TRANSFORMATION IN THE INTERNET OF THINGS (IOT) MARKET IN THE BANKING SECTOR: A CASE STUDY OF TECHNOLOGY IMPLEMENTATION FOR SERVICE IMPROVEMENT AND TRANSACTION SECURITY
Keywords:
Internet , Things , IoT, blockchain, banking , sector, transaction , services, transaction, securityAbstract
The transformation in the Internet of Things (IoT) market has become the primary focus of research and innovation in the banking sector, especially since the onset of the COVID-19 pandemic in 2019. Changes in consumer behavior towards online shopping and integrated payment activities have compelled the banking sector to strengthen its technological infrastructure to meet the demands of an increasingly complex market. Amidst this dynamism, the implementation of technologies such as blockchain and IoT has become crucial in enhancing services and transaction security in the banking sector. The aim of this research is to explore the impacts and challenges faced by the banking sector in adopting IoT technology to improve services and transaction security. This study utilizes a descriptive qualitative approach, involving literature analysis and case studies of IoT technology implementation in several leading banks. The research method involves collecting data from various sources, including scientific journals, articles, and relevant books. Data is also collected through interviews with experts and practitioners in the banking sector who have experience in implementing IoT technology. The results of the research indicate that the implementation of IoT technology in the banking sector has successfully improved the efficiency of transaction services. The use of IoT sensors and connected devices has enabled banks to automate transaction processes and accelerate responses to customer demands. Furthermore, blockchain technology has also brought significant improvements in transaction security by providing decentralized data structures that cannot be manipulated. Despite its success, the study also identifies several challenges in adopting IoT technology in the banking sector, including high implementation costs, complexity in integrating with existing infrastructure, and the need for a deep understanding of this technology. However, with strategic and planned steps, the banking sector can overcome these challenges and harness the full potential of IoT technology to create a better transaction experience for customers and the overall community.
Downloads
References
Ariep, Zaenal. "Analysis of The Use of Promotion In Social Media on The Performance of E-Commerce Marketing." E-Bisnis: Jurnal Ilmiah Ekonomi dan Bisnis 14.2 (2021): 136-144.
Aripin, Zaenal. Marketing Management. Deepublish, 2021.
Aripin, Zaenal, and M. Rizqi Padma Negara. Perilaku bisnis: etika bisnis & perilaku konsumen. Deepublish, 2021..
Aripin, Zaenal, and M. Rizqi Padma Negara. Akuntansi Manajemen. Deepublish, 2021.
Aripin, Zaenal, and Vip Paramarta. "Utilizing Internet of Things (IOT)-based Design for Consumer Loyalty: A Digital System Integration." Jurnal Penelitian Pendidikan IPA 9.10 (2023): 8650-8655..
Aripin, Zalenal; Paramarta,Vip; Kosasih. "THE INFLUENCE OF INTERNAL ENVIRONMENTAL UNCERTAINTY ON LOYALTY IN BANKING." Journal of Jabar Economic Society Networking Forum. Vol. 1. No. 1. 2023..
ARIPIN, ZAENAL, and K. O. S. A. S. I. H. VIP PARAMARTA. "Post Covid-19 Pandemic New Marketing Theories and Practices Emerging from Innovations in the Tourism Sector." (2023).
Aripin, Zaenal, and Vip Paramarta. "ANALYSIS OF MOTIVATION AND PERCEPTION OF BECOMING A BANK CUSTOMER BETWEEN PARENTS (MOTHERS AND FATHERS) AND THEIR TEENAGE CHILDREN." Journal of Economics, Accounting, Business, Management, Engineering and Society 1.1 (2023): 1-11.
Aripin, Zaenal, Bambang Susanto, and Nurhaeni Sikki. "ANALYSIS OF THE IMPACT OF CUSTOMER EXPERIENCE ON REPURCHASE ATTITUDES AND INTENT IN ONLINE GROCERY RETAIL: MODERATING FACTORS OF SHARED VALUE CREATION." Journal of Economics, Accounting, Business, Management, Engineering and Society 1.1 (2023): 37-49.
