ScienceDirect

Available online at www.sciencedirect.com

ScienceDirect
Procedia Computer Science 00 (2020) 000–000
www.elsevier.com/locate/procedia
Available online at www.sciencedirect.com
Procedia Computer Science 00 (2020) 000–000
www.elsevier.com/locate/procedia
ScienceDirect
Procedia Computer Science 177 (2020) 496–502
The 7th International Symposium on Emerging Information, Communication and Networks
(EICN 2020)
November
The 7th International Symposium on2-5, 2020, Madeira,
Emerging Portugal
Information, Communication and Networks
(EICN 2020)
Industry 4.0 and its Implications
November for Portugal
2-5, 2020, Madeira, the Financial Sector
Industry 4.0Badr
andMACHKOUR
its Implications
a, forABRIANE
*, Ahmed the Financial
b Sector
a
The Faculty of Law and Economic Sciences
a, at Ibn Zohr University, Agadir, bMorocco
b Badr MACHKOUR *, Ahmed ABRIANE
The Faculty of Law and Economic Sciences at Ibn Zohr University, Agadir, Morocco
a
The Faculty of Law and Economic Sciences at Ibn Zohr University, Agadir, Morocco
b
The Faculty of Law and Economic Sciences at Ibn Zohr University, Agadir, Morocco
Abstract
Rather than a necessity with technological development, digitalization has become an unavoidable requirement in all
Abstract
sectors. Spreading between the end of the 18th and the beginning of the 19th century the first industrial revolution was
markedthan
Rather by mechanical
a necessity production driven by
with technological hydraulic and
development, steam engines,
digitalization has mass
becomeproduction based on
an unavoidable the divisioninofall
requirement
labor andSpreading
sectors. driven bybetween
electrical
theenergy,
end ofandthe the
18thshift
andto theautomated
beginningproduction
of the 19thsupported byfirst
century the computer technologies.
industrial revolution was
Today
markedthebyworld is witnessing
mechanical a new
production and deeper
driven transformation
by hydraulic and steambased on virtualization
engines, mass productionand based
the interconnection
on the divisionofof
intelligent industrial
labor and driven objects called
by electrical Industry
energy, and the4.0. First
shift uttered in 2013,
to automated this new
production era aimsbytocomputer
supported define "the transition from a
technologies.
time when people worked with computers to a time when computers work without humans".
Today the world is witnessing a new and deeper transformation based on virtualization and the interconnection Thus, the development
of of
informationindustrial
intelligent technology, the widespread
objects called Industryuse 4.0.
of computers,
First utteredtheininternet andnew
2013, this mobile
era phones
aims to have had
define antransition
"the impact onfrom
the a
financial
time whensector like
people all other
worked withsectors, leading
computers to atotime
the emergence
when computersof newwork
companies,
withoutnew financial
humans". instruments
Thus, and
the development of
products. technology, the widespread use of computers, the internet and mobile phones have had an impact on the
information
Indeed, Fintech
financial innovations,
sector like all other digital
sectors,banking
leadingand Blockchain
to the emergence technologies can be counted
of new companies, amonginstruments
new financial the examples. andIn this
article we try to examine the impact of the digitalization process on the financial sector. In the same sense, business
products.
activities have changed
Indeed, Fintech with the
innovations, emergence
digital bankingof andIndustry 4.0, the
Blockchain evolution of
technologies canfinancial markets
be counted amongin Morocco and around
the examples. In this
the world, and new next generation technologies in the field of finance will be covered.
article we try to examine the impact of the digitalization process on the financial sector. In the same sense, business
activities have changed with the emergence of Industry 4.0, the evolution of financial markets in Morocco and around
the world, and new next generation technologies in the field of finance will be covered.
© 2020 The Authors. Published by Elsevier B.V.
© 2020 The Authors. Published by Elsevier B.V.
This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
This is an open access article under the CC BY-NC-ND license (https://creativecommons.org/licenses/by-nc-nd/4.0)
Peer-review
© under
2020 The under
Peer-review responsibility
Authors. Published by
responsibility ofthe
of theConference
Conference
Elsevier ProgramChairs.
B.V. Program Chairs.
This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Keywords:
Peer-review Financial
under sector; Industry
responsibility 4.0; FinTech; Program
of the Conference Digital Banking;
Chairs.Blockchain;

