AI-Enhanced IoT Data Analytics for Risk Management in Banking Operations

Title

AI-Enhanced IoT Data Analytics for Risk Management in Banking Operations

Creator

Thirumagal P.G.; Vaddepalli S.; Das T.; Das S.; Madem S.; Immaculate P.S.

Description

Using IoT data analytics in conjunction with artificial intelligence (AI) has the potential to improve banking operations' risk management. Sophisticated analytical methods are necessary for the detection and management of possible risks due to the increasing complexity and amount of data generated by the banking industry. This research proposes a novel method for analysing real-time data from IoT devices by employing artificial intelligence algorithms. The risks associated with financial transactions and operations can be better and more accurately assessed using this method. Through the integration of AI's pattern recognition, anomaly detection, and predictive modelling capabilities with the massive amounts of data generated by Internet of Things devices, this project aims to substantially enhance the efficacy and efficiency of risk management approaches in the banking sector. Research like this could lead to innovative solutions that make financial institutions more resistant to rising risks by enhancing decision-making, reducing operational weaknesses, and so on. 2024 IEEE.

Source

5th International Conference on Recent Trends in Computer Science and Technology, ICRTCST 2024 - Proceedings, pp. 177-181.

Date

2024-01-01

Publisher

Institute of Electrical and Electronics Engineers Inc.

Subject

AI; Banking Operations; Data Analytics; Financial Risk; IoT; Real-time Analysis; Risk Management

Coverage

Thirumagal P.G., VISTAS, Department of MBA, Tamil Nadu, Chennai, India; Vaddepalli S., University of Technology and Applied Sciences, Department of Economics and Business Administration, India; Das T., Christ University, Department of School of Business Management, UP, Ghaziabad, India; Das S., Christ University, Department of School of Commerce, Finance & Accountancy, Delhi NCR Campus, UP, Ghaziabad, India; Madem S., Vignan's Institute of Information Technology, Department of Management Studies, India; Immaculate P.S., Sri SaiRam Institute of Technology, Department of MBA, West Tambaram, TamilNadu, Chennai, India

Rights

Restricted Access

Relation

ISBN: 979-835035137-8

Format

Online

Language

English

Type

Conference paper

Identifier

https://doi.org/10.1109/ICRTCST61793.2024.10578533

https://www.scopus.com/inward/record.uri?eid=2-s2.0-85199358472&doi=10.1109%2fICRTCST61793.2024.10578533&partnerID=40&md5=cb3c7936415ed5b0a248ef13d338b17b