Aripin, Zaenal, Sri Rochani Mulyani, and Adang Haryaman. "MARKETING STRATEGY IN PROJECT SUSTAINABILITY MANAGEMENT EFFORTS IN EXTRACTIVE INDUSTRIES: BUILDING A RECIPROCITY FRAMEWORK FOR COMMUNITY ENGAGEMENT." KRIEZ ACADEMY: Journal of development and community service 1.1 (2023): 25-38.
Aripin, Zaenal, Faisal Matriadi, and Sri Ermeila. "INNOVATION WITH SMALL INDUSTRY PLAYERS TO CREATE SHARED VALUE IN THE EXPERIENCE OF THE COVID-19 PERIOD IN INDONESIA." Journal of Economics, Accounting, Business, Management, Engineering and Society 1.1 (2023): 50-62.
Aripin, Zaenal. "A THE INFLUENCE OF CUSTOMER EXPECTATIONS ON BANK SERVICE PERFORMANCE AND BANK CUSTOMER SATISFACTION AND ITS EFFECT ON CUSTOMER TRUST." KRIEZ ACADEMY: Journal of development and community service 1.1 (2023): 1-14.
Aripin, Zaenal, and Farida Yulianty. "A QUANTITATIVE PERFORMANCE MANAGEMENT FRAMEWORK TO IMPROVE COMMUNITY ECONOMY THROUGH OMNICHANNEL SUPPLY CHAIN: A CASE STUDY IN THE BANKING AND MARKETING INDUSTRY." KRIEZ ACADEMY: Journal of development and community service 1.1 (2023): 15-24.
Aripin, Zaenal. "A THE INFLUENCE OF CUSTOMER EXPECTATIONS ON BANK SERVICE PERFORMANCE AND BANK CUSTOMER SATISFACTION AND ITS EFFECT ON CUSTOMER TRUST." KRIEZ ACADEMY: Journal of development and community service 1.1 (2023): 1-14.
Alripin, Zaenal, And Eko Aristanto. "Ngurah Made Novianha Pynatih (2023)." WILL DOING Al LOT OF PROMOTIONS HELP Increase Image And Consumer Appeal 1.1 (2023).
Aripin, Zaenal, Eko Aristanto, and Ngurah Made Novianha Pynatih. "WILL DOING A LOT OF PROMOTIONS HELP INCREASE IMAGE AND CONSUMER APPEAL?." Journal of Economics, Accounting, Business, Management, Engineering and Society 1.1 (2023): 12-24.
Aripin, Zaenal. E-Business strategi, model, dan penerapannya. Deepublish, 2021.
Aripin, Zaenal, Ricky Agusiady, and Didin Saepudin. "POST COVID: WHAT LESSONS CAN BE LEARNED FOR THE BANKING AND MSME INDUSTRY." Journal of Economics, Accounting, Business, Management, Engineering and Society 1.1 (2023): 25-36.
Aripin, Zaenal, and M. Rizqi Padma Negara. Perilaku bisnis: etika bisnis & perilaku konsumen. Deepublish, 2021.
Aripin, Zaenal, Eko Aristanto, and Ngurah Made Novianha Pynatih. "WILL DOING A LOT OF PROMOTIONS HELP INCREASE IMAGE AND CONSUMER APPEAL?." Journal of Economics, Accounting, Business, Management, Engineering and Society 1.1 (2023): 12-24.
Aripin, Zaenal, et al. "The Impact of Bank Service Quality on Satisfaction that Impacts Word of Mouth Promotion." Jurnal Syntax Admiration 4.8 (2023): 1127-1141.
Aripin, Zaenal. "STRATEGI BISNIS: Perumusan Strategi." Implementasi, Evaluasi dan Pengawasan. zaenal aripin (2023).
Aripin, Zaenal Aripin. "Ngurah Made Novianha Pynatih, and Ni Rai Artini." HOW BANK SERVICE INNOVATION AFFECTS THE VALUE OF CUSTOMER EXPERIENCE AND DECISION TO BE LOYAL." JIS SIWIRABUDA 1 (2023): 128-136..
