IoT-Based Services in Banking Industry Using a Business Continuity Management Approach

Document Type : Research Paper


1 Professor, Department of Industrial Management, Faculty of Management, University of Tehran, Tehran, Iran.

2 Ph.D., Associate professor, Department of Industrial Management, Faculty of Management, University of Tehran, Tehran, Iran.

3 M.Sc. of Industrial Management, Faculty of Management, University of Tehran, Tehran, Iran.

4 Ph.D. in Production and operation Management, Visiting lecturer in Department of Industrial Management, Faculty of Management, University of Tehran, Tehran, Iran.


Background: The Internet of things (IoT) is a new technology that expanding rapidly and has led to the emergence of new services in the banking industry. Although IoT is an emerging technology in Iran, it is expected to become a paradigm in the future. IoT applications in banking have helped to provide high quality and fast responses to customers anytime, anywhere.
Purpose: This research aims to identify and prioritize IoT applications in the Iranian banking industry based on business continuity indicators.
Methods: First, based on the comprehensive literature review and practical experiences, IoT applications in the banking industry are identified. Then, each indicator's weight was calculated using the Grey Decision-making trial and evaluation laboratory (DEMATEL). Finally, IoT-based applications in the Iranian banking industry have prioritized using the multi-attribute utility theory (MAUT). Due to the unstable economic conditions for the financial sector, business continuity indicators are employed in this study. Also, the reason for using MAUT is to consider the utility of banking experts for performing IoT banking services.
Findings: According to results, IoT-based services in the banking industry, including Transmit instant reports, smart ATMs, non-contact electronic payments, and electronic checks, are identified for Iranian banks. Then, These appropriate services are prioritized with the capabilities of Iranian banks.


