors and devices will interact with one another without human intervention. The early impact of the Internet of Things has been observed and discussed in the areas of technology, transportation, production, and marketing. The prospective effect of the Internet of Things on the finance sector has been discussed recently. In this study, the development of the concept of the Internet of Things and it is effect on the finance sector and specifically the insurance and banking sectors and future expectations have been evaluated.