Track: Industry 4.0 - Special Track

Abstract

Recent technological advancements have resulted a paradigm shift in the transition from physical world to a virtual world in many industrial scenarios. Thus, the development of the concept of industry 4.0 revolutionize the way of conducting businesses. The applications of industry 4.0 are rapidly growing in the financial sector as well. As modern customer expectations have risen with the technology improvements, they value relationship centric experience that hinges on trust and personalization while receiving unlimited accessibility, convenience and speed of service. This will challenge banks to deliver their services strategy by enabling advanced technologies. Accordingly, there is an essential need to define, formulate a set of guidelines or a basis for evaluating the progress of the current state of the operational processes of banking sector in the journey of adapting industry 4.0. This study proposes a Maturity Model to assess level of readiness in adapting to industry 4.0 of the banking sector. The proposed maturity model consists of five maturity levels namely: Initial, Managed, Defined, Established and Digital Oriented. The maturity of the bank was assessed based on seven dimensions and its explanatory factors. This scrutiny will provide a comprehensive review of literature in the fields of industry 4.0, its applications in the banking sector and its maturity models.