Main Subjects

Ahmed Abbasi, W., Wang, Z., Zhou, Y., and Hassan, S. (2019). Research on measurement of supply. International Journal of Distributed Sensor Networks, 15(9).
Alinezhad, A., & Khalili, J. (2019). MAUT Method. In New Methods and Applications in Multiple Attribute Decision Making (MADM) (pp. 127-131). Springer, Cham.
Ammirato, S., Sofo, F., Felicetti, A. M., & Raso, C. (2019:a). The potential of IoT in redesigning the bank branch protection system. Business Process Management Journal. 25(7), 1441-1473.
Ammirato, S., Sofo, F., Felicetti, A. M., & Raso, C. (2019:b). A methodology to support the adoption of IoT innovation and its application to the Italian bank branch security context. European Journal of Innovation Management. 123, 220-231
Amoli, M. K., Talebzadehhosseini, S., & Salehi, M. (2012). The necessity of implementation of Operations Research for managers for decision-making and productivity increase in production. In Advanced Materials Research (Vol. 488, pp. 1651-1656). Trans Tech Publications Ltd.
Asgharpour, M. (2007). Decision Making and Operations Research in Management. Tehran: University of Tehran. (In Persian).
Atzori, L., Iera, A., & Morabito, G. (2010). The internet of things: A survey.Computer networks54(15), 2787-2805.
Bai, C. & Sarkis, J. (2013). A Grey-based DEMATEL Model for Evaluating Business Process Management Critical Success Factors. International Journal of Production Economics,146(1), 281-292.
Barry, P. (1987). Risk management in agriculture. IOWA state university Press.
Blyth, M. (2009). Business continuity management: building an effective incident management plan. John Wiley & Sons.
Botea, B., & Marinescu, I. (2017). New Approaches in the Consumer-Supplier Relationship Regarding Malfunctions in the Electroenergetic Systems and from the Perspective of the IoT Development. The Scientific Bulletin of Electrical Engineering Faculty17(2), 48-53.
Boumlik, A., & Bahaj, M. (2017). Big data and iot: A prime opportunity for the banking industry. In International Conference on Advanced Information Technology, Services and Systems (pp. 396-407). Springer, Cham.
Caro, F. & Sadr, R. (2018). Internet of Things (IoT) in retail: Bridging. kelly school of business. Retrieved from
Ceipek, R., Hautz, J., Petruzzelli, A. M., De Massis, A., & Matzler, K. (2020). A motivation and ability perspective on engagement in emerging digital technologies: The case of Internet of Things solutions. Long Range Planning, 101991, Retrieved from
Chahal, R. K., Kumar, N., & Batra, S. (2020). Trust management in social Internet of Things: A taxonomy, open issues, and challenges. Computer Communications, 150, 13-46.
Chang, B., Chang, C. W., & Wu, C. H. (2011). Fuzzy DEMATEL method for developing supplier selection criteria. Expert system with an application, 38(3), 1850-1858.
Chen, J., Liang, X., & Zhang, J. (2021). WeChat Public Platform for Customers Reserving Bank Branches Based IoT. In Proceedings of the 9th International Conference on Computer Engineering and Networks (pp. 713-723). Springer, Singapore.
Chen, S., Xu, H., Liu, D., Hu, B., & Wang, H. (2014). A vision of IoT: Applications, challenges, and opportunities with China perspective. IEEE Internet of Things Journal, 1(4), 349-359.
Del Giudice, M., Campanella, F., & Dezi, L. (2016). The bank of things: An empirical investigation on the profitability of the financial services of the future. Business Process Management Journal. 22(2),
Deng, J. L. (1989). The introduction of the grey system. The Journal of Grey System, 1(1), 1-24.
Denis, L., Kumar, D. T. K., Karthikeyan, D., & Sasipriya, D. S. (2020). Offline Mobile Based Otp Technology for Enterprise IoT Enabled Architecture in Banking Cash Logistics & ATM Operations. International Journal of Advanced Research in Engineering and Technology (IJARET)11(1), 61-69.
Dijkman, R. M., Sprenkels, B., Peeters, T., & Janssen, A. (2015). Business models for the Internet of Things. International Journal of Information Management35(6), 672-678.
Dyer, J. S. (2005). MAUT—multiattribute utility theory. In Multiple criteria decision analysis: state of the art surveys (pp. 265-292). Springer, New York, NY.
Dyer, J. S. (2016). Multiattribute utility theory (MAUT). In Multiple Criteria Decision Analysis (pp. 285-314). Springer, New York, NY.
Elliott, D., Swartz, E., & Herbane, B. (2002). Business continuity management: A crisis management approach. Psychology Press.
Estall, H. (2012). Business continuity management systems: Implementation and certification to ISO 22301. BCS, The Chartered Institute.
Farmer, T. A. (1987). Testing the robustness of multiattribute utility theory in an applied setting. Decision Sciences18(2), 178-193.
Fu, X. Zhu, Q. & Sarkis, J. (2012). Evaluating Green Supplier Development Programs at a Telecommunications Systems Provider. International Journal of Production Economics, 140(1), 357-367.
Georgy, M. E., Chang, L. M., & Zhang, L. (2005). Utility-function model for engineering performance assessment. Journal of Construction Engineering and Management, 131(5), 558-568.
Ghasemi, R., Hashemi–Petroudi, S. H., Mahbanooei, B., & Mousavi–Kiasari, Z. (2013). Relationship between Infrastructure and Technological Readiness based on Global Competitiveness Report: a Guidance for Developing Countries, 1 st International. In 7th national Conference on Electronic Commerce & Economy (pp. 19-21).
