Enabling Smart Banking AI and IoT: Challenges and Opportunities

This paper examines Smart Banking, where AI and IoT are transforming the financial system. We examine Smart Banking's difficulties and potential and use mathematical models to assess AI and IoT usage in banking.Our results show that AI-driven consumer personalization positively correlates with customer happiness, demonstrating its transformational potential. IoT technology may boost operational efficiency, saving financial institutions money and giving them a competitive edge. AI-powered security methods successfully reduce data breaches, protect consumer data, and build confidence.We stress regulatory compliance and ethical responsibility to demonstrate the industry's commitment to responsible AI and IoT. Financial institutions can transform the sector and benefit customers by investing in AI and IoT technologies and aligning them with regulatory and ethical issues to deliver highly customized, efficient, and secure financial services.For financial institutions, politicians, and technology suppliers, this study provides practical advice. It shows Smart Banking's disruptive potential, practical methods to achieve its advantages, and the industry's commitment to responsible innovation. A more safe, efficient, and customized financial environment is possible by harnessing Smart Banking potential and tackling its difficulties.