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Fig. 3 IoT concepts and devices in banking sector

support for everyday banking needs such as account balances, spending analysis,

budget recommendations, location-based suggestions, and transaction history. The

authors [15] discussed the role of chatbot in the banking sector for customer services.

Natural Language Processing incorporated chatbot application gives a unique feel to

the customer by personalized response in user friendly manner. Also they mentioned

that the chatbot application creates strong social relationships and emotional bonds

with the customers.

Personalized Banking

The IoT-connected devices are used to alert the customers based on their financial

habits and help them to avoid overspending. Recently, IoT enabled banks introduced

shock wearable devices to customers which monitors their spending habits and alerts

by a shockwave when they reach the credit limit. This mechanism prevents the

customer from overspending. Data stored in IoT devices such as credit history will

enable banks to sanction loans and design products to suit customer needs. Also,

wealth management companies can procure insights on a real-time basis to plan

personalized investment portfolios. Bluetooth beacons are widely used to aid special-

needs customers to navigate branches and meet their needs.

Digitized Banking

IoT enabled blockchain technology provides better authentication in terms of privacy

and security since the created credentials are not possible to be changed or altered.

The blockchain technology makes cross-border payment easy and trade finance more

efficient. Digitalization of banks provides more agility in terms of first-mover advan-

tage and flexibility in adopting innovative technologies such as bitcoins, contactless

payments, and digital Wallet. These forward thinking banks provide customers with

mobile and internet banking services providing value for time and convenience.