Keywords: Financial sector; Industry 4.0; FinTech; Digital Banking; Blockchain;

* Corresponding author. Tel.: +212-604-227-009

E-mail address: winsmachkour@gmail.com
* Corresponding author. Tel.: +212-604-227-009
1877-0509 © 2020 The
E-mail address: Authors. Published by Elsevier B.V.
winsmachkour@gmail.com
This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Peer-review under responsibility of the Conference Program Chairs.
1877-0509 © 2020 The Authors. Published by Elsevier B.V.
This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Peer-review under responsibility of the Conference Program Chairs.

1877-0509 © 2020 The Authors. Published by Elsevier B.V.

This is an open access article under the CC BY-NC-ND license (https://creativecommons.org/licenses/by-nc-nd/4.0)
Peer-review under responsibility of the Conference Program Chairs.
10.1016/j.procs.2020.10.068
 2 Badr
BadrMACHKOUR
Machkour etetal.al./ Procedia
/ ProcediaComputer
ComputerScience
Science177
00 (2020) 496–502 497
(2018) 000–000

1. Introduction

Let's start at the beginning... What is the fourth industrial revolution? Also called Industry 4.0 and triggered by
digital technologies, it refers to the process of transforming the economy and society in tandem with intelligent
robots, cloud computing technologies, artificial intelligence (AI), large data, the Internet of Things, 3D printers and
other scientific developments. Furthermore, the concept of Industry 4.0 is not only limited to the integration of value
chain components within the automation system but also their assimilation with each other. Therefore, faster, more
efficient and better industrial transformation cannot be achieved without intelligent and autonomous machine
interactions. As a result, these metamorphoses will willingly or unwillingly change the way people live, work and
think. In the same context, the financial sector, as an integral part of daily life, will inevitably be impacted by these
radical developments.
In the context of technological and behavioral changes around the world and trends reshaping applicable models,
advanced organizations, regulatory institutions, practitioners of technological ecosystems and effective coordination
models allowing for favorable interaction in corporate financial management and ensuring greater flexibility when
integrating technology and digital transformation internally and externally. In addition, the restructuring of the
financial sector also requires the intervention of FinTech and Blockchain technologies. Furthermore, in order to
remain competitive and above all to avoid disappearing due to global competition and the ever- increasing
complexity of the workplace, there is a need to adapt to the potential for intense work created by the binarization of
the internet and smartphones.
In this vision, in this article, we try to address the 4.0 industry, advanced technologies, digital banking,
Blockchain technology and applications of the 4.0 industry in the world.

