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Procedia Computer Science 151 (2019) 77–84

The 10th International Conference on Ambient Systems, Networks and Technologies (ANT)
The 10th International Conference
April 29 – on
MayAmbient Systems,
2, 2019, Leuven,Networks
Belgium and Technologies (ANT)
April 29 – May 2, 2019, Leuven, Belgium
Impact of digital trends using IoT on banking processes
Impact of digital trends using IoT on banking processes
Fadoua Khanboubi aa*, Azedine Boulmakoulaa, Mohamed Tabaabb
Fadoua Khanboubi *, Azedine Boulmakoul , Mohamed Tabaa
a
LIM Lab. IOS, Department of Computer Science, Faculty of Sciences and Technology Mohammedia, Mohammedia, Morocco
a
LIM Lab. IOS,bPluridisciplinary
Department of Computer Science,
Laboratory Facultyand
of Research of Sciences and(LPRI),
Innovation Technology
EMSIMohammedia,
Casablanca, Mohammedia,
Morocco Morocco
b
Pluridisciplinary Laboratory of Research and Innovation (LPRI), EMSI Casablanca, Morocco

Abstract
Abstract
The internet of things represents the next phase of the digital revolution that will transform the lives of consumers. While the
The internet
Internet does of
notthings represents
usually the nextthephase
extend beyond of theworld,
electronic digitalconnected
revolutionobjects
that will transform
represent the the lives ofofconsumers.
extension the InternetWhile the
to things
Internet
and places.does notpurpose
The usuallyofextend beyond
this article thepresent
is to electronic world, connected
the different uses of IoTobjects represent
in finance and the extension
to analyze the of the Internet
impact to trends
of digital things
and places.
IoT on The purpose ofscheme
the procedural this article
of aistraditional
to presentbank.
the different
It woulduses of IoT in finance
be interesting andthe
to gather to different
analyze the impact
types of digital
of digital trends
trends that
and IoT on
similarly the procedural
impact processesscheme of a We
of a bank. traditional bank.
will treat It would
these trends be
in interesting
the same way to gather the out
to carry different types transformation
the digital of digital trendsusing
that
similarly
these newimpact processes of a bank. We will treat these trends in the same way to carry out the digital transformation using
techniques.
these new techniques.
© 2019 The Authors. Published by Elsevier B.V.
© 2019
© 2019 TheThe Authors.
Authors. Published byby Elsevier B.V.
This is an open accessPublished
article under Elsevier
the CC B.V.
BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
This is an open
Peer-review access
under article under
responsibility ofthetheConference
the CC BY-NC-ND Programlicense (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Chairs.
Peer-review under responsibility of Conference Program Chairs.
Peer-review under responsibility of the Conference Program Chairs.
Keywords: digital trends, Internet of things, banks, processes.
Keywords: digital trends, Internet of things, banks, processes.

1. Introduction
1. Introduction
They are everywhere, know everything and are intelligent: they are connected objects. The Internet of Things
Theyto are
seems everywhere,
be the know everything
worthy representative and aretechnological,
of a future intelligent: they are connected
economic and socialobjects. The Internet
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It has definitely
seems to be the
bright future, worthyeverything
in which representative
aroundof ausfuture
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a source ofeconomic and social
communicating revolution.
information, It hasthedefinitely
paving way for a
bright future,
multitude in which
of more everything
useful around
applications. us becomes
This a source
is undoubtedly theofevolution
communicating information,
that will paving impact,
have the biggest the way since
for a
multitude of more
there are tens usefulofapplications.
of billions "devices" thatThis
willisbeundoubtedly
connected verythe soon.
evolution that will have the biggest impact, since
there
Thearenew
tensbehaviors
of billions of uses
and "devices" that will as
of customers, bewell
connected
as the very soon.
inherent mass of data available, imply ineluctable digital
The new behaviors
transformations for theandBank's
uses ofstakeholders
customers, as[1]. wellThus,
as thethe
inherent
digitalmass of data available,
transformation imply
of any ineluctable
institution, digital
including
transformations
financial ones, is for the by
driven Bank's stakeholders
new trends [1]. Thus,
in the digital world. the digitalchanges
All these transformation
are likely of any institution,
to upset the old model including
of
financial ones, is driven by new trends in the digital world. All these changes are likely to upset the old model of

