Industry 4.0 Adaption in Indian Banking Sector—A Review and Agenda for Future Research

Abstract

Digitalization and intelligization is the need of the hour in today’s world. The manufacturing industry is, in fact, moving towards the fourth-generation industry, which we termed as Industry 4.0 or the Fourth Industrial revolution, which is defined as a new level of organization and control over the entire value chain of the life cycle of products; it is geared towards increasingly individualized customer requirements. Industry 4.0 is all about talking in terms of big data, technology, cyber security, the Internet of Things (IoT) and so on. This study is done to understand the new emerging technology in data exchange and automation, popularly known as Industry 4.0, in terms of banking sector with context to the Indian banking sector. The study focuses on studying banks in a digitalized word and what are the challenges that banks face. How banks cope up with digitalization, keeping customers at priority. This study centred on incorporating articles published in recent years to establish knowledge on the topic and to further identify areas for future research.