IoT's Impact on Banking Sector Customer Experience Transformation: A Cloud-Enabled Strategy

• Author(s): Jeyasri Sekar
• Paper ID: 1704864
• Page: 611-617
• Published Date: 03-08-2023
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 7 Issue 1 July-2023

Abstract

The use of IoT in the banking sector is introducing a radical shift based on the cloud in the course of establishing new customer experience. The concepts of smart ATMs, wearable technology and innovative use of IoT devices are making banking client focused, more supportive, prompt and easily accessible. Currently, cloud computing which offers the extension, openness and safety of the infrastructure is significant in this improvement. Banks can easily respond to customer requirements and adjust them through the cloud, for example, provide individual financial services or identify fraudulent transactions. However, this shift also comes with some issues that are; data privacy and protection issues, integration issues as well as the issues of security. With these challenges in mind, the merging of IoT and cloud technology is set to produce and optimize and customer oriented financial services, which will transform the delivery of banking in the digital dispensation.

Keywords

Internet of Things (IoT), Banking sector. Customer experience, Cloud computing, Personalization, Security, Data integration, Fraud prevention

Citations

IRE Journals:
Jeyasri Sekar "IoT's Impact on Banking Sector Customer Experience Transformation: A Cloud-Enabled Strategy" Iconic Research And Engineering Journals Volume 7 Issue 1 2023 Page 611-617

IEEE:
Jeyasri Sekar "IoT's Impact on Banking Sector Customer Experience Transformation: A Cloud-Enabled Strategy" Iconic Research And Engineering Journals, 7(1)