* Corresponding author. Tel.: +212 6 66 36 39 47

E-mail [email protected]
address:author.
* Corresponding Tel.: +212 6 66 36 39 47
E-mail address: [email protected]
1877-0509 © 2019 The Authors. Published by Elsevier B.V.
This is an open
1877-0509 access
© 2019 Thearticle under
Authors. the CC BY-NC-ND
Published license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
by Elsevier B.V.
This is an open
Peer-review access
under article under
responsibility CC BY-NC-ND
of the Conference license
Program (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Chairs.
Peer-review under responsibility of the Conference Program Chairs.

1877-0509 © 2019 The Authors. Published by Elsevier B.V.

This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Peer-review under responsibility of the Conference Program Chairs.
10.1016/j.procs.2019.04.014
78 Fadoua Khanboubi et al. / Procedia Computer Science 151 (2019) 77–84
2 Fadoua Khanboubi et al./ Procedia Computer Science 00 (2019) 000–000

banks as we know it, to give birth to a new style of connected banks... intuitively, processes represent the first brick
to pose to carry out the digital banking transformation. Thereby, the purpose of this analysis is to study the impact of
digital trends driven by the emergence of connected objects on the procedural scheme of a traditional bank.
The remainder of this paper is organized as follows. We introduce some related works in Section 2. Section 3
describes the use of IoT on financial services. We present in Section 4 the tools used to analyze the data. Results are
presented in Section 5. Finally, we conclude this paper in section 6.

2. Related works

Imagine a world where all objects are able to exchange information and communicate with each other. Objects
able also to interact with their users using the Internet and other communication networks. This is not a scoop, the
growth prospects of the IoT sector are largely confirmed. Globally, the number of IoT connections will reach 25
billion by 2025 (According to GSMA Intelligence) [2].
Historically, the term ‘Internet of Things’ was firstly coined in 1998 by Kevin Ashton at the Massachusetts
Institute of Technology (MIT) and defined as it “allows people and things to be connected Anytime, Anyplace, with
Anything and Anyone, ideally using Any path/ network and Any service” [3]. The Internet of Things has evolved in
five phases (fig.1): it begins with connecting two computers together then a large number of computers with the
creation of World Wide Web. After that comes the mobile-Internet: the connection of mobile devices to the Internet
then the people-Internet: connection which is supported by the social networks. Finally, it progressed to the Internet
of Things: the interconnected objects world [4].

Fig. 1. The evolution of the internet of things

The Internet of Things is evolving at an exponential rate affecting all areas of daily life. Connected objects are
undeniably a step towards new uses in many economic sectors. Services (e.g. banking, insurance, transport…) will
surely take advantage of the ability of these technologies to collect process and exchange a multitude of data
instantly and autonomously [5]. This will pave the way for new business opportunities and the emergence of a new
form of "smart service" based on connected objects. Today, we are talking about connected health, smart banking
and connected home as new services that bring changes in consumer behavior (mobility, ubiquity, connectivity,
etc.).
In these conditions, the bank will be one of the economic actors that will take advantage of the opportunities
offered by connected objects. In fact, the banking sector is investing heavily in new technologies, and according to
Capgemini [6], it will continue to exploit new technologies to improve the customer experience and consolidate
their relationship with this one. Connected objects are therefore new tools that banks can integrate into their digital
strategy to satisfy the customers’ expectation of real-time banking [7]. The main goal of digital technology is the
personalization of customer experience which means offering products and services at the right time, in the right
packaging and into the right channel [8].

