Definition

As technology gets better, the lines between the real, digital, and living worlds get blurrier. This
is the fourth change in the way things are made. Researchers used artificial intelligence (AI),
robotics, genetic engineering, the Internet of Things (IoT), 3D printing, quantum computing, and
many other technologies to make it. It is the reason why many goods and services are becoming
more important in today's society. Consider the use of voice-activated virtual assistants like
personalised Netflix recommendations, Apple's Siri, and Facebook's ability to recognise you in a
friend's photo and tag you in the photo as examples.
Origin of Fourth Industrial Revolution
Even though the Fourth Industrial Revolution, also called Industry 4.0, will change society in
ways no one could have predicted, it is based on the first three. In the 18th century, when the
steam engine was invented, the first industrial revolution began. This was the first time that
industries could be mechanised, and it changed society as more people moved to cities.

During the second industrial revolution, widespread production was made possible by electricity
and other technological advances. The 1950s saw the beginning of the Third Industrial
Revolution, which was made possible by the development of computers and digital technology in
the decades after World War II. Increased automation in manufacturing, as well as developments
in industries such as finance, energy, and communications as a result of this.
Industry 4.0 Is Impacting the Financial Services Sector
All industries have profited from the fourth industrial revolution. Financial services organisations
have also reaped the advantages of Industry 4.0. Banking, insurance, mortgages, forex, stocks,
and other financial firms are expanding globally as a result of the positive benefits of digital
innovation and financial operations automation.

According to Nielsen Research, mobile financial transactions are becoming the standard. Asia,
the Pacific, and Africa are driving global use of mobile banking. In the United States, computer
algorithms account for more than 70% of stock trading decisions, with human professionals
accounting for just 10%. This reduces the amount of money spent on financial counselling.
Microloans made possible by technology have offered the impoverished in rural Bangladesh
more financial freedom. In the near future, the new blockchain-based crypto banking system will
seriously disrupt the global financial system.

What does Industry 4.0 entail for the financial services industry?

 The world's quickest method of doing financial transactions.

 The most cost-effective banking services.
 The cost of doing business for financial companies has dropped considerably.
 Banking services are accessible 24 hours a day, seven days a week.
 The intermediary is eliminated, and regulation is centralised.
 Technical professionals are in scarce supply.
 Artificial intelligence and robotics are gaining popularity.
 Effective, efficient, and targeted marketing
 Bots deliver excellent customer service at a low cost.
 More office space.
 As a consequence of data-driven study, risk factors have been decreased.
 Alterations to business intelligence.
 A fantastic user experience.
 There is less money available and fewer initiatives.
 Both openness and confidence have grown.
  People never make errors in financial transactions.
 FinTech, payment gateways, and other innovative business practises are becoming
increasingly common.
 The economically disadvantaged are included in the system.
 Money is becoming increasingly abundant.
 Making the best use of available resources and funds.
 Profitable stock and forex trading.
 Fraudulent transactions and break-ins have decreased.
 Customer satisfaction has increased.
 Smart contracts are made possible by blockchain technology.
 It may be simpler to establish accountability and responsibility.

The last word

In the financial services sector, the concept of "industry 4.0," driven by software engineering and
information technology, has an influence. It has already had an enormous impact on the global
economy, spawning new sectors and raising market capitalization, among other things. Industry
4.0 Financial services have garnered the most advantages from Industry 4.0's development and
expansion of the market.
The preparation of Bangladeshi Firm to implement the change
The world is changing in a big way. This revolution is happening in stages, which is different
from others. Some parts of the revolution have already made a lot of progress in some countries
or areas, while other parts are still trying to catch up. That would be the Fourth Industrial
Revolution, also called 4IR. It would change a lot about how we use technology, look at the
economy, buy goods and services, and go about our daily lives. The "Digital Bangladesh"
strategy is a step in the right direction for the government of Bangladesh. In order to get the most
out of more than a decade of digitization efforts, Bangladesh's government must be flexible,
forward-thinking, inclusive, and proactive.

In the first place, 4IR is interested in how digital technologies are regulated. Emerging
technologies need rules about how they can be used and how they can be made. Bangladesh, on
the other hand, doesn't get things done quickly. It could take years to create and change policies.
Another worry is that there are not enough trained people to help policymakers quickly write and
change policies in response to changes in foreign policy or technological progress. We would be
wrong to think that changing laws from the colonial era would be enough to solve the 4IR's
problems. Connected economies, virtual currency, cross-border online trade, digital economy,
ethical use of AI, IP protection, digital currency, data protection, virtual products, digital
financing, start-up ecosystem, and many other yet-to-be-defined phenomena will all need
policies for the 21st century and the Fourth Industrial Revolution. Some policies have already
been put in place, and others are still in the works. No matter what, they don't live up to
expectations.

