The potential of IoT in redesigning the bank branch protection system

Abstract

Purpose Most recent developments in the Internet of Things (IoT) technologies can boost the efficacy of business process management (BPM) to improve process performance. The purpose of this paper is to describe a method for redesigning bank branch (BB) protection systems contributing to make BBs “smarter.” Design/methodology/approach Based upon a multiple case study approach, the paper deployed a four-step business process reengineering design from an information system development perspective. To overcome limitations of information scarcity required for modeling activities, a multimethod approach to data gathering and results validation was adopted. The approach was based on a comprehensive literature review and an in-depth qualitative survey involving a sample of six security managers of primary Italian banking groups. Findings The intelligent protection system resulting from the application of the methodology to the Italian BB sector was able to improve the security management process. Lead time and actors’ workload were reduced; running costs decreased; quality of information improved as well as the overall effectiveness of the protection system against criminal attacks. Originality/value The specific IoT technologies proposed are new. Additionally, to date, their application to BB security management has not been analyzed in the BPM literature. The value resides in the highly applicable results of the methodology to the BB network of a banking group both inside and outside of Italy.

Banks 4.0 in the Context of sustainable development: A literature review and research framework

“…The initial results affirm the efficacy of using IOT for enhancing physical security measures in banks [25]. The time and workload of those involved have been reduced, operating expenses have decreased, information quality has improved, and the overall efficacy of the protection system against criminal attacks has improved [20]. The result is higher-quality, real-time data for processing and decision-making, to scale up [26].…”

“…Interest has centered on fraud detection, developing viable business models, predicting insolvency, and various other topics. Instead, banks that are digitizing should leverage big data to provide valuable goods to their consumers, manage potential risks, detect fraudulent activities, and establish efficient business operations [20]. In order to improve strategic management and enhance customer satisfaction, it is crucial for the banking sector to delve into new big data analytical tools, such as Data Mining (DM) techniques, which enable the extraction of valuable insights from vast amounts of data.…”

The Role of the Internet of Things in the Future of Banking, Financial Services, and Insurance

“…2) Banks and Financial Institutions need to get a lot of critical information due to the nature of the work that they are dealing in. With the advent of IOT, the level of information to be passed on between the intermediaries would increase manifold [10]. Thus, banks and financial institutions need to deploy appropriate security measures to avoid data infringement and data hacking which could dent their goodwill [11].…”

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“…This implies that there might be some restrictions in the areas mentioned above. Only two or three people could well maintain a newly created company; however, as the organization grows, fixed personnel should be used to fill those gaps (Ammirato, Sofo, Felicetti, & Raso, 2019). Anyway, barriers can also arise from the hesitation of the businessmen to give control to the competent managers (Story, 1994).…”