Internet of Things(IoT) is the interconnectivity of mobile and other physical devices over a network. These devices are able to transmit signals to the server and to each other. By using this data from different data points we can get access to a large amount of data which upon filtering can present key insights into various processes of a company. Because of its Potential, IoT it is gaining huge traction in businesses across the world. Industries like healthcare, Banking and retail are all figuring out ways to leverage the potential of IoT to bring out better revenues from business activities. While IoT in banking is still more in a planning stage, we can be sure that there is ample scope for innovations. Starting from an increase in revenues to better customer services, banks are always on the hot seat to bring out new and better innovations. Here we have created a small picture of the scenario of IoT in Banking.