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A Model for Smart Banking in Mauritius

In: Digital Transformation for Sustainability

Author

Listed:
  • Brijesh Ramphull

    (University of Mauritius)

  • Soulakshmee D. Nagowah

    (University of Mauritius)

Abstract

Potentialities offered by Internet-of-Things (IoT) have facilitated the development of several applications in various domains such as smart environment (home, office, plant), social, enterprise, utilities, smart transportation and logistics, healthcare, insurance industry, recycling, agriculture, and breeding among others. The IoT is also making a breakthrough in the banking sector, which is one of the major pillars in any economy for a country. There are different facets that banks have embraced with the evolution of time such as retail banking, investment banking, corporate banking, international banking, and non-banking facilities. The application of IoT in banking sector is creating new opportunities such as personalized services to the customers, better monitoring, efficiency, communication, automation, and better control for the bank, thus enhancing the service quality in the banking sector. Nowadays, most of the banking transactions can be completed with the use of a mobile device. The interconnectedness with IoT helps to capture useful information, thus improving the tracking of each transaction in a more efficient way and minimizing risks for both the bank and the customers. IoT is increasing the confines for innovation in the banking sector, redesigning the customer experience. This chapter describes several smart banking systems and frameworks and proposes a model for smart banking. The model provides an overview of how devices and applications can connect while catering for better communication, data integration, sharing and analysis of data. Finally, the chapter presents use cases showing the application of the proposed model in Mauritius.

Suggested Citation

  • Brijesh Ramphull & Soulakshmee D. Nagowah, 2022. "A Model for Smart Banking in Mauritius," Progress in IS, in: Jorge Marx Gómez & Maria Rosa Lorini (ed.), Digital Transformation for Sustainability, pages 43-60, Springer.
    • Handle: RePEc:spr:prochp:978-3-031-15420-1_3
    DOI: 10.1007/978-3-031-15420-1_3
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