The Effects of Digital Revolution in Personal Traditional Banking

Abstract

Purpose: The prime objective of the study is to explains the concept of IoT in Banking services and also explain the variety of possibilities opens up particularly in the retail banking sector with the use of IoT in banking sector. Design/Research Methodology/approach: The whole analysis is based on secondary data collected from different journals, published reports, books, megazines and relevant official website. Findings: This study is conceptual in nature. It has been found that IoT has opens several opportunities to the banking sector to come out from their traditional method of operating at one hand. And on the other hand, the IoT has created the privacy and security issues of the customers. Research Implications: This study throws light on the significant contribution of IoT in banking sector. It has drawn attention of the practioners and policy makers and they are forced to implement IoT in their day to day banking operation particularly in retail banking. Scope for future work / Research limitations: As this study is based on secondary data. A thorough study based on primary data using quantitative and qualitative method may contribute more fruitful and generalizable results. Originality/value: The descriptive analysis based on secondary data has found that there are various studies on IoT and its impact on different technical sectors . The paper describes how IoT has benefitted customers and bankers in the retail banking services operation. Key Words: Retail banking, IoT, digtisation of banking, Banking of thing Paper type: Conceptual paper