IoT enabled Smart Banking System – a Technological Revolution

Abstract

The main proposal of the Smart Banking System by using IoT is to develop a System that could be easy to use and accessible. IoT solutions make certain Banking & Financial Services (BFS) companies for improved tracking and analysis of client’s behaviors and requirements. In the dominion of interconnected "things", banks are testing better approaches for associating with clients to give them exhortation, and might exhibit money related offers through their cell phone as they stroll past specific stores. They could use a similar way to deal with give direction on sending a notice to "skip Starbucks" as the client overspent on sundries the current month's savings. In the coming future, banks will have an extensive task to perform in managing and control of payments. IoT helps banks in many ways ,ie: facilitating consumers by communicating with right information about different offers especially in banking/finance, and solve different day to day issues of consumers and retain them for longer period. The customer data available through the IoT will identify the financial needs of the client and its value chain that also helps banks provide the value added services and customized financial products to ensure Win-Win situation .This banking system enabled with IoT improves customer loyalty by playing as a powerful facilitator .It transforms the business in the future. Banks must convert IoT data into valuable information that helps in increases their market share and provides better solutions to their customers. As the banking system has become part of a human day to day activity, it efficiently offers many benefits, such as operating a payment system, granting loans, taking deposits and helping with investments etc.