Aripin, Zaenal, and Eko Aristanto. "Ngurah Made Novianha Pynatih (2023)." WILL DOING A LOT OF PROMOTIONS HELP INCREASE IMAGE AND CONSUMER APPEAL 1.1 (2023).
Aripin, Zaenal, Nida Garnida Fitrianti, and Raden Roro Fatmasari. "Digital Innovation and Knowledge Management: The Latest Approaches in International Business. A Systematic Literature Review in the Indonesian Context." KRIEZ ACADEMY: Journal of development and community service 1.1 (2023): 62-74.
Aripin, Zaenal, Nida Garnida Fitrianti, and Raden Roro Fatmasari. "Digital Innovation and Knowledge Management: The Latest Approaches in International Business. A Systematic Literature Review in the Indonesian Context." KRIEZ ACADEMY: Journal of development and community service 1.1 (2023): 62-74.
Aripin, Zaenal, Nurhaeni Sikki, and Raden Roro Fatmasari. "AN IN-DEPTH EXPLORATION OF EMPIRICAL RESEARCH ON ENTREPRENEURIAL MINDFULNESS: A SYSTEMATIC LITERATURE REVIEW TO EXPLORE NUANCES, FINDINGS, AND CHALLENGES." Journal of Jabar Economic Society Networking Forum. Vol. 2. No. 1. 2024.
Aripin, Zaenal Aripin, Ngurah Made Novianha Pynatih, and Ni Rai Artini. "HOW BANK SERVICE INNOVATION AFFECTS THE VALUE OF CUSTOMER EXPERIENCE AND DECISION TO BE LOYAL." JIS SIWIRABUDA 1.2 (2023): 128-136.
Aripin,Zalenall;Kisalsih;Palralmalrtal., Vip, Et All. "Influlencing Falctors ON ONLINE Consulmer Behalvior: Al Calse Stuldy ON ONLINE SHOPPERS IN Balndulng." Proceeding Of Internaltionall Conference On Innovaltions In Sociall Sciences Edulcaltion Alnd Engineering. Vol. 3. 2023.
Aristanto, Eko, Indri Damayanti, and Zaenal Aripin. "Pelatihan dan pendampingan penyusunan kebijakan dan standar pelayanan publik pada Balai Teknik Air Minum." Abdimas: Jurnal Pengabdian Masyarakat Universitas Merdeka Malang 6.2 (2021): 153-165.
Aristanto, Eko, Zaenal Aripin, and Syarif Hidayatullah. "Pelatihan Pengelolaan Keuangan dalam Penyiapan Administrasi Pengajuan Kredit Usaha Rakyat Pada Kelompok Tani Penderes di Desa Patemon." E-Dimas: Jurnal Pengabdian kepada Masyarakat 14.1 (2023): 154-160.
Aristanto, Eko, et al. "Assistance in integrity zone development for strengthening the public services quality at Sabo Technical Center." Abdimas: Jurnal Pengabdian Masyarakat Universitas Merdeka Malang 7.2 (2022): 217-229.
Ahamad, S., Gupta, P., Bikash Acharjee, P., Padma Kiran, K., Khan, Z., & Faez Hasan, M. (2022). The Role Of Block Chain Technology And Internet Of Things (Iot) To Protect Financial Transactions In Crypto Currency Market. Materials Today: Proceedings, 56(Xxxx), 2070–2074. Https://Doi.Org/10.1016/J.Matpr.2021.11.405
Alsharari, N. (2021). Integrating Blockchain Technology With Internet Of Things To Efficiency. International Journal Of Technology, Innovation And Management (IJTIM), 1(2), 01–13. Https://Doi.Org/10.54489/Ijtim.V1i2.25
Bisht, D., Singh, R., Gehlot, A., Akram, S. V., Singh, A., Montero, E. C., Priyadarshi, N., & Twala, B. (2022). Imperative Role Of Integrating Digitalization In The Firms Finance: A Technological Perspective. Electronics (Switzerland), 11(19). Https://Doi.Org/10.3390/Electronics11193252
Boehmer, J. H., Shukla, M., Kapletia, D., & Tiwari, M. K. (2020). The Impact Of The Internet Of Things (Iot) On Servitization: An Exploration Of Changing Supply Relationships. Production Planning And Control, 31(2–3), 203–219. Https://Doi.Org/10.1080/09537287.2019.1631465
Buchory, H. A., & Aripin, Z. (2024). ACCEPTANCE OF BLOCKCHAIN TECHNOLOGY IN SUPPLY CHAIN MANAGEMENT IN INDONESIA: AN INTEGRATED MODEL FROM THE PERSPECTIVE OF SUPPLY CHAIN PROFESSIONALS FOR SUSTAINABILITY. KRIEZACADEMY, 2(1), 1–18.
