Development Review

Vol 33, Issue 1, 2024

Emergence of Fourth Industrial Revolution (4IR) and Fintech: Future of Banking in the Era of Digital Transformation

Author(s) : AKM Kamrul Islam, Tauhidul Islam and Dr. Md. Anowar Hossain

Abstract : 

The Fourth Industrial Revolution (4IR) has been knocking at the door. Industry, trade, education, medicine, transportation etc. are changing rapidly with the innovation and adaptation of advanced digital technology. The banking sector is also going to be transformed digitally to satisfy the customers and fulfill their expectations. The bank has started its digital journey by introducing ATM, core banking software, internet banking, and mobile banking. Banks are going to start branchless banking with the help of artificial intelligence, robotics, machine learning, internet of thoughts, automation, virtual reality, and augmented reality. The competition for technological excellence has started among the banks. At the same time, tech giants like Google, Apple, Facebook, and Amazon are going to start similar activities like these banks. Conventional banks are facing challenges due to continuous changing and evolving of financial technologies over time. Developed countries are reducing their branches gradually and introducing digital banking with state –of- the- art software, different apps, digital wallet, and artificial intelligence. Now the question is which strategies will be followed by developing countries’ banking sectors like Bangladesh and do they transform digitally or remain conventional? Therefore, this article is to illustrate the outline of future banking in the technological transformation that is going to take place due to the Fourth Industrial Revolution (4IR) and financial technology.

Keywords : 4IR, Fintech, Digital Technology, Branchless Banking, Digital banking, Digital Transformation

  Download
56-76