scholarly journals THE IMPACT OF INDUSTRY 4.0 ON THE TRANSFORMATION OF THE BANKING SECTOR

2019 ◽  
Vol 1 (1) ◽  
Author(s):  
Boško Mekinjić
Keyword(s):  
Artificial Intelligence ◽  
Industry 4.0 ◽  
Business Models ◽  
Banking Sector ◽  
Human Factor ◽  
Technological Changes ◽  
Digital Revolution ◽  
Generation Z ◽  
Full Capacity ◽  
The Impact

Industry 4.0 or Digital Revolution ischanging the way we live, changing interactions withclients and companies, which inevitably implies thatboth existing business methods and financial servicesare not exempt from this change. In the bankingworld, accelerated digitalization has made banks intensivelyre-examine traditional business models,which means that they have to respond quickly andefficiently to the demands of their clients while offeringsafe and simple services for use. Security and trust arestill key determinants, and banks have developed innovativebanking services and products over the pastfew years, including secured systems that reliably protectdata and money of clients. However, just like anyindustrial revolution, both Industry 4.0 and its impacton the transformation of the banking sector carrywith themselves both positive and negative consequencesof this transformation. Digitalization of thebanking sector is in full capacity, with the fact that thisprocess also includes other component parts of the Industry4.0, such as blockchain networks, artificial intelligence,IoT, biometrics, cooperation of banks withFinTech companies, preparation of the platform andother services for the Generation Z and other.In this paper, we explore how increased competition,new legislation, and all the changes that camewith digitalization, will affect the banking sector inthe upcoming period, will the banking sector look significantlydifferent in the upcoming years, and will, despiteall technological changes, human factor, trustand security still be the key determinants.

scholarly journals The impact of Industry 4.0 on the processes of social innovation

2021 ◽  
Vol 17 (Special Issue Nr. 1) ◽  
pp. 3-10
Author(s):  
Sándor Karajz
Keyword(s):  
Artificial Intelligence ◽  
Industry 4.0 ◽  
Social Innovation ◽  
Number Of Solutions ◽  
Digital Revolution ◽  
Good Practices ◽  
Technical Developments ◽  
The Impact ◽  
The Relationship ◽  
Opening Up

Our previous research into this topic has proved that technical developments significantly affect processes and effectiveness of social innovation. The current process of this development is called Industry 4.0. The first part of the study deals with industrial evolutions and the process of Industry 4.0 is interpreted. The second part of the study presents national and international examples and good practices in order to examine the relationship between digitalisation and social innovation. The results of Industry 4.0 reveal that there is an increasing number of solutions for social innovation that are based on digitalisation and automation. The current digital revolution is radically changing societies and opening up new opportunities for social innovation. Industry 4.0 results in social innovation solutions that use artificial intelligence to improve and optimise processes.

scholarly journals Synergy between Circular Economy and Industry 4.0: A Literature Review

2021 ◽  
Vol 13 (8) ◽  
pp. 4331
Author(s):  
Carlos Andrés Tavera Romero ◽  
Diego F. Castro ◽  
Jesús Hamilton Ortiz ◽  
Osamah Ibrahim Khalaf ◽  
Miguel A. Vargas
Keyword(s):  
Sustainable Development ◽  
Literature Review ◽  
Circular Economy ◽  
Industry 4.0 ◽  
Business Models ◽  
Evolutionary Relationship ◽  
Technological Changes ◽  
Research Papers ◽  
Step Model ◽  
The Impact

