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Fig. 2 Applications of IoT as connected solution

Retail Banking

Digital acquaintance of customers who use smart mobile, smart watch, card reader,

tablet, and laptop has made the banking sector adopt IoT-connected devices and tech-

nologies for better user experience and cost reductions. This has facilitated the wide

usage of Smart Automated Teller machines (ATM) resulting in reduced transaction

time. A digital ecosystem of IoT-connected wearable devices such as apple watch

and fit pay enables banks to recognize their potential customers and their business

needs. It also supports banks to gain customer insights, provide value added services,

and suggest financial assistance.

Connected Banking

Banking sector uses chatbots for efficient interaction with their customers to provide

personalized experience. These chatbots are developed using machine learning with

Natural Language Processing (NLP). The IoT with chatbot facilitates 24/7 customer