The Embryonic Banking Practices in Dawn of Industrial Revolution 4.0: Opportunities and Challenges

Abstract

This study explores how Industrial Revolution 4.0 will probably affect banking operations. The emergence of digital technology in Industry 4.0 has altered business operations across virtually all sectors. The fourth industrial revolution will significantly disrupt traditional banking due to the growth of digital technologies. Conventional banking may be threatened by competition from financial technology (fintech), which offers comparable or even dominant financial services. To thrive in the financial business in the future, innovative, sophisticated, adaptable, real-time strategies and technologies are required.