Big data and Internet of Things (IoT) technologies in Omani banks: a case study

Abstract

Purpose The purpose of this paper is to underline the significance of invoking Big Data and Internet of Things (IoT) technologies in Omani Banks. Opportunities and challenges are also being discussed in the case study. Design/methodology/approach Four Omani banks representative of local, international, Islamic and specialized banks are being studied in terms of their social networking presence on Facebook and their e-banking facilities. Also, impetus is laid upon the aggregation of internal data and vast amounts of semi-structured external data from public sources, including social media. Findings The case study shows that Big Data analytics and IoT technologies may be utilized by the Omani banks for facilitating them in “forecasting” and “nowcasting”. Besides, customers may be better managed with better and efficient services. However, there are challenges in tapping these technologies such as security, infrastructure, regulatory norms, etc. Practical implications Banks in Oman need to appreciate the utility of Big Data and IoT technologies, and for this, a robust IT infrastructure should be institutionalized. Originality/value The case study is a major step in integrating Big Data and IoT technologies in Omani banks across four variants of national, international, Islamic and specialized banks. This is the first study where such integration has been emphasized in the Omani banking sector.