Recent research has shown that there is a correlation between the circular economy (CE) and Industry 4.0 (I4.0). In addition, other research papers have analyzed the way that CE uses the different I4.0 technologies to transfer from the existing linear economy to CE; however, there are still gaps in the literature regarding the challenges and impacts that society and individuals must face to be ready for the transition from a linear to a circular economy. These challenges seek to guarantee the sustainability and sustainable development of the different business models that mobilize products and services through supply chains. Here, we conducted a review and compilation of the latest bibliography of circular economy and Industry 4.0 theory. The objective of this work is to present the evolutionary relationship between CE and I4.0, as well as its multi-step model of analysis. This research is relevant because its topics are timely and pertinent, especially for academics. Further, at the time that this research was performed, none of the countries were concerned about the impact that technological changes have on the human being and on society, and up to now we do not currently have studies that show how people are being trained to face the transition from the linear economy, which is common in most societies, toward a CE.

scholarly journals Key Trends and Regulations of the Development of Digital business Models of banking services in Industry 4.0

2021 ◽  
Vol 25 (5) ◽  
pp. 59-78
Author(s):  
M. N. Dudin ◽  
S. V. Shkodinskii ◽  
D. I. Usmanov
Keyword(s):  
Industry 4.0 ◽  
Business Models ◽  
Banking Sector ◽  
Retail Banking ◽  
Banking Services ◽  
Digital Business Models ◽  
Banking Market ◽  
The World ◽  
Stable Growth ◽  
The Impact

The subject of the research is trends in the implementation of digital technologies in the banking sector. The relevance of the paper is due to the objective processes of global digital intervention of technologies in all spheres of human life and society. The research aims to identify, systematize and generalize key trends and regulations in the development of digital business models of banking services in Industry 4.0. For the first time, the authors identified and systematized modern trends and regulations in the development of digital business models of banking services in Industry 4.0, offered their own conceptual vision of the concept of “digital business model of banking services”. The authors apply general scientific, philosophical, analytical, statistical, problem chronological and historical-genetic methods, as well as methods of expert assessments. The article summarizes the main stages of the evolution of business models of the banking sector, reveals substantive and methodological differences between traditional remote banking services and digital banking, highlights the main business models for organizing digital banking; provides up-to-date data on the level of development of digital banking in the main geographic zones of the world; shows the dynamics and key areas of investment in the fintech industry in 2014–2019 and provides a critical analysis of their conditions; identifies problematic aspects of the development of digital business models of banking; describes the functionality of the main digital business models of Russian banks with the author’s assessment of their capabilities and examples of their use in Russian practice. The authors conclude that the main drivers of digitalization of the banking sector are stable growth of non-cash payments in the world and in Russia; stable growth of the global digital banking market; the impact of the COVID-19 pandemic on the active demand of consumers of remote financial services; increased competition in the retail banking market; and a significant decrease in margins for traditional banking products. Identification and systematization of trends and regulations in the implementation of digital business models of banking services can form the basis for further analysis of the specifics of digitalization and personalization of digital banking in Industry 4.0 for the sustainable socio-economic development of the country in terms of possible advantages and threats to the security of financial resources and personal data of customers.

scholarly journals The Impact of Force Factors on the Benefits of Digital Transformation in Romania

2021 ◽  
Vol 11 (5) ◽  
pp. 2365
Author(s):  
Sorinel Căpușneanu ◽  
Dorel Mateș ◽  
Mirela Cătălina Tűrkeș ◽  
Cristian-Marian Barbu ◽  
Adela-Ioana Staraș ◽  
...  
Keyword(s):  
Perceived Risk ◽  
Industry 4.0 ◽  
Business Models ◽  
Structural Model ◽  
Digital Transformation ◽  
Sample Survey ◽  
Intention To Use ◽  
Online Questionnaire ◽  
Use Of Technology ◽  
The Impact

