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Definition:
Smart Finance refers to the application of Internet of Things technologies in the financial industry. It involves the use of connected devices, sensors, and data analytics to transform traditional financial processes and create new business models. IoT applications in financial sector include ATMs, insurance telematics, smart payment systems and asset tracking.
Additional information:
The Internet of Things market compromises of revenue and revenue growth as the key performance indicators. The market consists of pure IoT revenues generated through the sale of hardware (such as sensors, chips, and other hardware), platforms (IoT platforms, security software and other software), connectivity (cellular, LoRa, SigFox and other connectivity) and services (integration &maintenance of equipment & systems). As an example, the pure IoT revenue for a smart security camera is only the component that makes the camera “smart” and connected, not the full product price. Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.
Some of the key player in Smart Finance include Intel, SAP and Amazon Web Services (AWS).
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