Evaluation of the Benefits Generated by Sustainability 4.0: A Study of the Perception of Banking Sector Customers

Information technology plays an essential role in society, causing transformations in different aspects of life. In the financial segment, for example, the adoption of electronic payment methods is a growing demand from bank customers, due to the ease and convenience provided by this device [6]. However, the implementation of these modern means faces challenges related to customer trust and ensuring safety in their use.

Furthermore, Stefanovic et al. [14] highlight the importance of transparency in banking information since the complexity and lack of clarity in rates make it difficult for consumers to understand and compare. In this context, technological innovations, such as industry 4.0 and artificial intelligence, play a fundamental role in driving the creation of intelligent, personalized, and interconnected banking systems.

These approaches converge by recognizing the need to improve the customer experience, ensure information transparency, and promote the adoption of innovative technologies in the banking sector [15]. However, customer satisfaction and loyalty in financial institutions are influenced by several factors, such as service quality, product knowledge, and employee skills.

According to [16], advances in information technology allow companies to monitor customer use of the service and identify specific segments. In turn, Pakurár et al. [17] highlight the importance of employee skills in customer satisfaction, which requires investment in training and development. Furthermore, Iqbal et al. [18] highlight the need for high-quality services and product awareness to increase customer satisfaction and loyalty in financial institutions.

Therefore, the combination of these aspects, combined with the strategic use of information technology, can contribute to promoting customer satisfaction and loyalty in financial institutions, resulting in a lasting and beneficial relationship for both parties. In Table 1, it is possible to observe what customers expect when subscribing to services using 4.0 technologies in the banking sector.

Technology 4.0 is redefining the banking sector, providing significant opportunities and inherent challenges. Understanding customer perceptions regarding these innovations is crucial for effective implementation, so Table 1 presents banking customers’ perceptions of the expected benefits and risks in relation to emerging technologies, such as Open Banking, Internet Banking, Artificial Intelligence, Fintechs, Blockchain, and Big Data.

Integrated services like Open Banking promote customer satisfaction by providing access to broader services. However, the risks of loss of privacy require strict security and regulatory measures to guarantee the trust and integrity of the financial system [19]. Using technologies such as Internet Banking, customers gain a key facilitator, increasing their satisfaction with the convenience and efficiency of the services provided. Ease of use and reduced time spent on banking demands improve the experience, however, risks to the integrity of services highlight the importance of sustainable approaches in the banking business [21,31].

Furthermore, customer loyalty plays a crucial role in the sustainable development of companies, generating not only continuous business opportunities but also contributing to the expansion of the bank’s reputation. As highlighted by [31], customer satisfaction plays a vital role in this scenario. At the same time, financial institutions focused on Artificial Intelligence (AI) seek to reap the benefits of reduced operational costs, greater proximity to customers, higher revenues, and innovation in financial products and services. In a digitalized context, where financial operations are predominantly conducted by AI algorithms, capturing customer preferences and perceptions becomes an essential practice in the contemporary banking industry [22].

Fintechs, companies that combine finance and technology, have stood out in the contemporary financial scene. In essence, Fintechs offer ease of use, provide value perceived by customers, maintain high-quality standards in support, are considered reliable and innovative, and contribute to cost reduction in the financial sector. However, it is crucial to recognize the risks associated with using Fintechs. The complexity in identification and the difficulty in use by older customers are challenges inherent to these financial innovations, demanding attention to ensure broader and more inclusive adoption of these technologies in the financial sector. This combination of benefits and risks expected by banking customers was observed in studies by [23,24,25,26].

Furthermore, as observed in the studies by [26,27,28,29], blockchain technology presents a series of benefits in the financial sector, promoting faster, more economical, and efficient services, however, it is essential to consider the risks associated with its use. The lack of detailed information about data handling and the granularity of privacy-related aspects are critical issues to be faced in the implementation of this technology, as highlighted by the authors.

Finally, the implementation of Big Data in the banking sector represents a revolution in the management and analysis of large volumes of data, promoting more efficient and faster digital services to improve the customer experience. The ability to extensively analyze financial data allows for a deeper understanding of behavior patterns, enabling the personalization of services. However, the use of Big Data also brings challenges, notably in the sphere of privacy and data security, requiring measures to protect sensitive information against cyber threats and preserve customer trust. These themes are discussed by scholars such as [19,30].

