System Engineering and Productivity

System Engineering and Productivity

Analyzing Effective Components in Industry 4.0 Maturity for Iranian Banking

Document Type : Research Paper

Authors
Mohammad Reza Bahrami 1
Gholam Reza Hashemzadeh 2
Ashraf Shahmansoury 3
Kiamars Fathi Hafshejani 3
1 Ph.D. Student, Department of Industrial Management, Faculty of Management, South Tehran Branch, Islamic Azad University, Tehran, Iran
2 Corresponding author: Professor, Department of Industrial Management, Faculty of Management, South Tehran Branch, Islamic Azad University, Tehran, Iran
3 Assistant Professor, Department of Industrial Management, Faculty of Management, South Tehran Branch, Islamic Azad University, Tehran, Iran
10.22034/sep.2025.2047848.1246
Abstract
Banking, as one of the vital pillars of the economy, is undergoing profound and transformative changes driven by the advent of Industry 4.0. This industrial revolution, characterized by the integration of advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and cyber-physical systems, enables the creation of agile and intelligent value chains within banking systems. These advancements, however, present significant managerial and technical challenges, particularly in addressing technological and infrastructural constraints. This study identifies and evaluates the key components affecting the assessment of the maturity level of Iranian banks in adopting and implementing Industry 4.0 technologies, with an emphasis on digital maturity. Employing a qualitative approach, the research gathered data through semi-structured interviews with banking and IT experts, analyzing them using latent content analysis. The findings reveal that "Digital Infrastructure and Emerging Technologies," with sub-criteria such as optimizing infrastructure and ensuring pervasive security, "Smart and Customer-Centric Services," including cloud computing and advanced ATMs, "Digital Transformation and Change Management," with sub-criteria such as fostering a digital mindset and enabling decentralized decision-making, "Digital Laws and Standards," including open standards and intellectual property protection, "Smart and Data-Driven Business," encompassing business intelligence and service-oriented models, and "Integrated and Intelligent Processes," with sub-criteria like smart contracts and data mining, are critical factors in achieving Industry 4.0 maturity in the Iranian banking sector. This research provides a comprehensive framework for assessing the maturity level of banks, empowering them to optimize their infrastructure and processes to enhance competitiveness and efficiency in financial markets.

Highlights

  • Developed a framework for evaluating Industry 4.0 maturity in Iranian banking, emphasizing key dimensions like digital infrastructure, smart services, and digital transformation.
  • Identified the potential of IoT, AI, and cloud computing to improve efficiency and competitiveness in the banking sector

Keywords
Industry 4.0 Maturity
Digital Banking
Digital transformation
Emerging Technologies in Banking
Smart Business
Subjects

Copyright © Mohammad Reza Bahrami. Gholam Reza Hashemzadeh. Ashraf Shahmansoury. Kiamars Fathi Hafshejani

 

License

This article is released under the Creative Commons Attribution (CC BY 4.0) license. Anyone is free to copy, share, translate, and adapt this article for any purpose, whether commercial or non-commercial, as long as proper citation is given to the authors and original publication.

 

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System Engineering and Productivity
Volume 5, Issue 1 - Serial Number 14
Serial No. 14, Spring Quarterly
Spring 2025
Pages 21-50

  • Receive Date 24 December 2024
  • Revise Date 25 January 2025
  • Accept Date 27 January 2025
  • First Publish Date 27 January 2025
  • Publish Date 22 May 2025