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The Internet of Financial Things: Today and Future Perspectives

Author

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  • Ali Osman Serdar Citak

    (Department of Banking and Insurance, Istanbul Medipol University, Istanbul Medipol University, Istanbul – Turkey)

  • Gokhan Silahtaroglu

    (Department of Management Information Systems, Istanbul Medipol University, Istanbul – Turkey)

Abstract

With the inexorable increase of network technologies, the awareness and conception of the Internet of Things (IoT) are growing and expanding rapidly. From retailing to automotive sector new applications have been efficaciously developed and industrialized these days; besides, along with the integration of cloud technology, WIMAX and machine learning algorithms, data collected via the IoT may be used for various practical purposes such as CRM, marketing, risk management, strategic planning, recruitment, procurement, supply chain, shelfing and so on. On the other hand, financial domain should be dealt with separately regarding its vulnerable or delicate nature as well as being very important to every single person on earth. In this paper, following detailed technological analyses of the IoT and related technologies, some new proposals have been dissertated to be consummated on financial sector within the concept of shared economy. Bearing in mind financial benefits and aspects, the IoT may be assented and regarded as a standalone the “Internet of Financial Things”.

Suggested Citation

  • Ali Osman Serdar Citak & Gokhan Silahtaroglu, 2017. "The Internet of Financial Things: Today and Future Perspectives," The Journal of European Theoretical and Applied Studies, The Center for European Studies at Kirklareli University - Turkey, vol. 5(1), pages 1-10.
    • Handle: RePEc:kir:journl:v:5:y:2017:i:1:p:1-10
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