Acadres Consulting

International Journal of Social Sciences & Economic Environment

THE EFFECTS OF DIGITAL REVOLUTION IN PERSONAL TRADITIONAL BANKING

Vaibhav Philip

Assistant professor, Department of Commerce, Kristu Jayanti College (Autonomous), Bengaluru, India

DOI : https://doi.org/10.53882/IJSSEE.2020.0502002 Page No : 12-19

Published Online : 2020-12-30

Download Full Article : PDF Check for Updates

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

REFERENCES

Abdul-Qawy, A. S., P.J, P., Magesh, E., &Srinivasulu, T. (2015). The Internet of Things: An Overview. Journal of Engineering Research and Applications, 5(12), 71–82.

Adomavicius, A., Price, E., & Wilkinson, C. (2017). Digital customer onboarding:Building valuable customer experiencesthrough digital bank channels. https://dbcms.s3.amazonaws.com/devbridgecom/bcms/file/7fd3b314b0324639b297b5ad6b680a49/DB_WhitePaper_DigitalCustomerOnBoarding.pdf

Agger, E. E., &Westerfield, R. B. (1923).Banking Principles and Practice.Political Science Quarterly, 38(2), 336. https://doi.org/10.2307/2142650

Agrawal, U., Koshy, I., &Churi, P. P. (2019).A Role of Blockchain in IoT and Financial Applications. Proceedings - International Conference on Vision Towards Emerging Trends in Communication and Networking, ViTECoN 2019, February, 1–7. https://doi.org/10.1109/ViTECoN.2019.8899446

Anwar, S. (2017).Internet of Things (IoT) in Healthcare – An Introduction.RaiJounal of Technology Research & Innovation., V(I), 28–31.

Dilley, D. K. (2008).Essentials of Banking.John Wiley & Sons.

Dineshreddy, V., &Gangadharan, G. R. (2016). Towards an Internet of Things framework for financial services sector. 2016 3rd International Conference on Recent Advances in Information Technology, RAIT 2016, 177–181. https://doi.org/10.1109/RAIT.2016.7507897

Dörry, S., Robinson, G., &Derudder, B. (2018). There is no Alternative: SWIFT as Infrastructure Intermediary in Global Financial Markets. Financial Geography Working Paper Series, December.

Ghorbani, H. R., &Ahmadzadegan, M. H. (2018). Security challenges in internet of things: Survey. 2017 IEEE Conference on Wireless Sensors, ICWiSe 2017, 2018-January, 6–11. https://doi.org/10.1109/ICWISE.2017.8267153

Hussain, F. (2017).Internet of Things.In Cyber Resilience of Systems and Networks (Issue July 2016).Springer International Publishing. https://doi.org/10.1007/978-3-319-55405-1

Infosys.(2018). Internet of Things (IoT) in Financial Services.In Internet of Things in Financial Services.

Karl, T. (1983). International Electronic Funds Transfer System: SWIFT and its Interface with the New Payments Code. Penn State International Law Review, 2(1), 185–204.

Khanboubi, F., Boulmakoul, A., &Tabaa, M. (2019).Impact of digital trends using IoT on banking processes.Procedia Computer Science, 151(May), 77–84. https://doi.org/10.1016/j.procs.2019.04.014

Kiranmai, S. S., &Sridharan, A. (2017). Internet of Things (IoT)-Underpinning the Banking. International Journal of Advance Research in Science and Engineering, 6(01), 155–159. http://www.designworldonline.com/tips-on-

Lande, R. S., Meshram, S. A., &Deshmukh, P. P. (2018).Smart banking using IoT. Proceedings of the 2018 3rd IEEE International Conference on Research in Intelligent and Computing in Engineering, RICE 2018, 2018-January, 1–4. https://doi.org/10.1109/RICE.2018.8627903

Lee, I., & Lee, K. (2015). The Internet of Things (IoT): Applications, investments, and challenges for enterprises. Business Horizons, 58(4), 431–440. https://doi.org/10.1016/j.bushor.2015.03.008

Martin, A. (2017). The Internet of Things and digital banking (Issue January 2017).

Mistry, D. (2019). What the Internet of Things brings to banking. https://www.temenos.com/insights/white-papers-reports/whitepaper-what-the-internet-of-things-brings-to-banking/

Patel, K. K., Patel, S. M., & Scholar, P. G. (2016). Internet of Things-IOT: Definition, Characteristics, Architecture, Enabling Technologies, Application & Future Challenges. International Journal of Engineering Science and Computing, 6(5), 1–10. https://doi.org/10.4010/2016.1482

Prachi Mittal, P. M. (2013). Computerization In Banks -Some Issues. IOSR Journal of Business and Management, 8(4), 1–11. https://doi.org/10.9790/487x-0840111

Ramalingam, H., &Venkatesan, V. P. (2019). Conceptual analysis of Internet of Things use cases in Banking domain. IEEE Region 10 Annual International Conference, Proceedings/TENCON, 2019-October, 2034–2039. https://doi.org/10.1109/TENCON.2019.8929473

Rose, K., Eldridge, S., & Chapin, L. (2015). The Internet of Things: An Overview.

Sun, H., Wang, C., & Ahmad, B. I. (2017). From internet of things to smart cities: Enabling technologies. In From Internet of Things to Smart Cities: Enabling Technologies. https://doi.org/10.1201/b20595

Vijay, S. (2019).IoT Applications in Finance and Banking IoT Applications in Finance and Banking. International Journal of Research and Analytical Reviews, 6(June), 951–954. https://doi.org/10.6084/m9.doi.one.IJRAR19K3720

Villamil, S., Hernández, C., & Tarazona, G. (2020). An overview of internet of things.Telkomnika (Telecommunication Computing Electronics and Control), 18(5), 2320–2327. https://doi.org/10.12928/Telkomnika.v18i5.15911

Cite this paper as : Philip V. (2020), “The Effects of Digital revolution in Personal Traditional Banking”, International Journal of Social Sciences & Economic Environment, Vol. 5,Issue 2, 2020, pp 12–19. DOI : https://doi.org/10.53882/IJSSEE.2020.0502002

Article View: 406
PDF Download: 4