The Influence of IoT on Retail Banking: Enhancing Security and Customer Experience
Vasim Ahmad, Amar Johri, Mohammad Asif, Arpit Walia, Mohammad Wasiq, Anu Sayal
Abstract
Retail banking, with the integration of the Internet of Things (IoT), will increasingly bring about a change in the paradigm—betterment in security and scope of customer experience. In this respect, the paper seeks to further delve into the multifaceted impact of IoT on retail banking, with many highlights being made on the pivotal role of interconnected devices in bolstering both financial security and personalization of services at the bank. The following paper discusses in light of a comprehensive analysis how IoT technologies have helped redesign the traditional banking landscape by introducing advanced authentication mechanisms, offering real-time fraud detection, and many more. However, IoT integration brings very complex challenges at the same time, from data privacy and issues with interoperability to those problems related to regulatory compliance. The paper, therefore, synthesizes current research and case studies, all aiming to understand the potential of the IoT in transforming retail banking while balancing technological innovation with the imperative of customer data protection. All these results do underline the necessity of a strategy and an informed approach while integrating IoT to retail banking—one that can seize the potential of IoT not just to redefine banking but also guaranteeing the security and privacy of its customers.