2. Industry 4.0 Technology at the heart of industry: a boon to productivity

The traditional industry worldwide is undergoing rapid change due to the digital transformation, accelerated by
constantly evolving technology. It is a widely accepted fact that the world has experienced four industrial revolutions
to date. These are the first industrial revolution with the invention of the steam engine, which is the basis of the
modern production system, the second industrial revolution with the invention of electricity and the emergence of
mass production, the third industrial revolution with the introduction of the first programmable logic systems and
the concept of digitalization into our lives, and the fourth industrial revolution achieved by the shift to systems that
link the physical world to the artificial one with the help of sensors. The trends in the integration of information
technology and industry, which occurred during the last industrial revolution, are treated as a transformation and
called Industry 4.0 (I4.0). So, "At its core, Industry 4.0 is about monitoring and controlling your machines and
equipment in real time by installing sensors at every step of the production process," explains Pierre Cléroux, Vice
President, Research and Chief Economist at BDC.
Commonly used terms to describe Industry 4.0 are Cyberphysical Systems (CPS), Bulky Data, Cloud
Technologies, Internet of Things (IoT), Intelligent Factory, Intelligent Product, Internet of Services (IoS), M2M
(Machine- to-Machine) and Artificial Intelligence (AI) [1].
Moreover, the transition of almost all of the company's services and activities to the era of ICTs (Information
and Communication Technologies), the famous information technologies, is therefore both an imperative and an
opportunity for it. These innovations are supposed to ensure significant gains in efficiency and performance. They
are designed to optimize productive capacities, exchanges, communication between all information systems and
mobility. Letting oneself be overtaken by this trend means compromising one's competitiveness, perhaps even one's
survival, as the business environment is increasingly competitive. Adapting to change is a vital issue.
The company therefore adapts to it and, in doing so, offers itself opportunities for improvement thanks to
innovative and high-performance tools, such as Cloud computing, for example. Cloud computing is an outsourced
solution that provides, among other things, colossal data storage and management capacities. Technological
advances also make it possible to better understand customer needs and thus improve customer satisfaction. The fact
that we can offer them an adapted and personalized offer is undeniably a major asset.
The need to adapt to the pace of competition in the new world makes it necessary to move towards the use of
information technology and services. Moreover, instead of investing in integrated infrastructures, cost-saving and
productivity structures that can develop rapidly when needed and offer cost advantages have gained in importance
[2].
498 Badr Machkour et al. / Procedia Computer Science 177 (2020) 496–502 3
Badr MAHKOUR et al. / Procedia Computer Science 00
(2018) 000–000

In Industry 4.0, information technology provides the connection between physical and digital systems. Thus,
communication and continuity of each component in a network system is guaranteed by structures known as CPS.
The latter is driven by the Internet infrastructure. From buildings to machines, from logistics activities to data
security and social networks, all kinds of operations are under the influence of AI technologies. The flow of data is
instantaneous and fast, coming from multiple sources and involving large volumes. Therefore, this data analysis and
processing operation will create the problem of large data volumes. Indeed, solving this type of problem requires
the intervention, through cloud computing technologies, of some specific operations, namely extraction and
reduction [3].
In Industry 4.0, the work is based on IoT. The current operation, performance and achievements of automation
systems are constantly measured, thus ensuring that new insights are discovered and adopted that will increase the
efficiency of the systems. Machines and systems connect, communicate and adjust themselves, thus optimizing their
work and even making and implementing decisions on behalf of man under the roof of artificial intelligence and
providing new solutions to new problems [4].
In the same sense, intelligent factories increasingly seek to reduce human intervention in the manufacturing
process and increasingly refer to new generation manufacturing facilities where machines communicate with each
other quickly and efficiently. Indeed, they are able to supervise, without human intervention, all production
processes, reducing error and waste rates and waiting times. In addition, they are able to draw up production and
shipping plans, thereby increasing productivity. Intelligent products refer to how, where and when they will be
produced; they record the raw materials obtained from which supplier they will be manufactured, plan how they will
be packaged and where they will be shipped, and increase the perception of quality [5].
Finally, the transition from the third industrial revolution to the fourth remains reserved for those who manage
this transition properly by directing investment towards digital. The main objective of this transformation is to
optimize effectiveness and efficiency in order to increase profitability and improve the quality of the service/product
delivered. Thus, having an infrastructure that is not integrated with digitization will slow down the evolution of the
company whatever its field of activity. The problem is not limited to the diversification of its products/services or
its operations but the whole way in which it conducts its business; it is the whole ecosystem on which the company's
strategies and the guidelines for its future are based.

