**3. Banking 4.0 Roadmap in Industry 4.0**

It is imperative to create a roadmap for Banking 4.0 in Industry 4.0. While technology acts as an empowering factor for banks to move in the right direction, it has also led to the growth of non-traditional companies in Industry 4.0. Companies use technology to provide simple, easy, convenient, and affordable financial products and services to customers. Since the emergence of the technologies of Industry 4.0 has had a significant impact on both industry and financial services, there has been a growing trend in the banking industry that focuses on innovation using these new technologies.

Figure 14 shows the most important components of the Fourth Industrial Revolution and its relationship to fourth-generation banking. There is a great deal of ambiguity about the definition of IoT, as each stakeholder has defined it according to its user (Atzori et al. 2010). IoT refers to IIoT in the Fourth Industrial Revolution, which deals with industrial applications of IoT (Wang et al. 2016a). Physical objects can work through IoT to communicate with each other and to better coordinate decision making (Al-Fuqaha et al. 2015).

Internet of Services (IoS) refers to the purposeful use of new value creation methods through PaaS (Product-as a-Service) business models (Ghobakhloo 2018, p. 919). IoS provides the technology makers with the technological infrastructure needed to provide services and provide customers with continuous communication and increased competitiveness (Becker et al. 2014). The transformation of humans and their devices into active elements on the Internet is called a complex social and technical system called IoP (Internet of People) (Conti et al. 2017). The existence of the social devices (SDs) and People as a Service (PeaaS) constitutes the necessary infrastructure for IoP. The development of IoT, which is of great interest to researchers today, is called the Internet of Data (IoD) (Fan et al. 2012). Paying attention to the means of transmitting, storing, and processing data in the IoT environment where a lot of data is generated is one of the tasks of IoD (Anderl 2014).

**Figure 14.** Design principles of Banking 4.0 in Industry 4.0. Source: Own contribution of the authors.

Although cloud computing is not a new concept, there is no single definition for it yet (Ghobakhloo 2018, p. 920). The concept has expanded into the world of technology through the development of hardware, technology and computing, and the provision of services over the Internet (Oliveira et al. 2014). Using this concept has created a variety of applications, including web-based management dashboard and cloud-based collaboration, and it enables the integration of distributed manufacturing resources and the establishment of a collaborative and flexible infrastructure across geographically distributed manufacturing and service sites (He and Xu 2015). In fact, the concept of cloud structures will generate subsequent structures (Ooi et al. 2018).

The concept of big data has been in technology and industry for many years (Ghobakhloo 2018). Srivastava and Gopalkrishnan (2015) argued that big data has recently unlocked secrets of money movements, helped prevent major disasters and thefts, but also understand consumer behavior. For instance, the core idea of business intelligence (BI) is to recognize the behavior of the customer and to predict their purchase pattern for improvement of the business considering that building strong customer relationships is very important for companies (Nethravathi et al. 2020). Consequently, this approach benefits the banking sector, considering the flexibility and easiness of extracting useful

information for the interest of their consumers. However, organizations are analyzing data to maintain good survival and make effective decisions in times of crisis as well as market competition (Hu et al. 2014). For example, big data analytics helps companies improve their performance, monitor the status of competitors in the industry, develop customized products, and take preventive measures to prevent crashes. They can also make the production chain and operations easier and more transparent (Babiceanu and Seker 2016; Wang et al. 2016b). Analyzing this type of data enables traditional organizations to better plan the future and use the results to increase system efficiency and efficiency (LaValle et al. 2011). On the other hand, customers' buying behavior could be accurately researched in the actual market place, rather than in surveys and samples (Hawaldar et al. 2019).

Blockchain has many capabilities and is based on emerging financial currencies such as bitcoin and Ethereum (Ghobakhloo 2018). This technology is also known as distributed ledger technology. By providing transparent, secure, reliable and fast solutions, blockchain provides special conditions for public or private organizations (Underwood 2016). The application of this technology is crucial in the Fourth Industrial Revolution because the use of countless smart devices around the world makes it possible to perform transparent, secure, fast, and flawless transactions without human interference in the IoT environment (Devezas and Sarygulov 2017; Sikorski et al. 2017). Blockchain activity is not just about financial services, but any kind of digital activity developed in the Fourth Industrial Revolution based on automation. The activity that this concept offers is in fact leading the organizations and creating a trusted, independent relationship between smart factories, suppliers, and customers.

The type of technology that enables organizations to graphically visualize the real environment in the Fourth Industrial Revolution is Augmented Reality (AR) (Yew et al. 2016). The development of software and hardware applications has led AR to act in various industrial processes and products as a guide in describing, planning, and monitoring real-time performance, error detection and recovery, and various training strategies (Doshi et al. 2017; Khan et al. 2011). The search for industrial reality also shows that manufacturing organizations use AR to support employee training programs, task simplification, control, and product design (Elia et al. 2016).

