Internet of Things in Smart Banking: Hopes and Challenges

Md. Imran Hossain, Md. Tareq Hossain, Sagor Ejarder, Fahim Abdullah Md. Raeid, Md. Shimul Bhuia, Muhammad Torequl Islam


Banking services are one of the essential parts of our daily lives. People conduct almost all financial transactions through banks. Now we cannot do without digital activities. Manual banking operations have some unavoidable limitations, such as slow fund transfers, vast documentation, huge manpower, etc. The internet of things (IoT) is a gift of the digital world. It has diverse functions in various fields, including banking operations. This paper sketches a current scenario on the hopes and challenges of the IoT application in digital banking services based on the database reports. We performed an up-to-date (July 2023) literature survey using some nominated keywords in the Google Scholar database. The findings demonstrate that IoT has many important operations in current banking systems worldwide. It opens a new window for rapid and efficient services in the banking system. However, IoT technology also has some shortcomings that should be solved to provide safe, effective, and efficient banking services to consumers. Taken together, the IoT might be an interesting network for digital banking services.

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