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Tools for Banking 4.0

Banking 4.0

Today, the rate of technological change in the banking sector and the entire economic ecosystem is extremely high. These changes have a significant impact on the dynamism of individuals and the socio-political community that no one could have imagined. Increasing data usage, machine learning based on artificial intelligence, the Internet of Things, and digital technologies play an important role in this process.

From Banking 1.0 to
Banking 4.0

Banking 1.0 is what we call banking, and this is the same traditional banking that services are provided at certain times in the branch. The contemporary banking theory argues that commercial banks, composed with other financial mediators, are essential in the distribution of wealth in the economy (Bhattacharya and Thakor 1993). Then came the introduction of technologies such as the Internet and some Banking 2.0 services that were slowly pushing banking out of the branches. This is possible with the advent of ATMs and card readers, since we are witnessing the formation of o-branch services at dierent times. This period began in 1980 and lasted until 2007. With the advent of self-service banking, things have changed, and we have come to realize that banking can also be portable, which is Banking 3.0 (It is related to the supply and expansion of mobile services. These services may be provided on a smartphone platform or even portable card readers. This period lasted from 2007 to 2015), but banking 4.0 is a major transformation that will live with you.

Technologies for Banking 4.0

The paradigm shift from the concentrated market structure under financial repression to the competitive framework under financial liberalization has laid down the foundation for the emergence of private and foreign banks originally in developed countries and afterward in developing countries.

Industry 4.0 needs its own banking structure. Industries 4.0 are largely international in scope, and customers from all over the world choose them. A radical change in the marketing and segmentation of banking customers makes it unique for each customer. There seems to be only one type of banking, and that is proprietary banking in a new way. With the development and maturation of technologies such as the Internet of Everything (IoE), Internet of Value, blockchain technology, cloud technology, advanced robotics, virtual reality, 3D printing, miniaturization of sensors, and the exponential development of emerging technologies and innovations are coming across completely dierent generations of banking.

4.0 Technologies for Banking Industry

IoT, IoS, IoP & IoD

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, 2017).

Robotic Process Automation

Robotics is revolutionizing the way lots of banking and finance companies do business through something called robotic process automation (RPA). According to Romao et al. (2019), RPA represents the use of software with artificial intelligence (AI) and machine learning capabilities in order to drive high-volume, repeatable tasks that previously required only humans to perform. It is essentially a virtual workforce based on software that frees up human employees to focus on less tedious tasks that only humans do well.

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