Paper Details

Banking and finance sector play very important roles in the economic development of nation. Economic development is a dynamic and continuous process which is highly dependent upon the mobilization of resources and innovation. The word “Industry 4.0” refers to the Fourth Industrial Revolution. It is the age where “smart devices” will assume major control over manufacturing and distribution machinery. India did not perform well during the first two industrial revolutions. However, the country befitted to some extent during the Third Industrial Revolution due to access to technology, rise in connectivity, and spread of computer power. Therefore, it is essential that India equips itself to avail the benefits of the ongoing Fourth Industrial Revolution. India has made some progress towards inducting new technologies in various sectors. The fourth industrial revolution has unfurled its wings over all industries to impact them positively. The banking & financial services sector is also one of the sectors that have leveraged the power of industry 4.0 extensively. Banking, insurance, mortgage, forex, stocks, and many other financial sectors are thriving due to the positive thrust of digital innovation and financial process automation in all countries of the word. The impact of industry 4.0 precisely referred to as I-4 is very prevalent from online payments, digital loans, plastic money, crypto currency, online forex trading, and many other financial activities in the financial services.

Industry-4, Industrial revolution, Make in India, internet, Banking & finance.