Industry 4.0 and its Implications for the Financial Sector
Machkour Badr, Ahmed Abriane
Abstract
Rather than a necessity with technological development, digitalization has become an unavoidable requirement in all sectors. Spreading between the end of the 18th and the beginning of the 19th century the first industrial revolution was marked by mechanical production driven by hydraulic and steam engines, mass production based on the division of labor and driven by electrical energy, and the shift to automated production supported by computer technologies. Today the world is witnessing a new and deeper transformation based on virtualization and the interconnection of intelligent industrial objects called Industry 4.0. First uttered in 2013, this new era aims to define "the transition from a time when people worked with computers to a time when computers work without humans". Thus, the development of information technology, the widespread use of computers, the internet and mobile phones have had an impact on the financial sector like all other sectors, leading to the emergence of new companies, new financial instruments and products. Indeed, Fintech innovations, digital banking and Blockchain technologies can be counted among the examples. In this 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.