Improving Security and Effectiveness in Banking Operations with IoT Integration

In order to improve security as well as operational efficiency, this empirical paper investigates the integration of Internet of Things (IoT) technology into the banking industry. Because the banking sector is an attractive target for cyberattacks, strong security measures are required. IoT technology provides data-driven security improvements, and automated responses, alongside real-time surveillance through its network of connected devices and sensors. This covers the following: property monitoring, innovations in blockchain technology, biometric identification, intelligent monitoring infrastructure, along fraud detection. The technical analysis explores the benefits and drawbacks of IoT-based security for banks. Data security, connectivity, adaptability, upkeep, and financial considerations are among the challenges. On the contrary, benefits like improved cybersecurity, cost-effectiveness, client trust, flexibility, and data analysis are provided by IoT-based security. The paper looks ahead, discussing the manner in which AI, blockchain technology, biometrics, cloud-based security, as well as quantum computing, will all be integrated into IoT-based security in the years to come. The financial sector is expected to implement a significant increase in IoT-based security measures.