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Several Dimensions of Innovation, Technology and Industry 4.0

Edited By Fatih Ayhan

With the development of the industry, both social lives and economies have been significantly affected. Together with the Industry 4.0 revolution, significant changes have occurred in both the social life and the production process. As a result, different sectors are affected by this change. With this book, successful researches have been carried out by expert academics in a wide range of fields from finance to marketing and tourism to foreign trade, etc.

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1.2 Industry 4.0 and Its Implications on the Financial Sector

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Burçay Yaşar Akçalı

1.2   Industry 4.0 and Its Implications on the Financial Sector

Abstract: It is seen that the process of digitization has become a requirement in all sectors rather than a necessity with technological developments. Following the invention of steam-powered machines, mass production and the transition to information technologies, today the world is now undergoing a new transformation that is called Industry 4.0. This new era, which was first uttered in 2013, in its simplest definition refers to the “transition from the period when people worked with computers to a period when computers operate without humans.” The developments in information technology, factors such as the widespread use of computers, the Internet and mobile phones, and the expansion of the circulation area of the capital, have been impacting the financial sector alongside other sectors; they lead to the emergence of new companies, new financial instruments and products. FinTech innovations, digital banking and Blockchain technologies can be counted among examples. In this study, the impact of the digitalization process on the financial sector will be scrutinized. In this context, commercial activities that are changing with Industry 4.0, the development of financial markets in Turkey and in the world, and the next-generation technologies in finance will be covered.

Keywords: Financial Sector, Industry 4.0, FinTech, Digital Banking, Blockchain

JEL Codes: O33, G00, M10.

Introduction

The fourth industrial revolution, triggered by digital technologies, denotes the transformation process of the...

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