Budiman, H., Seminar, K. B., & Saptono, I. T. (2020). Formulasi Strategi Pengembangan Digital Banking (Studi Kasus Bank Abc). Jurnal Aplikasi Bisnis Dan Manajemen, 6(3), 489–500. Https://Doi.Org/10.17358/Jabm.6.3.489
Ernayani, R. (2024). Transformasi Industri Halal : Keberlanjutan Dan Inovasi Dalam Perekonomian Syariah. Jurnal Ekonomi & Ekonomi Syariah, 7(1), 1011–1020.
Gunawan, A. (2024). The Effect Of Payroll Control Systems And Performance Benefits On Employee Performance At Bappeltibangda Cianjur District. KRIEZACADEMY, 2(1), 1–16.
Hang, N. T., Huy, D. T. N., Hien, D. T., & Nam, V. Q. (2021). IOT Impacts And Digital Transformation At Listed Vietnam Banks. Webology, 18(Special Issue), 773–784. Https://Doi.Org/10.14704/WEB/V18SI04/WEB18164
Hapsari, R. A. E., Hesti, Y. E., & Gea, D. K. E. (2022). Perlindungan Hukum Dalam Modernisasi Umkm Melalui Penerapan Fintech Di Era Digital (Studi Kasus Pada Otoritas Jasa Keuangan Dan Dinas Koperasi Dan UMKM Provinsi Lampung). Jurnal Penelitian Dan Pengkajian Ilmiah Sosial Budaya, 1(2), 409–417. Https://Doi.Org/10.47233/Jppisb.V1i2.617
Hrouga, M., Sbihi, A., & Chavallard, M. (2022). The Potentials Of Combining Blockchain Technology And Internet Of Things For Digital Reverse Supply Chain: A Case Study. Journal Of Cleaner Production, 337. Https://Doi.Org/10.1016/J.Jclepro.2022.130609
Kosasih, Vip Paramarta, Zaenal Aripin, THE POTENTIAL AND SUCCESS OF EQUITY CROWDFUNDING IN INDONESIA: EXPLORING THE SIGNALING HYPOTHESIS AND FINANCIAL LITERACY CHALLENGES. JESOCIN. 2024;1(2):63-78. Accessed February 17, 2024. Https://Jesocin.Com/Index.Php/Jesocin/Article/View/12
Kristanti, Farida Titik, et al. "A stock portfolio strategy in the midst of the COVID-19: Case of Indonesia." Journal of Eastern European and Central Asian Research (JEECAR) 9.3 (2022): 422-431.
Kristanti, Farida Titik, Novita Mia Nur Syafia, and Zaenal Aripin. "An early warning system of life insurance companies distress in Indonesia." Multicultural Education 7.7 (2021): 237-245..
Kurniawan, A., & Anwar, F. (2017). Dinamika Pendanaan Bank Syariah di Indonesia: Studi pada Bank Umum Syariah. Jurnal Ekonomi Islam, 14(1), 35-50.
Mulyani, Sri Rochani, Et All. "Buku Multivariat Terapan." (2022).
Hidayat, Muhammad Syahrul, et al. "ORIENTASI KEWIRAUSAHAAN TERHADAP PERTUMBUHAN PETERNAKAN SAPI PERAH DENGAN PERAN MEDIASI SISTEM PRODUKSI DI KOTA MALANG." Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) 7.1 (2023): 184-201.