Therefore, the future of banks will depend significantly on their willingness to modernize and, in some cases, fundamentally change the principles of organizing their activities [24]. Therefore, banks must adopt a strategic approach focused on increasing customer awareness about accepting new technologies, such as online banking, to gain a competitive advantage. Raza et al. [21] highlight the importance of ensuring accurate, timely, and fast transactions in an online banking environment, highlighting that the high quality of services provided can boost customer satisfaction, perceived value, trust, and loyalty. In this context, proactive measures are necessary to meet customer demands and ensure a successful transition to the banking 4.0 era.

Noreen et al. [9] investigated consumers’ perspectives regarding the adoption of Artificial Intelligence (AI) in Asian countries. The results highlighted that factors such as awareness, attitude, subjective norms, perceived usefulness, and knowledge of AI technology presented a positive and significant relationship with the intention to adopt AI in the banking sector. Finally, the authors concluded that the banking sector also focuses on innovative AI technologies to improve customer services with the intention of generating greater profits.

Amiri et al. [32] address the issue of implementing digital banking services amid the transformations generated by industry 4.0, considering changes in customer needs. The study proposes an innovative approach to group decision-making. After a literature review and consultation with experts, DB implementation criteria are determined and prioritized in an uncertain environment. The results indicate that human resources, regulatory standards, and customer satisfaction are the most important criteria, while open, blockchain, and social banking models stand out in covering these digital banking implementation criteria.

Kuchciak and Warwas [33] aim to provide an advanced view of the practical applications of human resources management in the context of Bank 4.0. The study uses quantitative and qualitative methods. The results indicate that digitalization is transforming the qualifications required for professionals in the financial sector. Thus, the loss of traditional jobs is an impact of technological innovation. With technological advancement, a change in skills demands is expected, with an emphasis on skills such as data analysis, software development, digital marketing, and social media. Finally, the work concludes that human resource management practices, such as recycling, skills updating, and reallocation, emerge as strategic solutions to mitigate challenges in the Bank 4.0 era.

The study by [34] addresses digitalization and technical development in the financial services sector, aiming to guarantee security, increase quality, and meet the interests of current customers and financial institutions. The main objective is to offer a theoretical framework for digitalization and its drivers in the financial sector, introduce the phenomenon of Banking 4.0 in relation to the necessary skills, and identify gaps and barriers for faster and more effective development, through a review of the literature and data analysis. The work highlights the growing influence of digital technologies on employees, managers, and companies, highlighting the importance of systematically implementing approaches for developing digital skills at the strategic level of companies.

The article by [35] analyzes the trends and threats of digital transformation in the banking sector, addressing technologies such as cloud, blockchain, Big Data, artificial intelligence, biometrics, and open-source APIs. The authors conclude that there is an inequality in the digitalization of banks in different regions and that the main obstacles to digital transformation are not technological, but rather differences in the organizational culture of traditional banks and fintech, a different strategic vision of bank management, and a lack of qualified personnel, which makes it difficult for banks to transform towards cooperation. The use of digital technology increases systemic risks associated with cybersecurity, fraud, and ethical issues.

Xu et al. [36] proposed a new early warning model for credit card customer churn based on GSAIBAS-CatBoost. The authors concluded that with the increase in competition between large banks, it is necessary for financial agencies to prioritize a way to increase the value of existing customers and thus reduce the turnover of credit card customers.

The exploratory and qualitative study by [37] examined the perceived barriers to innovation and change in a commercial bank from the perspective of senior management. Using a systematic qualitative approach and interviewing eight managers, the study identified obstacles such as high bureaucracy, lack of communication, and employee involvement, negatively affecting the performance of middle managers. Resistance and risk aversion were highlighted as the main barriers to innovation and change in the banking sector.

Therefore, banks are challenged to increase customer awareness regarding the acceptance of new technologies, such as online banking, to gain a competitive advantage [21]. Customers seek accurate and fast transactions online, and the quality of services provided can strengthen customers’ gratification, value, faith, and obligation. Furthermore, the future of banks will depend on their readiness to modernize and, in some cases, fundamentally change organizational principles [24]. This strategic transformation is crucial to ensuring relevance and sustainability in the constantly evolving banking landscape.