3. Financial technologies (FinTech)

A contraction of finance and technology, the term "Fintech" is said to have appeared for the first time in the
1980s and 1990s in the Anglo-Saxon specialist press. Only after the financial crisis of 2007 did it spread widely
outside the world of finance to describe innovative, rather young companies using digital, mobile, artificial
intelligence, etc. technologies to rethink financial and banking services to be more efficient, cheaper and faster.
Technological advances have made it possible to reinvent finance and even shake up the established players in
the sector by creating new products and new opportunities. The latter allow FinTechs to penetrate into customer-
focused areas neglected by the big players. The applications popularized by mobile phones, the accelerated use of
the Internet due to changes in software and engineering, continue to have an impact on the financial sector as well
as on many other sectors.
Mobile and digital payment systems remain the main bathtub for FinTechs. In addition, many technologies offer
services in the following areas: Banking APIs, Artificial Intelligence, Personal Finance, Retail Investments,
Corporate Investments, P2P (peer-to-peer) lending, Mass Finance, Asset Management, Money Transfer, Important
Data and Analysis, Financial Platforms, InsurTech, RegTech, Blockchain and Cryptocurrency Technology, Robo
Assistants and Next Generation Banking.
The number of FinTech companies is growing rapidly worldwide. FinTech offers further options in many areas
such as payment systems, credit solutions, asset management and insurance services; SMEs also benefit from similar
applications (https://bariskirenci.wordpress.com). While some of the solutions created in these areas are further
innovations, others represent a radical transformation for the industry.
"2015 is the year when Fintech became mainstream," says KPMG, with an explosion in the amount of money
invested by venture capital funds in the sector's start-ups, followed by the major established players in finance: $47
billion was invested that year in the sector's start-ups
With technology, there is also a transformation of customers. As millenniums of people join the workforce,
customer expectations are changing. The concept of the digital customer in production and consumption is
developing and the offers must correspond to this. With the introduction of artificial offices, digital platforms that
 4 Badr
Badr Machkour etetal.
MACHKOUR al./ /Procedia
ProcediaComputer
ComputerScience
Science177
00 (2020) 496–502 499
(2018) 000–000

allow business partners to communicate with each other via a single channel on the Internet are gaining in
importance. Companies that provide platform services encourage companies that produce services and products to
applications that are successful around the world [3].
For example, a FinTech application with access to customers' social media accounts can determine credit scores
based on account activity. InsurTechs placed under FinTech and set up to produce solutions for the insurance
industry with IoT solutions are able to provide another evaluation service that can determine car insurance premiums
based on car usage patterns by analyzing data received from a car's data interface.
There are generally several categories of Fintech:
 Fintech BtoC (business-to-consumer) which are aimed at the general public, for example the 100% digital
"neobanks", without an agency, which offer a low-cost account and payment card (Compte Nickel, Morning),
online jackpot like Leetchi or LePotCommun, payment applications such as Lydia or personal finance
management applications (Bankin, Linxo), as well as wealth management tools (dashboards such as Grisbee)
or automated investment tools (robo-advisors such as Marie Quantier) ;
 The Fintech BtoB (business-to-business) offering financial services to companies, SMEs or large accounts,
for example online currency transfer (Kantox) or dematerialized factoring (Finexkap) ;
 Fintech BtoBtoC (business-to-business-to-consumer), like the participatory financing platforms, which bring
together project leaders, creators, traders, SMEs, and investors, individuals or professionals: crowdfunding
in donations with or without rewards (KissKissBankBank, Ulule), crowdlending (loans to SMEs, such as
Lendix or Lendosphere) and crowdequity (capital financing, such as Sowefund);
 Insurtech, in insurance: from comparator, like Fluo, to collaborative insurance like Inspeer or Otherwise,
and 100% digital health insurance, like Alan;
 Regtechs, companies that offer technological solutions to meet the regulatory and compliance constraints of
mainly banking players (particularly in terms of customer knowledge or "KYC" in the jargon) such as
Fortia or Neuroprofiler.
Legislation and regulations need to be updated with developing technologies and adapted effectively to the digital
world. RegTechs (Regulatory Technologies) - which control social, economic and financial areas, all of which are
a growing component of the complex and rapidly changing FinTech world - have opened a new window on the
security, compliance and risk management of legislation and regulations, especially public sector regulations, which
are based on information systems. This is technology designed to help companies adapt to regulations effectively
and efficiently. Money laundering prevention, fraud control, regulatory compatibility with robotic technologies,
behavioral analysis and identity detection can be counted among the successful RegTech initiatives [6]. While global
reports show the concentration of RegTech companies in the United States, the United Kingdom and Ireland, Turkey
is not yet on the list.