Solehudin, M. M., Nurul Hidayat, S. E., Arief Syahreza SE, M. M., Gayuh Lemadi, S. T., Marwan, S., Aripin, H. Z., ... & SM, M. (2023). KONSEP DASAR MANAJEMEN INDUSTRI. Cendikia Mulia Mandiri.
Solehudin, M. M., Marjuki, M. P., Destina Paningrum, S. E., Aripin, H. Z., Eka Indriyani, M. S., SE, M., ... & S ST, M. M. (2023). PENGELOLAAN MANAJEMEN BISNIS 5.0. Cendikia Mulia Mandiri.
Machkour, B., & Abriane, A. (2020). Industry 4.0 And Its Implications For The Financial Sector. Procedia Computer Science, 177, 496–502. Https://Doi.Org/10.1016/J.Procs.2020.10.068
Mahendra Ardiansyah, W. (2023). Peran Teknologi Dalam Transformasi Ekonomi Dan Bisnis Di Era Digital. Jurnal Manajemen Ekonomi Dan Bisnis, 1(1), 1–12. Https://Journal.Sabajayapublisher.Com/Index.Php/Jmeb
Mantik, H. (2022). Revolusi Industri 4.0: Internet Of Things, Implementasi Pada Berbagai Sektor Berbasis Teknologi Informasi (Bagian 1). Jurnal Sistem Informasi (JSI), 9(2), 41–48.
Mantik, H. (2024). Revolusi Industri 4.0: Big Data, Implementasi Pada Berbagai Sektor Industri (Bagian 2). Jurnal Sistem Informasi Universitas Suryadarma, 10(1). Https://Doi.Org/10.35968/Jsi.V10i1.991
Nugraha, D., Mulyani, S. R., & Aripin, Z. (2024). THE INFLUENCE OF THE MARKETING MIX ON BRAND IMAGE IN THE COMMUNITY ( Case Study At Bank Bjb Main Branch ). Kisa Institute, 2(1), 1–15.
Fatmasari, Raden Roro, Anggun Yolistina, and Nazhira Nindya Padma Hanuun. "UTILIZATION OF CHATGPT IN THE CONTEXT OF TAX EDUCATION IN INDONESIA: A PERSPECTIVE REVIEW." Journal of Economics, Accounting, Business, Management, Engineering and Society 1.1 (2023): 63-65.,
Resmi Hayati, K., Nugraha, I., Sholeha, F., Adriyanto, A., & Astutik, R. L. (2023). Penerapan E-Business Dan Teknologi Informasi Dalam Revolusi Industri 5.0. Waluyo Jatmiko Proceeding, 16(1), 401–410. Https://Doi.Org/10.33005/Wj.V16i1.56
Roe, M., Spanaki, K., Ioannou, A., Zamani, E. D., & Giannakis, M. (2022). Drivers And Challenges Of Internet Of Things Diffusion In Smart Stores: A Field Exploration. Technological Forecasting And Social Change, 178. Https://Doi.Org/10.1016/J.Techfore.2022.121593
Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, Dan R&D. Alfabeta.
Suseendran, G., Chandrasekaran, E., Akila, D., & Sasi Kumar, A. (2020). Banking And Fintech (Financial Technology) Embraced With Iot Device. Advances In Intelligent Systems And Computing, 1042(January), 197–211. Https://Doi.Org/10.1007/978-981-32-9949-8_15
Syaeh, M. T. (2023). Harmoni Hukum Dan Bisnis : Antisipasi Tantangan Kepatuhan Dan Inovasi Dalam Lingkungan Bisnis Merata-Tertata Berbasis E-Commerce Tokopedia Dalam Internet Of Things ( Iot ) Melalui Gagasan 6 . 0. INNOVATIVE: Journal Of Social Science Research, 4(1), 957–970.