Today's organizations are turning to the use of robots due to the increasing use of automation. The use of robots is essential for world-class organizations because of the benefits such as increased efficiency and quality, increased reliability and waste reduction, the better utilization of resources, and increased competitiveness (Ghobakhloo 2018; Esmaeilian et al. 2016). The importance of cybersecurity in the Fourth Industrial Revolution was high because no organization was safe from cyber threats. Threats of recent years include The Stuxnet. Malware created a serious threat to nuclear power plants by slowing down the speed of centrifuges. There is no doubt that in the Fourth Industrial Revolution, the issue of cybersecurity and privacy for organizations and individuals is a challenge (Thames and Schaefer 2017). It is essential to create some sort of industrial integration in the chain through the Internet. Obviously, the more links there are, the more information security and transparency they will have (Mehnen et al. 2017).

One of the things that created a trusting relationship between financial organizations in the Fourth Industrial Revolution is 3D printing technology (Ghobakhloo 2018). This technology enables organizations to generate prototypes and conceptual designs that create and play an important role in simplifying activities and increasing their speed (Gilchrist 2016). The Fourth Industrial Revolution has brought organizations and customers together so that customers can come into their organization, even at home, at night, or even while swimming, and do different things. Simulation and modeling techniques have been developed to improve economic designs and evaluate their performance in the real world (Kocian et al. 2012). These concepts are needed in smart factories to evaluate the actual performance of machines, products, and employees (Rüamann et al. 2015). Simulation and modeling not only enable manufacturers to detect errors in the early stages, they also avoid significant costs and irreparable damage to the organization (Gilchrist 2016).

CPS is a suite of state-of-the-art technologies that are capable of interconnecting physical assets and computing operations (Lee et al. 2015). CPS is controlled by computer-based algorithms and integrated with its users over the Internet. The CPS also plays a human role in everything that is capable of computing, networking, and physical processes (Gilchrist 2016). Another important component of the Fourth Industrial Revolution that can be a common standard for information exchange is semantic technologies (Janev and Vraneš 2011). Semantic technologies achieve a high level by offering an abstraction layer above existing IoT technologies and infrastructure that connects data, content, and processes. Importantly, the IIoT lacks universal protocols for integrating machines and does not have the various components of smart factories to achieve a single user (Thuluva et al. 2017). In such circumstances, utilizing the integration of the semantic web with Web of Things (WoT) technologies can provide a definite framework. This feature facilitates the interoperability of assets and services as well as the way in which heterogeneous components are communicated in the Fourth Industrial Revolution.

Industry 4.0 needs its own banking. Industry 4.0 is largely international in scope and customers from all over the world choose it. A radical change in the marketing and segmentation of banking customers makes it unique for each customer (Figure 15). In the short term, the fourth-generation banking strategies must first be identified in the context of the Fourth Industrial Revolution. It is necessary to set a timetable for developing the infrastructure and creating user relationships. A specific management team can be appointed in this regard. In the medium term, it is necessary to carefully monitor the timing of all aspects of the strategic plan. The Digital Acceptance and Readiness Program, Human Capital, Digital Culture, Regulatory, Capabilities and Technologies, and Networking should be delivered to the Fourth Industrial Revolution in accordance with the world schedule.

**Figure 15.** The strategic roadmap for Banking 4.0 based on Industry 4.0. Source: Own contribution of the authors.

#### *Int. J. Financial Stud.* **2020**, *8*, 32

In the long run and after achieving short and medium-term goals, the two goals of digital marketing maturity assessment and IT governance strategy will be provided for fourth-generation banking.

#### **4. Results**

We are at a time when exciting things are happening in the banking industry. Non-stop technology is advancing, providing opportunities for institutions through which they can expand their services and eliminate traditional financial services altogether. These state-of-the-art technology networks will provide the opportunity to meet customer needs instantly and intelligently through various channels. This will be achieved when new strategies for computing and storage are explained, advanced analysis is performed, cyber security capabilities are upgraded, and a completely new perspective for banking services is outlined. Which technology has the greatest potential for the Industry 4.0 in Banking 4.0? The exact answer to this question is not clear, but there is no order in the application of the introduced trends, but it is these organizations that must prioritize and allocate the necessary capital to implement each of them. There are so many opportunities, and any passivity or desire to stay calm will put a high risk on the organization.

Banking and payment services must move toward the formation of a fully intelligent network. Overall, improving the customer experience, using artificial intelligence, the emergence of databases, the use of identification algorithms, the use of machine learning methods, and data analysis are among the features of the new generations of banking. However, the important thing is that digital technologies have made major changes in banking. Traditional banks are migrating more digital services to digital channels every day. Customer preference for the increased convenience and availability of services is also strongly aligned with this change and gives it more acceleration. This has led to a change in the structure of the distribution network of banks, and in addition to reducing the need for physical branches, it has also changed the function and mission of branches. However, evidence from international banks and even some traditional industries shows that non-alignment with digital and technological developments, while reducing profitability and value creation, will also jeopardize the survival of these institutions. Today, banking is a cascade of multiple technologies, rules and regulations, and demographic factors that cut the length and breadth of its value chain. These factors affect the way businesses are run by banks, so that common banking practices are not enough to meet growing customer expectations as well as improve profitability. Therefore, the factors influencing the evolution of the banking industry can be divided into two main categories: business developments and technical developments. In the area of business developments, new non-bank actors in the form of FinTech or startups have disrupted the banking business and impaired the role of intermediaries in banks. However, in the technical sector, the emergence of new technologies such as blockchain, robotics, etc., has had a significant impact on the performance of the banking industry.
