IoT-Enabled Banking: The Next Frontier in Customer Experience
Year: 2023
Type: book-chapter
Abstract: The rapid advancement of Internet of Things (IoT) technology has paved the way for transformative applications in various industries, including banking and financial services. This research paper explores the concept of IoT-enabled banking and its implications for customer experience enhancement. The paper begins by discussing the background and significance of IoT in the banking sector, highlighting its potential to revolutionize customer interactions with financial services. A conceptual framework is presented, defining IoT in the context of banking and identifying key components and technologies involved. The paper then delves into specific applications of IoT in banking, including smart branches, digital banking channels, and personalized financial products and services. These applications demonstrate how IoT can enhance convenience, personalization, and engagement within the banking ecosystem. Furthermore, emerging trends and technologies shaping IoT in banking are explored, along with potential areas for further research and recommendations for banks and financial institutions. The findings suggest that IoT-enabled banking holds great promise for delivering personalized, secure, and seamless financial services to customers. The implications of this research extend beyond customer experience, encompassing operational efficiencies, cost reduction, and risk management for financial institutions. As the future of IoT-enabled banking unfolds, ensuring data governance, security, and customer trust will be paramount. This research contributes to the understanding of IoT in banking and provides insights into its transformative potential, enabling banks and financial institutions to embrace IoT technology and create a new era of customer-centric financial services in the digital age.
Authors: Baliyan, Deepa, Kumar, Vinit
Institution: Government of Uttar Pradesh
Language: English
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W7213355291