Abstract:
With the advancement of technology, Industry 4.0 concepts have been thrived up to a state where the applications
can be utilized in a wide variety of industries with the focus of improving operational performance. In order to gain
market share, as well as to sustain in the economic crisis, operational performance improvement is highly crucial to
the banking sector. This study is concerned with the application of industry 4.0 technologies in a lean based
environment within the banking sector of Sri Lanka. When considering banking processes, the main question that
arises is, the inefficiencies occurred at different stages of conducting business. Hence, the application of lean tools
is a viable solution to address these inefficiencies. Banking processes can be streamlined in order to improve
resource utilisation with the elimination of wasteful practices while shortening time and cost to serve,
thereby improving the productivity.With some degree of modifications, concepts and technologies comprised in
industry 4.0, can be applied to service sectors such as banking. Combining these advanced technologies with lean
principles, may result a better operational performance than application of these concepts distinctly. Therefore,
integration of industry 4.0 technologies within a lean based environment can be proposed as a viable solution to
improve operational performance of the banking sector. This scrutiny presents findings of a comprehensive and
systematic review of literature based on the areas of operational performance improvement, industry 4.0, lean
management and banking sector. The article will offer an insight to current state of knowledge available in the
corresponding areas and will suggest the path for future research.
