Usage of Machine Learning and Artificial Intelligence in Industry 4.0 and Banking Sector

In the banking sector, increased digitization of the economy has forced the businesses to re-evaluate their conventional business models, which is an indication that there is a need for quick and effective change in the banking industry to meet the demands of their clients while offering safe, simple, and connected services to the generation z customers. Industrial revolution 4.0 has affected and changed the banking industry more than 1.0 and 2.0 combined. This paper discusses how the industrial revolution 4.0 has affected and changed the financial and banking sector and primarily revolves around commercial and investment banks rather than reserve banks. It provides a vivid view starting from the digital economy to digitization of banks to the latest trends in the technology incorporated by the banks, to how it has changed the financial markets, to security advancements and finally to how it has changed the banking industry and how it has affected lives.