3. Problem description

The digital revolution has transformed the banking sector. Over the last twenty years, traditional banks have to
rethink their way of operating and their services to respond to those changes. IoT represents one of the essential
 Fadoua Khanboubi et al. / Procedia Computer Science 151 (2019) 77–84 79
Fadoua Khanboubi et al. / Procedia Computer Science 00 (2019) 000–000 3

supports for a bank to implement its digital transformation. Thus, to assist banks in the integration of IoT in their
products and services, we analyzed the correlation of the digital trends using these technologies on the different
banking processes. For this analysis, we used data clustering methods and fuzzy logic under R ecosystem.

3.1. IoT on financial services

Connected objects are undeniably one of the opportunities that banks must embrace to stay competitive.
Nowadays, consumers expect a lot of innovation from their bank and especially from the new digital one that will
offer them the appropriate services to their new way of connected life [9]. Below, we explain 7 digital trends using
IoT that have a direct impact on financial services: mobile banking, M-banking, crowd-based financing, virtual
money, high frequency trading firm, cyber criminality, big data and IT analytics.

 Mobile banking
Account management on things: Faced with the new trend of digitizing services, consumers are now claiming
ease, seamless and instant access to all banking services. Thanks to the internet of things, it is possible to access to
his banking account from any digital interface. Also, biometrics represents all computer techniques designed to
automatically recognize an individual based on his or her physical, biological or even behavioral characteristics.
Biometric data is unique, permanent and specific to individuals (DNA, fingerprints, etc.). It allows an account
access and banking service management from any object having a digital interface.
Substituting physical signatures: Several banking services and products require physical signatures that can be
replaced by "Wet Ink" technology: the cloning on paper of physical signature made via any touch screen device.
Thus, the physical presence of the consumer is no longer necessary.
Real-time monitoring of collaterals and assets: IoT technology allows banks to monitor and track the status of the
assets financed (car, appliance, machinery industry ...). Thanks to the digital identity of people and objects, the
request for financing and the transfer of ownership could be automatic and entirely digital. It is also possible to
monitor the quality of collateral by monitoring the condition of the assets and judging whether to keep them
physically or not. For example, if a bank finances an engine whose refunds are not made, the bank may deactivate it
remotely.

 M-banking
Automated payment through a great number of endpoints: Internet of Objects formerly limited to tasks such as
counting the number of steps or measuring the heart rate are now renewed and allow payment. The future of
payment is moving towards a diversification of means of settlement. Now all eyes are on instant payment.
Encouraged by regulators, this technology becomes essential. Today, trust in contactless technology is fueling the
growth of the connected devices market. Also, biometrics technology offers a fairly comfortable level of security for
increasingly innovative connected objects. This ability to integrate contactless on any object makes them more
attractive to consumers. Thus, the future will bring all the more innovations that any object can become a means of
payment. A number of companies are already working on the next step with, for example, Levi's and Jacquard by
Google developing the "Commuter Trucker Jacket" jacket that integrates contactless payment directly into the
sleeve. So, even if our jacket can make payments, imagine what will be on your pockets!
Wallet of things: The wallet is a device that can store money without the need for a bank account and make
payments directly to any payment terminals. Any device or equipment will host an attached, pre-funded wallet to
automatically and instantly manage its expenses.
Smart Contracts: The owner of Burj Khalifa in Dubai, the tallest tower in the world disconnects the elevator
system for tenants who are late for their rent. Thus, in the near future, it will be possible to connect an action (here,
the deactivation of the elevator) to a condition (the non-payment of rent) automatically through smart payment
contracts. So, banks can now offer consumer products in an automated and instantaneous process.

 Crowd-based financing
Crowd-based financing is a mechanism for collecting financial flows - usually small amounts - from a large number
of individuals via an internet platform - to finance a project. It can also benefit from the emergence of the IoT by
using its new technologies, terminals and platforms. It will also allow analyzing the quality of borrowers and their
80 Fadoua Khanboubi et al. / Procedia Computer Science 151 (2019) 77–84
4 Fadoua Khanboubi et al./ Procedia Computer Science 00 (2019) 000–000

repayment habits by evaluating and scrutinizing the different IoT’s data.

