Smart Banking: AI and IoT Transformations of Financial Services

This study investigates the integration of Artificial Intelligence and the Internet of Things in banking and financial services, focusing on how these technologies enhance customer care, streamline operations, and improve data management. The study examines various applications of Artificial Intelligence and the Internet of Things in financial services, such as intelligent document processing, remote asset monitoring, predictive analytics, and smart devices. Through a comprehensive literature review and case studies, the paper demonstrates the potential of Artificial Intelligence and the Internet of Things to revolutionize banking service delivery by enabling more personalized and efficient care. The findings suggest that the adoption of Artificial Intelligence and the Internet of Things in banking can lead to enormous improvements in business outcomes and operational efficiency. The paper also discusses challenges for deployment such as data privacy concerns, requirements for predictive maintenance of assets, and the importance of interoperability between different systems. The paper concludes with recommendations for banks, policymakers, and technology developers to foster the adoption of Artificial Intelligence and the Internet of Things in financial services while addressing the associated challenges.