The Internet of Things is shaping up to be among the early part of this century’s most prolific and ubiquitous technological revolutions. Financial services organisations should start planning for these changes—the sooner the better. We believe insurance, healthcare and banking will have the best opportunities for using the IoT with new financial products and services, but we see quite a few unknowns on the impact of IoT on FS firms and preparations are required to manage these upcoming changes. In this article, we highlight key challenges and opportunities for financial services firms.