 Virtual money
Blockchain is one of the technologies to track in the years to come. It could revolutionize many sectors of the
economy, starting with banking and insurance. It allows you to store and transmit information transparently,
securely and without a central control. It looks like a large database that contains the history of all the exchanges
made between its users since its creation. The blockchain can be used in three ways: for the transfer of assets
(currency, securities...), for better traceability of assets and products and for executing automatically contracts
("smart contracts"). It can be used on IoT platforms to cope with digital challenges: having an analytical model
tracking which records the data generated during an IoT process, ensuring security by imposing sharp identification
rules and finally settling instantaneous payments between devices and network participants [10].

 High frequency trading firm

Smart algorithmic models: thanks to the Internet of Things, the size and speed of data will continue to grow.
Companies that will be able to use these data efficiently and quickly will have a better chance of developing
efficient algorithms allowing maximum gain and targeted maneuvers.

 Cyber criminality
Faced with the growing need to secure bank transactions, financial institutions are offering innovative solutions
based on biometrics, a technology that makes it possible to recognize an individual based on their unique physical
and behavioral characteristics. Indeed, there are two essential steps in the user journey that require different levels of
security: authentication and validation. Ongoing technological progress offer strong security solutions based, for
example, on biometrics. In this sense, Barclays has developed a system of recognition of venous impression (more
secure than the fingerprint because almost impossible to duplicate) to validate transactions, pay or subscribe to
offers [11].

 Big data and IT analytics

Personal financial management: PFM is a novelty of the 21st century. Online personal financial management
services were born in the United States in the 2000s. The principle of the PFM is simple: allow customers to have an
accurate picture of their accounts, their incomes and their expenses. The offer of this type of service is varied, but
there is a set of features and recurring principles. The set of PFM solutions provides the client a panorama of all the
flows that come and go from his accounts. Using the data generated by the IoT, the future generation of PFM tools
will help banks to offer customized services and more tailored to their clients. All that is needed is that an IoT
generates alerts or signals to track the customer's consumption and why not activate /deactivate specific products
managed by the bank.
Know Your Customer: KYC is commonly used in banking to refer to the procedures of identification and
customer knowledge. KYC means "Know Your Customer". It should be noted that in the banking sector, KYC
procedures are essentially set up to comply with regulatory and prudential requirements to prevent fraud and money
laundering. The data collected during these procedures can obviously give rise to marketing uses. The use of IoT
with a unique and universal digital identity will define the financial behavior of a customer to help offering
appropriate services and products ... for example a credit card with promotions on shops frequented by the customer.

3.2. Banking processes

In this analysis, processes of a traditional bank are divided into three families (realization processes, supporting
processes, management processes), 20 macro-processes, 73 processes, 224 under-processes that describe the
different banking activities (Table 1).

3.3. Data description

To analyze the impact of IoTs on banking processes a correlation matrix C: processes/digital trends have been
constructed. This matrix is filled through a questionnaire sent to financial experts via LinkedIn, Gmail ... the values
 Fadoua Khanboubi et al. / Procedia Computer Science 151 (2019) 77–84 81
Fadoua Khanboubi et al. / Procedia Computer Science 00 (2019) 000–000 5

of the matrix are between 0 and 1. The structure of matrix C is detailed below (the matrix C is large so we have just
detailed the family processes, macro processes and the digital trends analyzed):

Table 1. Characteristic of the matrix C

Key features Description
Realization processes
C matrix rows (level 1): family processes Supporting processes
Management processes
Develop and Improve of Products and Services
Sell products and services
Manage the customer relationship
Perform banking operations
Realize the market operations
Perform securities transactions
Realize international operations
Manage credit requests
Provide legal support and compliance
Develop agencies network
C matrix rows (level 2): macro processes
Develop human capital
Manage accounting and finance
Align and optimize the information system
Develop logistics and infrastructure
Manage communication
Pilot and implement the strategy
Audit and ensure general and permanent control
Ensure the governance and management of the banking activity
Pilot and control risks
Develop growth drivers and share management
Mobile technology
Financial technology
C matrix columns (level 1)
IT security
Data intelligence
Mobile payment
M-banking (Mobile banking)
Crowdfunding
C matrix columns (level 2) Virtual money (bitcoin, ripple…)
High frequency trading firm
Cybercriminality
Big data and IT analytics

