Abstract:

Industry 4.0 - representing the fourth industrial revolution - is undoubtedly having a huge impact on our daily lives today. And its impact is expected to gradually increase, significantly in banking sector as well. Several internal processes within banks are already taking place automatically, and digitization also affects the offer that banks provide to their clients. While in the past we used to perform banking operations through a personal visit to banks, today banking has a completely different dimension. Nowadays, bank clients can control their own finances and can make payments in several non-traditional ways. The transition to the use of digital banking services also requires new knowledge and skills, both from the point of view of bank employees and from the point of view of their clients.

The aim of our research is to identify and subsequently analyze the impact of Industry 4.0 on the banking sector and to analyze the level of awareness and use of digital banking from the perspective of bank clients. Respondents included in our survey were clients of banks operating in the Slovak Republic. The sample of respondents consists of 100 clients, from 15 to 60 years old.

Based on the survey, we identified areas that capture a low degree of knowledge in the use of electronic banking. Bank clients are willing to use innovative products or services, but currently not all banks offer them in the same volume. Clients also called for better information about the innovative banking services offered by banks during their implementation. Indeed, if clients were better informed and able to use these products or services effectively, it would help banks to function better within Industry 4.0. It is expected that in the future, classic forms of service provision will rapidly disappear within banking and clients will increasingly use mobile or digital services.

The second area of interest was the fact that having an open and forward-thinking mindset will make you a valuable bank in the digital transformation. Inspired by different studies we reveal the types of skills needed in digital banking sector. Banks are redefining job roles and restructuring their organizations to facilitate various digital banking initiatives so that they can compete and be a valuable partner to their clients.

Keywords:

Industry 4.0, Banking sector, Digital banking.