4. Digital transformation in the banking sector

The financial sector, and the banking sector in particular, is a dynamic industry with intense competition for
products and/or services. As a result, banks are constantly striving to grow and transform in order to avoid being
outperformed by their competitors. Historically, competition was on the first ATM, the first telephone banking, the
first Internet banking and the first mobile banking applications. Currently, the race is on for digital banking structures
that allow services to be provided through digital channels.
Moreover, the realization of financial transactions began with the entry of the Internet into our lives in the late
1990s. Indeed, the invention of smartphones represents the real accelerator of access to the Internet on a permanent
basis.
With the negative effects of the 2008 crisis as well as outstanding loans, banks had to face these threats; some
initiatives that perceived this as an opportunity entered the market through the marriage of financial services and
technology. In IT, the API, which stands for Application Programming Interface, is an interface created essentially
to allow the functionality of one system to be used in other applications. But what is an interface? The word
"interface" is its source. Without realizing it, we use many interfaces in our daily work. Without going directly into
programming, a common example of an interface is a remote control for your television. This interface gives you a
way to interact with your TV, without having to dive into the wires and circuits of your TV.
500 BadrMAHKOUR
Badr Machkour etetal.
al.//Procedia
ProcediaComputer
ComputerScience
Science177
00 (2020) 496–502 5
(2018) 000–000

Thus, the API can be summed up as an IT solution that allows applications to communicate with each other and
exchange services or data with each other. It is actually a set of functions that facilitate, via a programming language,
access to the services of an application. One of the best-known examples is the Google Maps API, which provides
access to Google's geolocation data and features.
In addition to the alternative distribution channels through which banks reach their customers - such as ATMs,
Internet branches, mobile branches - banks are able to reach their customers on alternative platforms thanks to
applications developed by these branches. It also enables banks to offer their customers more value outside a closed
environment. In addition, it enables both internal and external IT governance. A real revolution for banks.
Moreover, if before, banks thought they could not develop without a website or a mobile application, today they
cannot think of a better development without an API. As far as the banking API and the computer side are concerned,
these are interfaces for two computer programs to communicate. Therefore, different services can be grouped
together in an API that will be a single point of contact with the bank. It is a powerful tool for overhauling the aging
architecture of the banking information system and adapting its mode of operation to current issues. The
implementation of APIs increases the agility of banking information systems.
Initially, APIs were only developed within the boundaries of the banking information system before they were
developed and became "consumable" by internal applications. However, competition and regulation are forcing
financial institutions to consider opening up to the outside world through banking APIs. However, the latter are not
intended to be exposed to third-party programs. However, many conservative institutions are not prepared to make
this data available to the public through the IPA, unless there is a need to do so.
Bringing payment systems out of the monopoly of the banks implies transforming the whole sector. All
authorized institutions can now be payment intermediaries and the requirement for the institution concerned to be a
bank is eliminated. In essence, a card is a series of numbers which are verified by a PIN code or signature and which
confirm the person making the purchase. With open banking systems, this series of numbers can be used as an
intermediary to make payments directly from the bank account and certain verification steps will be carried out. The
e-commerce industry, which accounts for a significant proportion of card payments, has begun to provide services
for this purpose. It is possible to propose that a payment infrastructure that does not require a physical card or point-
of-sale machine may become widespread in the near future [7].
Today, one could speak of a number of world-renowned startups offering payment services. The relationship
between banks and technology has reached a whole new level with the FinTech trend, and technology companies
are now becoming rivals to banks. FinTechs that offer easier and cheaper primary banking functions to their
customers have become an alternative to banks. There are FinTech companies, such as Union, that have surpassed
$1 billion in basic banking services. These include PayPal, Square, Stripe, et al. in payment systems; PayPal again,
TransferWise, Dwolla, et al. in money transfer; Lending Club, Credit Karma, et al. in lending. Bitcoin and other
cryptocurrencies that have formed a new monetary system have the potential to reshape the banking world.
The importance of the direct impact of innovative technology initiatives on markets has accelerated financial
innovation work and demonstrated its impact on R&D spending as well. According to OECD data, total global
spending on financial innovation has continued to increase steadily since 2004, except for 2008-2009 [8].. Banks
are also making efforts to capture and develop innovative ideas by establishing R&D centers and organizing various
hackathons.
The digital transformation is giving rise to new products and services in payment systems. For example, Amazon
has filed a patent application for "Payby-selfie" and Mastercard offers Selfie payment to its users. Conversely, with
the development of bulk payment chain technology, "push" payments that will replace unmediated transactions
between accounts will become a reality. With the Amazon Go market initiative in the United States, similar shopping
experiences around the world will soon become FinTech achievements and instant payment networks will be
established around the world. Innovations in the digital world will continue to be the destructive power of previous
technologies [6].
Another application is that of electronic cheques, developed to eliminate false cheques and enable the issuance
of low-risk cheques. Under this system, companies that go bankrupt will not be able to use their remaining cheque
holidays and their cheques will be invalidated; in addition, a company will be able to issue cheques in proportion to
its financial turnover and its clearing account will be controlled.
It is possible to observe, particularly over the last ten years, the important contributions of artificial intelligence
to financial institutions and customer relations. ChatBot stands out among many other products in the field, such as
the latest application of artificial financial assistant. Its use is expected to become widespread due to the familiarity
of generations Y and Z with mobile communication and their preference for texting. ChatBot applications from
American Express and Bank of America, Amexbot and Erica, respectively, are considered the industry's leading
 6 Badr
Badr Machkour etetal.
MACHKOUR al./ /Procedia
ProcediaComputer
ComputerScience
Science177
00 (2020) 496–502 501
(2018) 000–000

