Modern Research in Decision Making

Developing the Roadmap of Industry 4.0 Technologies in the Iranian Banking Sector: Technology Development Envelope Approach

Document Type : Original Article

Authors

rahmat badpar 1
khadijeh Mostafaee Dolatabad 2
َAli Rajabzadeh 3

1 Master of Technology Management, Department of Industrial Management, Faculty of Management and Economics, Tarbiat Modares University, Tehran, Iran

2 Assistant Professor, Department of Industrial Management, Faculty of Management and Economics, Tarbiat Modares University, Tehran, Iran

3 Professor, Department of Industrial Management, Faculty of Management and Economics, Tarbiat Modares University, Tehran, Iran

Abstract
Due to technological development, customer expectations have increased in various dimensions. In the service systems, customers value customer experience, convenience, and speed of service delivery. Utilizing Industry 4.0 technologies is one of the main strategies facing banks for survival and growth in such an environment. A technology roadmap is a tool that helps decision-makers identify and evaluate different options to achieve technological goals. In this article, after reviewing the background, six Industry 4.0 technologies were identified in the field of banking, including omnichannel banking, branchless banking, blockchain-based banking, social media banking, open banking, and robotics in banking. The value of each technology was calculated in two-year time intervals based on financial-economic, performance, and user experience criteria, using a combination of the technology development envelope model and the best-worst method. Then a ten-year technology roadmap was created for the Iranian banking industry. The findings show that although social media banking currently seems to be the most attractive technology for the Iranian banking industry, in the coming years, omnichannel banking will be the dominant technology in this industry in terms of attractiveness and value creation.

Keywords

Technology roadmap
Industry 4.0 technologies
technology development envelop model
banking industry
Best-Worst Method
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