The digital transformation has produced changes in all existing areas of activity worldwide. There are many factors that can influence the intention to use Industry 4.0 processes and solutions and change the behavior of organizations and their business models. The aim of this study is to validate the econometric model on assessing the significant impact of distinct factors on the intention to use Industry 4.0 processes and solutions, the benefits of digital transformation perceived by organizational management and the differences between distinct groups analyzed. The research method used within the quantitative study was the sample survey, using the online questionnaire as a data collection tool. Three hundred forty-seven valid questionnaires were collected and the response rate of the respondents was 64.25%. A new structural model was generated based on the elements of the Unified Theory of Acceptance and Use of Technology (UTAUT). The results of the study indicated that Perceived competitiveness and Perceived risk have a significant impact on Intention to Use Industry 4.0 processes while Perceived vertical networking solutions and Perceived integrated engineering solutions have a significant influence on the Intention to Use Industry 4.0 solutions. In conclusion, there is a positive and significant association between Intention to Use Industry 4.0 solutions and Benefits of Digital Transformation.

scholarly journals The impact of the digital revolution on the Russian financial sector development and the results of economic transformation

2020 ◽  
Vol 210 ◽  
pp. 02006
Author(s):  
Oksana Yuryeva ◽  
Lyubov Pudeyan ◽  
Tatiana Medvedskaya ◽  
Elena Zaporozceva ◽  
Natalia Zemlyakova
Keyword(s):  
Banking Sector ◽  
Digital Technologies ◽  
Financial Sector ◽  
Economic Transformation ◽  
Competitive Strategies ◽  
Digital Revolution ◽  
Global Trends ◽  
Financial Organization ◽  
State Economy ◽  
The Impact

The paper examines the impact of the digital revolution on the development of the Russian financial sector and the results of economic transformation. The authors substantiate the relevance by the fact that new opportunities for digital technologies and new regulatory rules are imposed on a complex international situation and an ambiguous global economic situation and create a very complex background for strategic planning of the development of small and medium-sized financial organizations. The authors built a model of the navigator of strategic approaches, made prerequisites for clarifying the model of the palette of strategies, created a new metamodel of digital transformations of a financial organization, created a new framework for building IT strategies, identified opportunities, limitations and obstacles to the implementation of competitive strategies of financial organizations in the context of digital transformations of the state economy. The directions for the development of digitalization in the banking sector of the Russian Federation are proposed: the introduction of a financial messaging system to reduce the dependence of the banking sector on international organizations, the introduction of regtech, the use of international experience, based on global trends in the use of fintech and digital technologies in general.

Procurement 4.0: factors influencing the digitisation of procurement and supply chains

2018 ◽  
Vol 24 (4) ◽  
pp. 965-984 ◽  
Author(s):  
Florian Bienhaus ◽  
Abubaker Haddud
Keyword(s):  
Supply Chains ◽  
Industry 4.0 ◽  
Online Survey ◽  
Business Models ◽  
Industrial Revolution ◽  
Primary Data ◽  
Content Type ◽  
Procurement Process ◽  
Enabling Technologies ◽  
The Impact

Purpose While digitisation is a key driver of the fourth industrial revolution (Industry 4.0); organisations have different approaches to deal with this topic to get a clearer picture of the opportunities and challenges concerning the digital transformation. The purpose of this paper is to identify the impact of digitisation on procurement and its role within the area of supply chain management. The research will also explore potential barriers to digitising procurement and supply chains and ways to overcome them. Finally, the significance of potential enabling technologies to the digitisation will also be examined. Design/methodology/approach A quantitative approached utilising an online survey was used to collect the primary data for this study. Data were collected from 414 participants directly involved with procurement or related business functions and work for different organisations in different industries. The survey included eight items about the impact of digitisation on organisational performance in the area of procurement and supply chains; ten items related to key barriers to digitisation of organisations and ways to overcome them; and seven items about enabling technologies to leverage procurement procedures and processes digitisation. All of these items utilised the Likert five-point level of agreement scale. Findings The findings indicate that digitisation of procurement process can yield several benefits including: supporting daily business and administrative tasks, supporting complex decision-making processes, procurement will become more focussed on strategic decisions and activities, procurement will become a strategic interface to support organisational efficiency, effectiveness, and profitability, and supporting the creation of new business models, products, and services. The authors were also able to confirm that there are barriers to digitising procurement process and supply chains and such barriers found in existing procedures, processes, capacities, and capabilities. Finally, the significance of a number of enabling technologies to the digitisation process was revealed. Originality/value To the best of the authors’ knowledge, this is the first study of its kind with participants located world-wide. Industry 4.0 as a topic had been explored within different business areas and functions but very limited research specifically explored potential impact, barriers, and enabling technologies of procurement 4.0. The results can be beneficial for organisations already implemented Industry 4.0 or planning to do so. The study can also benefit academic scholars interested in the researched topic, business professionals, organisations within different sectors, and any other party interested in understanding more the concept of procurement 4.0.