Sari, I. R., SE, M. Al., Yulningsih, N., Christalnti, S. Al., SE, M., Devi Alnggraleni, S. E., ... & Senerul, W. (2023).Balsic CONCEPTS OF Bulsiness Malnalgement. Cendikial Mullial Malndiri.
SE Alkbalr Balhtialr, C Kulswibowo, MM Malizal Fikri… - 2023, Etikal BISNIS, Cendikial Mullial Malndiri, 2023.
Silitonga, Dikson, et al. "Edge Computing in E-commerce Business: Economic Impacts and Advantages of Scalable Information Systems." EAI Endorsed Transactions on Scalable Information Systems 11.1 (2024).
Suganda, Uce Karna, Herry Achmad Buchory, And Zaenal Aripin. "ACCEPTANCE OF BLOCKCHAIN TECHNOLOGY IN SUPPLY CHAIN MANAGEMENT IN INDONESIA: AN INTEGRATED MODEL FROM THE PERSPECTIVE OF SUPPLY CHAIN PROFESSIONALS FOR SUSTAINABILITY." KRIEZ ACADEMY: Journal Of Development And Community Service 2.1 (2024): 33-51.
Sulsalnti, T Zullfikalr, Z Alripin , Influlence OF COMPETENCE Alnd Alpplicaltion Locall GOVERNMENT Informaltion SYSTEM (SIPD) Encoulralging THE Qulallity OF Finalnciall Malnalgement Alt THE Regionall Secretalrialt OF WEST Jalval PROVINCE- JESOCIN: Joulrnall Of Economics, Alccoulnting, Bulsiness …, 2023
Vip Paramarta, Kosasih, Zaenal Aripin, OPTIMIZING HUMAN-AI INTERACTION: ARTIFICIAL EMPATHY STRATEGIES IN ENHANCING AFFECTIVE AND SOCIAL CUSTOMER EXPERIENCES. JESOCIN. 2024;2(1):46-62. Accessed February 17, 2024. Https://Jesocin.Com/Index.Php/Jesocin/Article/View/11.
Wibowo, A. (2023). “Internet Of Things (Iot) Dalam Ekonomi Dan Bisnis Digital.” Penerbit Yayasan Prima Agus Teknik.
Yaqoob, I., Salah, K., Jayaraman, R., & Omar, M. (2023). Metaverse Applications In Smart Cities: Enabling Technologies, Opportunities, Challenges, And Future Directions. Internet Of Things (Netherlands), 23(April), 100884. Https://Doi.Org/10.1016/J.Iot.2023.100884
Yazdi Anugrah, & Wilfridus B. Elu. (2023). Implementation Of Digital Transformation In The Mekaar Funding Disbursement Process At PT. Permodalan Nasional Madani Samarinda Branch. Formosa Journal Of Sustainable Research, 2(8), 1967–1980. Https://Doi.Org/10.55927/Fjsr.V2i8.5502
Aripin, Z. "Tantangan dan Peluang dalam Perilaku Organisasi." Diva Pustaka (2023).
Z Aripin, MRP Negara, "Manajemen Risiko : Teori dan Implementasinya, Depublish"
Aripin, Zaenal, Faisal Afiff, and Yuyus Suryana. "Pertinent Alternatives Considered For Decision Makers in Banking Services Companies Survive Amidst Competition in Indonesia." Review of International Geographical Education Online 11.7 (2021).
Aripin, Zaenal. "Ir., UMKM dengan Bordir." (2008).
Aripin, Zaenal, and Yayan Satyakti. "Sofi Suryasnia, Analyzing Bank Entry Competition on Bank Integration Episode in ASEAN." 35th EBES Conference. Vol. 2.
Zaenal Aripin, Vip Paramarta, Kosasih, BETWEEN INNOVATION AND CHALLENGES: UTILIZATION OF BLOCKCHAIN AND CLOUD PLATFORMS IN THE TRANSFORMATION OF BANKING SERVICES IN THE DIGITAL ERA. JESOCIN 2024, 1 (3), 1-16.
Published
Issue
Section
License
Copyright (c) 2024 Zaenal Aripin, Didin Saepudin, Farida Yulianty (Author)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
