Real Applications of WoT in the Banking Sector

There are numerous WoT-enabled applications, which are made available by several banks to its customers. A few of these applications are as follows.

Banking on Wearable Devices

Due to low-cost wearable devices, many banks have started offering their services by developing applications for the same. Smart watches like Apple Watch have already been in use under the banking system of Bank of America. Banks have also started launching their own wearable gadgets for smart banking like "pay with BPAY" by Barclays [19]. Other banks that have started offering their services on wearables are Hellenic Bank and Australia's WestPac.


Chatbots have some appropriate uses in retail banking. Chatbots are a simple and generally moderate method for mechanizing client assistance enquiries. Some new businesses have pushed on this open door as well; for example, the Cleo application interfaces with your bank and Facebook's chatbot to assist customers with their queries. Also, there are other chatbot-based models from the Royal Bank of Scotland, such as RBS Assist chatbot for banking. This chatbot answers FAQs to RBS utilizing Kasisto's Kai AI stage and enables clients to directly exchange their views and take care of payments. Swedbank, in the interim, propelled Nuance's "NINA" on its site, a versatile application to help answer client requests all the more rapidly by sourcing the pertinent data [20].


This is a WoT-enabled bank application which predicts regular client finance-related conduct and offers the item or administration the client may require around then. This WoT application is more customized than some other versatile banking application and conveys information like Facebook Messenger does [21].

ATMs on the Move

With the advent of digitization and WoT, banks have come out with unique solutions, which are ATMs on the move. Recently, Idea Bank launched ATMs on the move services by running a fleet of cars, each occupied with a security system and an ATM. These cars visit the client, instead of the other way around. The bank's information indicates that with these ATMs on the move, the average deposit rate is three times higher than the traditional style of depositing. In the interim, in Canada, the credit association Blueshore is investigating the possibility of displaying banking-related app notifications and information on vehicle windshields, for travelers to audit their portfolios while traveling [22].

Blockchain and WoT-Based Banking

Blockchain technology, which has the capability of maintaining a secured and protected record of confirmed exchanges is being abundantly talked about, in the banking sector and beyond. A few banks are, as of now, trialing the innovation. These include the Commonwealth Bank of Australia, Wells Fargo and the trading firm "Brighann Cotton," which have guaranteed to complete a main worldwide exchange between two banks utilizing block- chain, smart communication and WoT [23].

Voice-Assisted Banking

Voice-assisted banking is one of biggest advancement in banking systems. Recently, Capital One, a US-based bank, made it feasible for clients to take care of their payments by means of Amazon's Alexa. Similarly, a UK challenger bank Starling, for instance, has tried different things with Google Home Assistant. It has coordinated its APIs with the speaker, which empowers the clients to ask questions about instalments through voice directions.

The Challenges Associated with WoT-Enabled Banking Services

In this section, we will discuss the other side of WoT-enabled banking services, such as the challenges associated with the WoT-enabled banking services. The biggest potential challenges with WoT-enabled banking services are accuracy and security of data collected by WoT devices. The banking sector which is using WoT should ensure the security and privacy of individuals' information for their clients. A few of the potential challenges are discussed in detail as below.

Data Privacy and Security

With the developing web-based banking, data security and data privacy are the noteworthy challenge for any banking sector. Since WoT is a network made up of different types of gadgets, which are further using different programming platforms, WoT-enabled banking services are prone to data hacking and data manipulation. Further, wireless communication and longdistance communication made WoT-enabled banking services more vulnerable for data hacking. Moreover, this issue of data privacy and data-hacking is riskier for banking services as it deals directly with financial transactions. Thus, for implementing WoT-enabled banking services, data privacy should be of high concern. Thus, WoT innovation ought to guarantee that the entire banking system is protected and secure.

For instance, when a client associates their groceries intake with WoT- enabled bank services, the WoT-enabled pantry system automatically senses whenever any grocery item falls low. In response to that, the WoT-enabled pantry orders that grocery item from the local market. In respect to this purchase, the WoT application for a money transfer to the local grocery store owner runs in the background. As here we are dealing with a client's bank account, the client must have some safety measures to evade any deceitful exchanges.

Within a few years, WoT will control all money transactions and end clients will have the option to do nearly everything whenever it might suit them, from any place and whenever through the web. It offers new chances to take care of issues and increase the value of monetary administration to its clients.

Standards and Protocols

Various gadgets require different types of support systems. Unfortunately, there are no common standards, or even architecture, for developing hardware as well software for WoT-enabled services. The main reason behind this issue is that there are number of manufacturers and developers working in this WoT area and they have their own specified protocols and standards for WoT. Moreover, if all WoT device manufacturers in the world agreed by consensus to utilize one explicit protocol/standard, technical issues would still exist. The only solution is that, for one kind of service, only one manufacturer should be there, which is practically and financially unrealistic. Hence the lack of common standards will hamper the growth of WoT.

System Complexity

WoT-enabled services are the Web of Things that are communicating with each other. The number of such devices is very high and the system they are dealing with is very complex, too. Moreover, WoT-enabled banking services have direct connections with the economy and financial stature of any country and thus failure of this system will result in huge losses.

WoT is basically a chain of devices, applications and software, where each connection assumes a significant part of completing the task assigned. For successful implementation of WoT-enabled banking services, there is requirement of high-quality hardware manufacturers and brilliant software developing companies. Hence, though WoT in the banking sector is advantageous, it is still a challenging task for proper implementation.

Higher Unemployment Rate

WoT has mechanized the working procedures that required human brains. It implies that for a given specific job, lower numbers of people are required than before. Consequently, some employees will lose their jobs, especially younger employees and the one who are not specialists. Banks will eliminate more positions as WoT advances in the financial sector. This decrease in employment rate will harm the social and economic prosperity of any nation, as well as of the entire world.


From the discussion, it has been proven that WoT has the potential to modify the banking sector. In order to enjoy the benefits of WoT, it is now the sole responsibility of the banking organizations to come forward, adopt this emerging technology and accept it with full confidence. WoT has the capability with which the banking sector can be expanded globally and can benefit different countries with their mutual financial growth. WoT is an emerging and powerful area, but before adopting any technology for implementing WoT, it is mandatory to invest a lot in security systems to protect financial data.

The data collected after adopting the WoT technologies will add value to the financial sector and will help in implementing globally accepted standards. WoT will help the banking sector to look ahead and predict various financial aspects beforehand. It is now up to the banking sector whether they accept the growing WoT technologies to take a step forward in the financial world or want to pause its evolution.


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