Industry 4.0 and Sustainability

2020 ◽  
pp. 67-84
Author(s):  
Sibel Yildiz Çankaya ◽  
Bülent Sezen
Keyword(s):  
Sustainable Development ◽  
Global Warming ◽  
Natural Resources ◽  
Industry 4.0 ◽  
Business Models ◽  
Industrial Revolution ◽  
New Business ◽  
The Impact ◽  
Industrial Revolutions ◽  
New Business Models

Modern industry developed over several centuries and three industrial revolutions. Today, we experience the fourth era of the industrial revolution, Industry 4.0. The advance of industrialization brought along many problems, including environmental pollution, global warming, and depletion of natural resources. As a result, the concept of sustainability began to gain importance. Sustainability can be achieved through a balance between economic, social, and environmental processes. In order to establish such balance, businesses need new business models or insights. At this point, Industry 4.0 can be regarded as a new business mindset that will help businesses and communities move towards sustainable development. The technologies used by Industry 4.0 bear a strong promise to solve these problems, after all. Even though Industry 4.0 attracts a lot of attention lately, few works are available on its impact on sustainability. This chapter examines the impact of Industry 4.0 on sustainability.

Regulating Digital Transformation

2021 ◽  
pp. 161-183
Author(s):  
Belal Hafnawi
Keyword(s):  
Artificial Intelligence ◽  
Cloud Computing ◽  
Industry 4.0 ◽  
Industrial Revolution ◽  
Digital Transformation ◽  
Small Scale ◽  
The Core ◽  
Road Map ◽  
Regulatory Frameworks ◽  
The Impact

Digital transformation is the core value of the 4th industrial revolution or Industry 4.0. Although the efforts are focused on utilization and usage of technologies like artificial intelligence, internet of things, cloud computing, and many other technologies. We should focus in parallel on regulating the technologies to provide the proper road map and put the proper regulatory frameworks to remove uncertainties in development, investment, or implementation of technologies. Regulatory effectiveness is very important in saving time and rolling out technologies. In one initiative, regulatory technology (RegTech) will utilize the technology to enhance the regulatory process in financial sector; Regulation 4.0 is another; however, plenty of work is still ahead. Some regulators are keen to facilitate the emerging technologies and to see the consequences immediately, thus they use sandbox thinking in evaluating the impact at a small scale. In summary, this chapter will highlight the different practices and methodologies to regulate the digital transformation in the best way.

What Has Not Changed

2019 ◽  
pp. 209-239
Author(s):  
Huw Macartney
Keyword(s):  
Financial Crisis ◽  
Business Models ◽  
Banking Sector ◽  
Value Added ◽  
Financial Sector ◽  
Quantitative Easing ◽  
The Real ◽  
Anglo American ◽  
The Impact

This chapter begins by explaining that financialization since the financial crisis has continued. The chapter then shows how the real culture of banking has not changed as a result. It examines the business models of the largest Anglo-American banks and the impact of Quantitative Easing to show the disconnect between the banks and their respective economies. It then examines rising household indebtedness, and the lending practices of the banks that exploit the heavily indebted. Finally it explores pay in the financial sector, showing that fixed and variable remuneration remain out of proportion to the value-added of the banking sector, and disproportionately high compared to pay in most other sectors. The conclusion we should draw is that bank culture has actually changed very little.

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