Transforming Debt Recovery in Banking and Finance Through IoT Integration and Advanced Networking Technologies

Traditional debt recovery methods are inefficient in the banking and finance sectors. This study explores the transformative potential of integrating Internet-of-things (IoT) technology to optimize these processes. This study focuses on asset tracking and monitoring, data-driven decision-making, proactive risk management, and enhanced customer engagement. The results from a controlled experimental design revealed that IoT integration can significantly improve recovery efficiency, accuracy, and customer satisfaction. By implementing IoT solutions, financial institutions can achieve a more resilient and effective debt recovery system, paving the way for innovations in financial technology.