Leveraging Blockchain Technology …

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Secure Banking

Deployment of security systems with a set of sensors like smoke, cameras, and IoT

technologies prevent the bank from unpredictable accidents and theft. In addition

it helps in monitoring suspicious activities by customers or intruders and alert the

concerned authority. However during the transaction, data related to bank and cus-

tomer transmitted via the IoT network is vulnerable to leaks and breaches. This

recommends absolute benchmarking by banks providing such facilities.

Mobile Banking

Mobile banking allows its customers to make financial transactions using mobile

devices like smartphones and tablets. Mobile banking services can be via mobile

applications or through short message services (SMS). Mobile apps allow the cus-

tomers to check balance, history of the transaction , and loan statements. This also

provides other services like fund transfers, locating ATM and bank branches, reg-

istering and tracking the complaint, and cancelling an issued cheque. SMS-based

mobile banking allows customers to enquire about their account balance and block

credit/debit cards along with cheques when stolen or compromised.

2.2

Insurance

IoT is looking to revamp the process of many businesses including the insurance

domain. Most of the companies are in the process of shifting from paper-based

manual systems to automated and digitized systems. The type of insurance namely,

automotive insurance, health insurance, life insurance and home insurance can gain

immense benefits from the significant data being generated from millions of con-

nected devices such as sensors, wearable devices, and smartphones which are used

by customers. The following subsections outline application of IoT in the insurance

domain.

Automotive Insurance

Connected vehicles are manufactured with a set of sensors to measure and transmit

data like cornering, mileage, speed, and location. Initially the collected data is used

to get the driver’s action and performance but in later stages this valuable information

helpstounderstandtheimpedimentriskforinsurancefirms.Datacollectedfromwell-

established IoT connected cars are fed into AI to get real-time pre-analyzed details

of automotive insurance customers. The industry experts believe that in automotive

insurance, IoT data creates more opportunities in leveraging and staying competitive.

It also helps to promote and maintain smart connected automotive insurance. So, the

insurance firm uses the combination of telematics and AI algorithms to reduce the

chances of accidents, control fraud and develop competitive insurance products.

Home Insurance

The usage of connected IoT devices in the home environment is increasing due to

multiple benefits. The sensors adopted in the smart home of the customers generate