IoT in banking: Enhancing security, efficiency and customer experience
Department of Computer Science and Engineering, Government Polytechnic, Karatagi, Karnataka India.
Research Article
World Journal of Advanced Research and Reviews, 2019, 01(02), 092-100
Publication history:
Received on 13 March 2019; Revised 25 March 2019; accepted on 29 March 2019
Abstract:
The Internet of Things (IoT) is revolutionizing the banking industry by enhancing security, operational efficiency, and customer experience. This paper explores the diverse applications of IoT in banking, including real-time data analytics, smart ATMs, biometric authentication, and advanced fraud detection systems. By leveraging IoT-enabled sensors and interconnected devices, financial institutions can monitor and analyze customer behavior, optimize branch operations, and enhance transaction security. The integration of IoT within banking infrastructure allows for improved risk management, reduced operational costs, and a seamless, personalized banking experience. Additionally, IoT-driven automation enables predictive maintenance of banking equipment, efficient cash flow management, and smart contract implementation for secure transactions. The study also examines the role of edge computing and artificial intelligence in processing large volumes of financial data, enabling faster decision-making and fraud prevention. Despite its benefits, IoT adoption in banking presents challenges, including cybersecurity threats, data privacy concerns, regulatory compliance, and integration complexities. Addressing these challenges is crucial for ensuring the secure and efficient deployment of IoT solutions in financial services. This paper provides insights into current trends, potential opportunities, and future directions for IoT-driven banking systems, emphasizing the need for robust security frameworks and regulatory policies to maximize the benefits of IoT while mitigating associated risks.
Keywords:
IoT in Banking; Smart ATMs; Biometric Authentication; IoT-based Fraud Detection; AI-powered IoT Blockchain in Banking; Contactless Payments
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Copyright © 2019 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0