applications and are expected to replace call centers [9].

The reduction in the number of branches and workforce in favor of digitization is emerging as the inevitable
outcome of financial institutions. As new technologies reduce labor requirements and accentuate the trend towards
smaller work teams, there is now a steady decline in the number of bank employees. While banks around the world
had the highest number of branches in 2016, the steady decline in the number of branches after that year and the
growing importance of branchless banking are seen as the results of digital banking. However, although
technological advances have changed products and services, branches continue to play an important role in banking
transactions. When looking at trends and the structure of branch banking, it can be said that branch banking will
undergo a transformation.

5. Blockchain technology and cryptocurrency

Being part of the buzzword in the world of technology. All sectors are starting to work on concrete use cases but
few players can boast of having developed revolutionary solutions. For good reason: blockchain technology is still
very complex to grasp. The Blockchain has emerged as a technology to ensure the security and transparency of
financial transactions. Indeed, it is based, as part of the digital transformation process, on the idea of storing
encrypted data on a distributed network, thus relieving companies of their concerns about data confidentiality,
integrity and accessibility. Thus, it is a technology that makes it possible to store and transmit information
transparently, securely and without a central control body. It resembles a large database that contains the history of
all the exchanges made between its users since its creation.
The Blockchain concept, introduced for the first time in 2008, was used to record transactions carried out using
bitcoins and has been described as the greatest network revolution after the Internet, i.e. its underlying technology.
In the near future, it will be used not only for financial transactions, but also for medical records that are sensitive
in terms of data confidentiality, records of personal information such as music and films, accounting records, contract
and property rights management records and in a variety of other applications.
In addition, it is emphasized that Blockchain is at the heart of Industry 4.0 and is one of the most critical
innovative technologies in the digital transformation in the industry (https://news.bitcoin.com). It can be used in
three ways: for the transfer of assets (money, securities, shares...), for better traceability of assets and products and
for the automatic execution of contracts (so-called "smart contracts").
In the same way, Blockchain is able to perform certain tasks that e-commerce companies, banks, notaries and
even governments perform, much faster, cheaper and more securely. It is not possible for banks to remain indifferent
to this new system. For example, following the example of ABN Amro, ING and Rabobank, three major Dutch
banks have announced R&D activities on Blockchain technology to improve their payment systems
(https://hbrturkiye.com). The world's leading banks and institutions, including Bank of America, Deutsche Bank,
Goldman Sachs, Citigroup and Santander, have also invested heavily in this technology and have set up research
laboratories.
In addition, cryptocurrencies, which have gained popularity with Bitcoin, began to become popular in the early
2010's. As Bitcoin, the most popular cryptocurrency, is transferred over a data-sharing network between people with
the Blockchain infrastructure, it does not require any intermediary institution and, therefore, money transfers are
carried out very quickly and cheaply. As a result, it has begun to be considered as an investment tool in the world,
and studies on crypto competition are being carried out intensively in both the financial sector and academia [10].
Although it seems to be losing popularity these days, Bitcoin is still on the agenda of the financial world.
Cryptocurrencies, which are frowned upon by the financial sector due to the impossibility of tracking
transactions, will soon be available to be used for payments in various locations. In fact, they are currently used in
certain sectors such as retail, fast food and e-commerce.
Initial Coin Offerings (ICOs) have emerged as an alternative Community financing platform to the traditional
financial system and are the crypto credit equivalent of Community financing. It is one of the easiest and most
efficient ways for companies and individuals to find capital to finance projects and for small investors with limited
budgets to invest in projects they consider worthwhile. It usually lasts a week or more and consists of an activity
where people can buy one of the new tokens in exchange for cryptocurrency.