Ghasemi, R., Mahbanooei, B., & Beigi, R. G. (2018), The Relationship between Labor Market Efficiency and Innovation. Proceeding of 11th International Seminar on Industrial Engineering & Management (ISIEM) (Nov.27-29,2018 Makassar, Indonesia). PP 142-149. Retrieved from
Ghasemi, R., Mohaghar, A., Safari, H., & Akbari Jokar, M. R. (2016). Prioritizing the applications of internet of things technology in the healthcare sector in Iran: A driver for sustainable development. Journal of information technology management8(1), 155-176.
Gibb, F., & Buchanan, S. (2006). A framework for business continuity management. International journal of information management26(2), 128-141.
Giripunje, M. L. M., Sudke, S., Wadkar, P., & Ambure, K. (2017). IOT Based Smart Bank Locker Security System. International Journal for Research in Science & Engineering Technology (IJRASET)5(11). Retrieved from
Haghighi, S. M., Torabi, S. A., & Ghasemi, R. (2016). An integrated approach for performance evaluation in sustainable supply chain networks (with a case study). Journal of cleaner production137, 579-597.
Herbane, B. (2010). The evolution of business continuity management: A historical review of practices and drivers. Business history52(6), 978-1002.
Herbane, B., Elliott, D., & Swartz, E. M. (2004). Business continuity management: time for a strategic role?. Long Range Planning37(5), 435-457.
Hiles, A. (2010). The definitive handbook of business continuity management. John Wiley & Sons.
Hsu, C. C. (2012). Evaluation criteria for blog design and analysis of causal relationships using factor analysis and DEMATEL. Expert Systems with Applications, 39(1), 187–193.
IOS, i. o. (2015). ISO 9001:2015: quality management systems-requirements. IOS. Retrieved from
Jafarnejad, A., Ghasemi, R., Abdollahi, B., & Esmailzadeh, A. (2013). Relationship between macroeconomic environment and technological readiness: A secondary analysis of countries global competitiveness. International Journal of Management Perspective. 1 (2), 1-13.
Jagtap, S., Shedji, G., Revanna,Sh. & Shinde, K. (2018). One-touch multi-banking transaction ATM system using biometric and GSM authentication. 2017 International Conference on Big Data, IoT and Data Science (BID). IEEE. India: Pune. Retrieved from
Jamalian, A., Ghadikolaei, A. S., Zarei, M., & Ghasemi, R. (2018). Sustainable supplier selection by way of managing knowledge: a case of the automotive industry. International Journal of Intelligent Enterprise5(1-2), 125-140.
Jeschke, S., Brecher, C., Meisen, T., Özdemir, D., & Eschert, T. (2017). Industrial internet of things and cyber manufacturing systems. In Industrial internet of things (pp. 3-19). Springer, Cham.
Keeney, R. L., Raiffa, H., & Meyer, R. F. (1993). Decisions with multiple objectives: preferences and value trade-offs. Cambridge university press.
Khanboubi, F, Boulmakoul, A & Tabaa, M. (2019). Impact of digital trends using IoT on banking processes. The 10th International Conference on Ambient Systems, Networks and Technologies (ANT). Leuven, Belgium. Procedia Computer Science, 151, 77-84.
Kumar, V. (2019). IoT Applications in Finance and Banking. International Journal of research and analytical reviews, 6(2). 951-954, Retrieved from:
Lande, R. S., Meshram, S. A., & Deshmukh, P. P. (2018). Smart banking using IoT. In 2018 International Conference on Research in Intelligent and Computing in Engineering (RICE) (pp. 1-4). IEEE.
Li, Y., Hu, Y., Zhang, X., Deng, Y., & Mahadevan, S. (2014). An evidential DEMATEL method to identify critical success factors in emergency management. Applied Soft Computing, 22, 504-510.
Mehregan, M. (2008). Multiple Objective Decision Making. University of Tehran, Iran: Tehran. (In Persian).
Mohaghar, A., & Ghasemi, R. (2011:a). A Conceptual Model for Cooperate Strategy and Supply Chain Performance by Structural Equation Modeling a Case Study in the Iranian Automotive Industry. European Journal of Social Sciences22(4), 519-530.
Mohaghar, A., & Ghasemi, R. (2011:b). A conceptual model for supply chain relations quality and supply chain performance by structural equation modeling: a case study in the Iranian automotive industry. European Journal of Social Sciences21(3), 456-470.
Mohaghar, A., Safari, H., Ghasemi, R., Abdullahi, B., & Maleki, M. H. (2011). Canonical correlation analysis between supply chain relationship quality and supply chain performance: A case study in the Iranian automotive industry. International Bulletin of Business Administration10(10), 122-134.
Mohammadzadeh, A. K., Ghafoori, S., Mohammadian, A., Mohammadkazemi, R., Mahbanooei, B., & Ghasemi, R. (2018). A Fuzzy Analytic Network Process (FANP) approach for prioritizing internet of things challenges in Iran. Technology in Society53, 124-134.
Neumann, J. V., Morgenstern, O. (1947). Theory of games and economic behavior. Princeton University Press. Retrieved from theory-of-games-and-economic-behaviour
Orr, A. J., & McKenzie, P. (1992). Program and Project-Management in BT. British Telecommunications Engineering, 10, 297-302.
Padmavathi, M., & Nagarajan, R. (2017). Smart Intelligent ATM Using LABVIEW. International Journal of Emerging Technologies in Engineering Research (IJETER), 5(5), 41-45.
Paiola, M., & Gebauer, H. (2020). Internet of things technologies, digital servitization and business model innovation in BtoB manufacturing firms. Industrial Marketing Management, 89, 245-264.