4. Data analysis

To analyze the Correspondence matrix C we will use the hierarchical classification analysis based on fuzzy
jaccard dissimilarity. The correspondence matrix C is in the form 223×7, to transform it into a square matrix 7×7,
we use the fuzzy jaccard’s distance on the transpose of C: 𝐶𝐶 � . So, we obtain the Digital Dependency Matrix DDM
which represents the dependence between digital trends. The analysis of DDM to group the digital trends will be
done using hierarchical ascending classification. Those data mining methods will be implemented on R ecosystem.

 Hierarchical ascending classification: it is an automatic classification method used in data analysis to divide a
set of individuals into a number of classes. The method assumes that there is a measure of dissimilarity between
individuals; in the case of points located in a Euclidean space. The hierarchical ascending classification is said to
be ascending because it starts from a situation where all individuals are alone in a class, then are gathered in
larger and larger classes.
82 Fadoua Khanboubi et al. / Procedia Computer Science 151 (2019) 77–84
6 Fadoua Khanboubi et al./ Procedia Computer Science 00 (2019) 000–000

 Classical jaccard’s index and distance: are two metrics used in statistics to compare similarity and diversity
(in) between samples. Let two sets A and B, the index is:
|�∩�|
���, �� � |�∪�| (1)

Jaccard's distance measures the dissimilarity between sets. It simply consists of subtracting the Jaccard index
from 1. J� �A, B� � 1 � J�A, B� (2)

 Fuzzy set concept

A fuzzy set A is denoted as{(x, µA(x)), x ∈ Ω} where μ� ��� is the grade of membership of x in A. Here μ� ��� is a
real number satisfying 0≤ µA(x)≤1. The complement of the fuzzy set A is denoted by Ac and is defined by a
membership function: µAc ��� � 1 � µA���, � � ∈ � (3)

Let A and B be fuzzy sets that A, B ⊆ U, u is any element (e.g. value) in the U universe: u ∈ U

The cardinality: C�r� �A� � |A| � ∑�∈∪ µA��� (4)

Standard union: μ�∪� ��� � ����µ� ���, µ� ���� (5)
Standard intersection: μ�∩� ��� � ����µ� ���, µ� ���� (6)
Union cardinality: C�r��A ∪ B� � |A ∪ B| � ∑�∈∪ ����µ� ���, µ� ���� (7)
Intersection cardinality: C�r��A ∩ B� � |A ∩ B| � ∑�∈∪ ����µ� ���, µ� ���) (8)

 Fuzzy jaccard’s index and distance:

Let: P: the set of processes
Tr: the set of 7 digital trends analyzed in section 3.1
C� : The transpose of the digital transformation matrix (that shows the impact of digital trends on processes)
J: The matrix resulting from using the jaccard index on C� .
DDM: the dependency digital matrix (DDM): the matrix resulting from using the jaccard’s dissimilarity on C� .
������ �∩����� �� ∑��� �������� ,���� �
C� � C� �� ; C� �� ∈ �0,1� ; DDM�� � 1 � J�� � 1 � J�Tr� , Tr� � � 1 � ���
� 1 � ∑��� (9)
������∪����� �� ��� �������� ,���� �

5. Results and discussion

In this part, we will use the tools previously defined to analyze the data. First of all, we calculate the Jaccard’s
distance of DDM and use the HAC to draw the dendrogram (Fig.2). Then, we represent the inertia jumps of the
dendrogram according to the number of classes (Fig.3). We see clearly the biggest jumps of inertia in 2 and 4 classes
(Fig.4). Finally, we represent the partitions 2 and 4 on the dendrogram (Fig.5)