The Cisco Digital Readiness Index, which is one of the most thorough evaluations, shows how
well we are managing technology. On the Ease of Doing Business Index, Bangladesh was ranked
126th out of 141 countries in 2019 and 108th in the world. Bangladesh will need to get
investments from the digital giants of the Fourth Industrial Revolution if it wants to stay
competitive (4IR). Corporations will be in charge of the Fourth Industrial Revolution, so the
government needs to create an environment that makes foreign investment more likely. We have
already seen how changing policies could help an industry grow. Changes to tax laws, for
example, have made it easier for mobile phone manufacturing to grow in Bangladesh. The
government's plan to help IT/ITES companies export has led to more money coming into the
industry. Using these real-world examples, the government should focus on making rules and
laws that work and making sure they are followed. We must also realise that policies and laws
that aren't followed have no point. The most recent problem with online shopping is a gentle
reminder of this.

The second big worry about Bangladesh's preparations for 4IR is the policy dispute. In any
technology business in Bangladesh, there aren't enough qualified workers. Bangladesh has a lot
of people to choose from. The problem is the part about being skilled. Even though it sounds
crazy, almost every tech company wants to hire highly skilled, well-paid workers. But there
aren't many people who would be good choices for these jobs. The 4IR will make things even
worse. The need for skilled workers will go through the roof. On the other hand, the current
system of producing graduates and people with certificates won't be able to meet the demand.
One of the most important things about the 4IR is the loss of 4D jobs. These jobs are stupid,
dirty, boring, and could be dangerous. For 4D jobs, there will be a big increase in the need for
highly trained people who can build solutions, learn new skills regularly, deal with new
technologies, and offer technical solutions. Bangladesh isn't nearly as skilled as it needs to be to
get the most out of 4IR.

In reality, the Cisco Digital Readiness Index 2019 ranked Bangladesh 118th for its people, and
the Portulans Institute's Network Readiness Index (NRI) 2020 ranked Bangladesh 115th for its
people. These two signs show that we aren't doing a good job of training qualified people for 4IR
or the IT sector. This means that the government needs to rethink and build a mechanism or body
that is dedicated to making sure there is a steady supply of trained workers, giving guidelines to
ease demand-supply problems, bringing academics and businesses closer together, and
reskilling/upskilling current workers with the right skills.

The physical infrastructure that will help people use and spread technology is the most talked
about part of the Fourth Industrial Revolution. Because of this, the revolution will require the
creation of research and development (R&D) centres and knowledge-based technology hubs that
can drive the development of homegrown breakthroughs and work with global pioneering
innovators to solve business problems. With these changes, people all over the country will want
faster Internet connections more than ever. In the last four years, we've made a lot of progress on
getting Internet connections at the district level. To get the most out of 4IR, however, you will
need high-speed internet connections at the union/village level. The good news is that the
government has started a number of projects, and it looks like the number of places with high-
speed Internet in rural areas will increase dramatically over the next few years. It will also be
important to have reliable data centres that can serve both the government and businesses.
Getting companies like Amazon, Microsoft, and Google to build data centres in Bangladesh will
be very important. Even if they don't want to build data centres, it might be possible to work with
them to improve local capacity. The government has already built Tier 4 and Tier 3 data centres,
which have a lot more storage space than they did before. But for these physical businesses to get
the most out of 4IR, they need to offer the same services and quality as their competitors abroad.
Another important part of 4IR is that it can connect to 5G networks. The 5G network will be able
to use 4IR. Once 5G is up and running, businesses will be able to send and receive data quickly.
So, one of the 4IR's goals may be to make sure that 5G is affordable.

Lastly, we have to admit that the 4IR is coming up fast. There is a good chance that some places
will catch us off guard. Bangladesh must follow a full plan to get ready for the 4IR. It is too big
for one ministry or agency to handle on its own. The Fourth Industrial Revolution will change
education, farming, industry, health care, the economy, and services. This is a world problem,
and all ministries must work together to make sure Bangladesh is ready to ride the wave.
Businesses and trade groups must also work with the government to find a solution that works
for everyone. We live in an uncertain time, and the pandemic has sped up 4IR as the number of
people who depend on technology has grown dramatically. So, Bangladesh needs to move
quickly to get ready, so that when the time comes, we're all set.