Perera, C., Zaslavsky, A., Christen, P., & Georgakopoulos, D. (2013). Context-aware computing for the internet of things: A survey. IEEE communications surveys & tutorials, 16(1), 414-454.
Rastegar, A. A., Mahbanooei, B., & Ghasemi, R. (2012, May). Canonical correlation analysis between technological readiness and labor market efficiency: A secondary analysis of countries global competitiveness in 2011–2012. In 13th International Conference on Econometrics, Operations Research and Statistics (ICEOS-2012) (pp. 24-26).
Razavi, S. M., Abdi, M., Amirnequiee, S., & Ghasemi, R. (2016). The impact of supply chain relationship quality and cooperative strategy on strategic purchasing. Journal of Logistics Management5(1), 6-15.
Razavi, S. M., Ghasemi, R., Abdullahi, B., & Shafie, H. (2012). Relationship between innovation and business sophistication: A secondary analysis of countries global competitiveness. European Journal of Scientific Research79(1), 29-39.
Razavi, S., Mostafa, G., Rohollah, A. B., & Kashani, M. (2011). Relationship between technological readiness and innovation: A secondary analysis of countries global competitiveness. European Journal of Scientific Research59(3), 318-328.
Safari, H., Abdollahi, B., & Ghasemi, R. (2012). Canonical correlation analysis between people criterion and people results criterion in EFQM model. Total Quality Management & Business Excellence23(5-6), 541-555.
Stoyanova, M., Nikoloudakis, Y., Panagiotakis, S., Pallis, E., & Markakis, E. K. (2020). A survey on the internet of things (IoT) forensics: challenges, approaches, and open issues. IEEE Communications Surveys & Tutorials, 22(2), 1191-1221.
Talebzadehhosseini, S. (2015). Measuring Sustainability Performance of Supply Chain Management Practices Using Fuzzy Inference (Doctoral dissertation, Faculty of Graduate Studies and Research, University of Regina).
Tammineedi, R. L. (2010). Business continuity management: A standards-based approach. Information Security Journal: A Global Perspective19(1), 36-50.
Uckelmann, D., Harrison, M., & Michahelles, F. (2011). Architecting the internet of things. Springer Science & Business Media.
Vares, H., Parvandi, Y., Ghasemi, R., & Abdullahi, B. (2011). The transition from an efficiency-driven economy to innovation-driven: a secondary analysis of countries global competitiveness. European Journal of Economics, Finance and Administrative Sciences31, 124-132.
Venkatesh, A. N. (2017). Connecting the Dots: Internet of Things and Human Resource Management. American International Journal of Research in Humanities, Arts and Social Sciences, ISSN (Print), 2328-3734.
Vermesan, O., & Friess, P. (Eds.). (2014). Internet of Things-From Research and Innovation to Market Deployment.River Publishers.
Vermesan, O., Friess, P., Guillemin, P., Gusmeroli, S., Sundmaeker, H., Bassi, A., Jubert, I.S., Mazura, M., Harrison, M., Eisenhauer, M. and Doody, P. (2011) Internet of Things Strategic Research Roadmap, in Vermesan, O. and Friess, P. (Eds.), Internet of Things - Global Technological and Societal Trends, River Publishers, Denmark, pp.9–52.
Wang, X., Qi, L., Chen, C., Tang, J., & Jiang, M. (2014). Grey System Theory-based prediction for topic trend on the Internet. Engineering Applications of Artificial Intelligence, 29, 191-200.
Wu, Q., Ding, G., Xu, Y., Feng, S., Du, Z., Wang, J., & Long, K. (2014). Cognitive internet of things: a new paradigm beyond connection. IEEE Internet of Things Journal, 1(2), 129-143.
Xiaocong, Q., & Jidong, Z. (2010, November). Study on the structure of the "Internet of Things (IOT)" business operation support platform. In Communication Technology (ICCT), 2010 12th IEEE International Conference on (pp. 1068-1071). IEEE.
Yilmaz, N. K., & Hazar, H. B. (2019), Analyzing Technology Acceptance for Internet of Things (IoT) among Accounting And Finance Students. Journal of Business Economics and Finance, 8(4), 198-208.
Zade, E. A., Safari, H., Abdollahi, B., & Ghasemi, R. (2011). Canonical correlation analysis between enabler and results in EFQM Model; a case study in TAVANIR Company in Iran. European Journal of Social Sciences, 21(3), 483-492.
Zadtootaghaj, P., Mohammadian, A., Mahbanooei, B., & Ghasemi, R. (2019). Internet of Things: A Survey for the Individuals' E-Health Applications. Journal of Information Technology Management11(1), 102-129.
Zamani, M., Ghorchibeigi, R., Ghasemi, R. (2018), Identifying the requirements and applications of Internet of things (IoT) in the banking industry based on international experience, 7th National Conference on Electronic Banking and Payment Systems, Tehran, Iran.
Zarei, M., Jamalian, A., & Ghasemi, R. (2017). Industrial guidelines for stimulating entrepreneurship with the internet of things. In The Internet of Things in the Modern Business Environment (pp. 147-166). IGI Global.
Zarei, M., Mohammadian, A., & Ghasemi, R. (2016). Internet of things in industries: A survey for sustainable development. International Journal of Innovation and Sustainable Development10(4), 419-442.
Zhang, J., Wu, D., & Olson, D. L. (2005). The method of grey related analysis to multiple attribute decision-making problems with interval numbers. Mathematical and computer modelling42(9-10), 991-998.
Zhou, Q., Huang, W., & Zhang, Y. (2011). Identifying critical success factors in emergency management using a fuzzy DEMATEL method. Safety Science49(2), 243-252.