Fig.2: The dendrogram using HAC Fig.3: Jumps of inertia of the dendrogram
 Fadoua Khanboubi et al. / Procedia Computer Science 00 (2019) 000–000 7
Fadoua Khanboubi et al. / Procedia Computer Science 151 (2019) 77–84 83

Fig.4: Coloring Jumps of inertia of the dendrogram Fig.5: Partitioning the dendrogram in classes

The analysis with Data clustering highlights 2 groups of digital trends detailed below:

Table 2. Results of data analysis

Group 1 Group 2
Mobile banking Mobile banking
Class 1
Crowd-based financing Crowd-based financing
Class 1 M-banking M-banking
Class 2
Big data and IT analytics Big data and IT analytics
Cyber criminality Class 3 Cyber criminality
Virtual money Virtual money
Class 2 Class 4
High frequency trading firm High frequency trading firm

We note that group 1 is composed of 2 classes and group 2 is composed of 4 classes. We retain the group 2
because the groupings are more detailed. Note that groups mix between fintechs, mobile technology and data
intelligence. Cyber criminality represents a trend which has a horizontal impact on all banking processes.

 Class 1: Just like payment, crowd-based financing fintechs start disrupting more and more the peace
enjoyed by financial institutions. As banks seek to minimize their balance sheet exposure in small and
medium-sized businesses, fintechs try to take advantage from the situation with proposing appropriate
services to customers. In our analysis, mobile banking is classified in the same class as crowd-based
financing, those two trends influence banking processes in the same way. Thus, one could assume that in
case of collaboration with fintechs and using the mobile-related IoTs as substituting physical signatures and
real-time monitoring of collaterals and assets, the mobile will become the most appropriate platform for
crowd-based funding. Thus, these trends will influence the management of transactions and bank payments.

 Class 2: The mobile payment represents one of the non-undeniable sources of big data and IT analytics, it
makes it possible to define the behavior of the customer and his habits. Thus, to promote their adoption and
use, mobile payments must provide users with more than the convenience without money but rather an
added value adapted to both their person and their situation. Today, fintechs have already begun to take
advantage of big data by offering a targeted and real-time offer to customers. Also, while banks are using
credit scoring models that are still not so reliable, tracking consumer payments with a crypto graphical and
secure history will be able to evaluate consumers on the basis of a global credit score. Bank risk
management will surely evolve to use a new type of data and propose an innovative range of products.
84 Fadoua Khanboubi et al. / Procedia Computer Science 151 (2019) 77–84
8 Fadoua Khanboubi et al./ Procedia Computer Science 00 (2019) 000–000

 Class 3: The IoT has indeed new security flaws. Thus, the majority of connected objects have not been
developed with a primary security concern and minimal configuration options. In some cases, there is a
lack of authentication or authorization protocols. Cybercrime has a horizontal impact on all banking
processes, especially authentication and identification of customers when executing different banking
services. Several checkpoints should be put in place to protect customer data from cyber-attackers.

 Class 4: Billions are traded daily via a slow, complicated system that requires a lot of expenses. For
example, crypto-currencies that are managed by cheap and fast technologies can revolutionize the world of
payments and severely disrupt the transaction management processes operated by banks. The blockchain
allows access to borderless payments. Also, it takes a lot of logistics to move money around the world; a
bank transfer requires an average of three days because of the complexity of the financial infrastructure:
intermediary, correspondent bank, custodian ... a whole network set up that will have to be maintained
later. Besides, the swift that is used to issue the transfer orders will gradually give way to the blockchain
that manages the flow of money in a more fluid and efficient way.

6. Conclusion

Change does not happen overnight. The IoTs are still in their infancy but promise a better future. Some believe
that technological advancement and new digital trends will replace traditional banks, while others argue that they
will complement the traditional financial infrastructure by making it more efficient. The whole model of the bank as
we know it will move to another more connected and digital driven organization [12]. New digital trends are
changing one way or another several banking processes: risk management, transactional model, information
system… In the future, we will propose an intelligent proceeding to conduct the digital transformation of companies
by studying the impact of new digital trends using systemic theory on the internal modelling.

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