**1. Introduction**

The technology landscape, which is evolving thanks to the introduction of 5G networks, has affected all sectors of the banking industry. Emerging technologies have opened the door to a range of applications and inter-industrial collaborations that were previously only imagined in dreams. New applications have changed current business models, paved the way for innovation, and created new opportunities for revenue generation.

The term "Industry 4.0" refers to the concept that technology has permeated all areas of society: production, finance, services, transportation, and communications (Cividino et al. 2019). Such developments are driven by digital integration (with devices and processes capable of transmitting and processing huge masses of data) and automation (the availability of machines capable of carrying out tasks of medium–high complexity) (Muscio and Ciffolilli 2019; Rossini et al. 2019). The pervasiveness of the Internet and smart mobile phones, along with the emergence of technologies such as the Internet of Things, biometrics, big data, advanced analytics, artificial intelligence, blockchain, etc., has created an organizational focus on designing and developing pre-designed products and services, and personalized and customized services are provided for each customer. One of the industries that

have changed a lot as a result of the advancement of technology is the banking industry, but it seems that these changes continue. "The development of technology has revolutionized all industries in the world, and the banking industry is no exception," Banker (2019) wrote in a recent report.

Some researchers suggested that the notion of Industry 4.0 supposes blurring the differences between the work of people and the work of machines (Slusarczyk 2018 ´ ). Lu (2017) argued that the concept of Industry 4.0 can be summarized as an integrated, adapted, optimized, service-oriented, and interoperable manufacturing process that is correlated with algorithms, big data, and advanced technologies. The Fourth Industrial Revolution, also known as Industry 4.0, provides smart, efficient, effective, individualized, and customized production at reasonable cost (Erol et al. 2016). According to Stock and Seliger (2016), the concept of Industry 4.0 includes three fundamental dimensions of integration: (1) the horizontal integration across the entire value creation network, (2) vertical integration and networked manufacturing systems, and finally (3) end-to-end engineering across the entire product life cycle.

Today, a significant portion of bank customers are young people and middle-aged people who have different expectations and preferences than the previous generation. Meeting these expectations and preferences is no longer possible with existing banking models, and it will only be possible with the use of fourth-generation tools, technologies, and mechanisms. Entering Industry 4.0 has two distinct natures: first satisfying new needs through new products and processes, and second, higher productivity thanks to the implementation of process innovations (Zambon et al. 2019). Entering the new generation of customers into the marketplace and doing business in this revolution requires a thorough rethinking of existing banking services and products. Productivity enhancement, innovative products, speedy transactions seamless transfer of funds, real-time information system, and efficient risk management are some of the advantages derived through the technology in banks (Saravanan and Muthu Lakshmi 2016).

The current global economy is constantly changing, so innovation and technological development are key issues in the context of a sustainable approach. Industry 4.0 should be perceived as a great opportunity due to its new technologies. Moreover, Slusarczyk ´ (2018) argued that the main objective of Industry 4.0 is to achieve a higher level of operational effectiveness and productivity, and simultaneously a higher level of automation. Certain researchers also suggested that the four major pillars of Industry 4.0 are the following: Internet of Things (IoT), Industrial Internet of Things (IIoT), cloud-based manufacturing, and smart manufacturing, which contribute significantly to the metamorphosis of the manufacturing process into a completely digitized and intelligent process (Vaidya et al. 2018). Companies are interested in meeting their customers' needs, but also in obtaining useful information from them, which can be used for innovation (Nethravathi et al. 2020).

Remarkably, Industry 4.0 needs its banking system. The use of Industry 4.0 technologies for digitizing assets, creating a digital identity, providing special offers to customers, offering customization, etc., is one of the most central strategies of Banking 4.0. For example, South Korea currently has the third-largest cryptocurrency market after Japan and the United States, and Shinhan Bank, South Korea's second-largest bank, has recently joined KT Corp, the second largest provider of services, and the country's telecommunications has cooperated. The subject of this collaboration has been the development of a block chain-based platform. For a long time, it was the banking industry that decided how to interact and provide customer service. In Generation Banking, the optimal combination of interaction is determined by the customer. As a result, banks need to fundamentally reconsider their business model.

According to an IBM World Business Partner in Taiwan, the company is ready to enter the era of Bank 4.0 (IBM Business Partner Directory 2018). Accordingly, banks will be set up to provide an integrated system that will improve mobile banking by providing solutions to help facilitate the automation of banking processes. In classifying the evolution of the bank over the past few decades, the Internet has helped Banking 1.0 to grow into Banking 2.0, and with the rapid rise of smartphone popularity, Banking 3.0 has come to life. Now, the third generation bank is moving forward to Banking 4.0, but not because of new inventions, but because of the maturity and growth of new technologies such as artificial intelligence and virtual reality systems and voice recognition, which together make a powerful team for better banking services and solving modern problems. Banks are globally readjusting their business strategies toward e-banking in order to achieve rapid growth in financial development (David and Kaulihowa 2018). E-banking represents an innovative process by which a customer performs banking transactions electronically without having to physically enter a bank or financial institution (Simpson 2002). Banking 4.0 provides its customers with personalized, integrated, and customized experiences that are transforming customer interactions with the bank. Becoming a Bank 4.0 means providing a convincing presentation of both customer experience and performance experience based on open, flexible, and integrated architecture.

Jack Ma (who is the founder of the e-commerce platform Alibaba) founded MyBank four years ago. The bank has introduced a new era of offering services to small and medium-sized enterprises (SMEs). In recent years, MyBank has loaned 2 trillion yuan to 16 million small and medium-sized Chinese companies. This is done by real-time data and 3000-variable risk-based credit management models. In addition to the advantages of the MyBank lending system, transactions are carried out at a high rate. Loan applications are processed and approved within 3 minutes. Now, compare this technology trend in MyBank with the 30-day time required by traditional banks! The difference is extremely obvious and indisputable, and the gap can no longer be covered by traditional banking.

Due to the high volume of data collected by Alibaba and other related e-commerce platforms, it uses the business information and social credit rating of potential customers with their consent. Capgemini (2017a) argued that high-class BigTechs such as Google, Facebook, Apple, and Amazon imposed a very high upper limit on the customer expectations using superior personalized and digital customer interactions. As a result, this amount of big data and analytics makes it easier for small and medium-sized companies to approve loans and, of course, pay less ineffective loans. These are loans that are spent for non-strategic and non-practical purposes. MyBank says it has been able to lend to SMEs up to four times more than traditional banks. However, traditional banks reject about 80% of SMEs' lending applications due to insufficient credit or data.

Industry 4.0 provides competitive advantages based on advanced technologies and practices for companies in the manufacturing industry. Having a deep understanding of the particularities of Industry 4.0 is a prerequisite for the development of the strategic and technological roadmap in bank 4.0. Therefore, the present study first examines the technologies used in Industry 4.0 and examines them as applied examples in prestigious banks in the world. Then, by integrating the views, we present an applied model of the fourth generation banking approach in the context of Industry 4.0. Finally, a clear roadmap for achieving fourth-generation banking has been formulated. Figure 1 shows the research plan. So, the researchers are asking three main questions:


**Figure 1. Research plan.** Source: Own contribution of the authors.