6. Conclusions
502 BadrMAHKOUR
Badr Machkour etetal.
al.//Procedia
ProcediaComputer
ComputerScience
Science177
00 (2020) 496–502 7
(2018) 000–000

In achieving digital transformation, Industry 4.0 has made many innovations possible, some of which include
knowing what customers actually do and behaving accordingly, offering customers special options, focusing on
customer satisfaction, making technology-based services, increasing the use of sensors and large data in business
processes, completely transferring production processes to robots, developing artificial intelligence, manufacturing
at home using 3D printers, and analyzing and evaluating large data.
With the rapid increase in Internet access and the use of mobile devices, customer expectations have reached
high levels in the financial sector, as in all other sectors. Consumers now expect financial services that are easily
accessible from anywhere and that are fast, fun and user-friendly. The development of technology and growing
customer expectations are driving new needs in the financial sector and the digital transformation is essential to
attract customers and increase the loyalty of existing customers.
The new business models brought about by financial technology are prompting banks and various industry
players to develop projects in this area. Mobile banking is now more important than branches, call centers and online
banking in many areas. Financial technology solutions that intelligently meet the credit needs of SMEs with different
financial options are now being implemented; in this changing environment, banks are changing their structures as
well as their projects. As alternative distribution channel units are moving towards digital banking in many banks,
even new positions at the level of deputy general manager for digital and data have been created. It is expected that
some professions will become completely obsolete, others will develop further and new ones, currently unknown to
us, will emerge. Therefore, in order to maintain stability in the face of ever-increasing competition and,
consequently, changing market conditions, banks and financial institutions need to transform themselves into service
institutions that invest in digital transformation rather than traditional services.

References

[1] Hermann, M., Pentek, T., Otto, B.: Design principles for industrie 4.0 in Production, Automatisation and Logistic
[2] Karsal, E. (2016). Better Than One Cloud, Multiple Clouds.
[3] Oktay Fırat, S. Ü. (2016). Determining What is Industry 4.0 Transformation and Expectations, Global Industrialists Magazine.
[4] Şahin, M. (2016). Industry 4.0 Age Begins: Your New Competitors Robots and Artificial Intelligence.
[5] Duman, A. A. (2016). Smart Factories: New Production Era with 4.0.
[6] Karaçallık, D. (2018). Effects of Digital Transformation on Fintech Systems.
[7] Ercan, O. (2018a). Open Banking and Card Payment Systems.
[8] Azimova T., Mollaahmetoglu E., (2017), “Innovation in financial markets and its impact on savings.” Journal of Business Economics and
Finance.
[9] Ercan, O. (2018b). Accelerated Development of FinTec.
[10] Şişmanoğlu, E., Yaşar Akçalı, B. (2017). “Revolution in the Digital World: Bitcoin, Eurasian Academy of Sciences Eurasian” Business
& Economics Journal, Vol.1, pp.33–52.