The concept of sustainability in the banking sector encompasses a variety of approaches and challenges. Diener and Spacek [8] highlight that transparency is fundamental to promoting understanding of business relationships, responsibility, and decision-making, strengthening trust in companies. In this context, digitalization plays a crucial role in the transformation of financial services, leading to fundamental changes in the banking sector. In turn, banks are focusing their sustainability efforts mainly on operational issues, such as financial inclusion, financial education, and energy efficiency. However, the social dimension of sustainability deserves greater attention, along with aspects such as environmental management, green products and services, and sustainability reports [38].

Therefore, banks must expand their focus and start considering all dimensions of sustainability. To this end, redefining relations with society and adopting a more inclusive approach are essential to promote sustainable development. Although banks have advanced in defining the concept of sustainability and incorporating it, it is necessary to improve the approach to social dynamics in the process [39].

From this perspective, investment decisions in the banking sector are largely shaped by the complex intersection of innovation, sustainability, and competitive advantage, as highlighted by [12]. Kumar and Prakash [38] complement this perspective, highlighting the central role of the banking sector in the sustainable development of the economy, highlighting its role as an essential facilitator for the transition towards a more sustainable future. Therefore, the sustainability of the banking business is essential for long-term survival and productivity [20]. This concept is intrinsically linked to competitive advantage, a crucial factor for the success of the global differentiation of organizations [12].

In this way, customer loyalty plays a crucial role in the sustainable development of a banking company, considering that the cost of acquiring new customers is substantially higher than the cost of retaining existing ones [23], and developing and maintaining customer loyalty is a critical issue for companies, as customer loyalty not only contributes to the generation of new business but is also capable of engaging new customers, promoting the growth of the bank’s reputation [31]. Furthermore, as highlighted by [22], customer perception is central to this process, because by understanding customer needs and demands, financial institutions can establish a long-term bank–customer connection based on the services provided to their consumers.

Customers, being a crucial part of the stakeholders in the banking sector, have their personal beliefs and values incorporated into their consumption preferences [40]. This perspective gains relevance when observing the notable fragmentation between new and traditional services from the customer’s point of view. Innovative services, such as robo-advisors and social trading platforms, contrast with traditional services [26]. In this context, the bank’s sustainability strategy, as also presented by [40], is inseparable from the primary objective of maximizing profits. This combination of views highlights the complexity of customer preferences and behaviors in the banking sector, which oscillate between tradition and innovation, as banks seek to balance sustainability with maximizing their returns.

Furthermore, customers, according to [21], are attracted to banks that offer faster transactions through online portals, ensuring ease of access. However, complexity arises with the need to deal with a variety of providers that have specific applications, identification procedures, and fee structures [26], reducing the ease of use of the service. Thus, Druhov et al. [24] raise the perspective that the future of banks will depend on the willingness to modernize and, sometimes, even to fundamentally change the principles of organizing their own activities, since customers’ need for speed and ease of use faces challenges arising from the complexity and variety of options, highlighting the critical need for modernization in the banking sector.

Consequently, given the rapid development of online payments, traditional bank branches are becoming inefficient, leading many foreign and domestic banks to reduce their branch networks [24]. While innovative fintech solutions such as robo-advisory and social trading platforms can attract a tech-savvy clientele and younger customers, most of these providers face challenges in generating sufficient revenues and sustaining their business models [26]. However, in a broader context, corporate environmental management and sustainability offer opportunities for differentiation and increased competitiveness in the market, with banks adopting sustainability management practices in different ways [40].

As a result, many banks approach sustainability in two main aspects: first, by integrating sustainable criteria into their services, such as loans, for example, creating new financial products to encourage ecological investments. Second, they adopt sustainability practices in organizational operations, seeking to improve their sustainable performance as institutions [40]. Therefore, sustainability in the banking context aims to mitigate the negative environmental, economic, and social impacts arising from the activities of this dynamic sector. From this perspective, the importance of identifying barriers and levers that shape the trajectory toward a more sustainable banking system stands out.

With the evolution of services and the arrival of industry 4.0 technologies, a new concept of sustainability emerges, sustainability 4.0. Globally, sustainability 4.0 in the service sector was defined by [13] as the integration of technologies enabling industry 4.0 and the triple bottom line (TBL) (social, environmental, and economic dimensions) of sustainability. For [41] sustainability 4.0 in the fashion industry is a new mentality that is based on the positive correlation between the enabling technologies of industry 4.0 and the three dimensions established by TBL, aiming for sustainable solutions in the production chains. Despite being different sectors (the service sector and the manufacturing sector), both studies converge on the link between enabling technologies and TBL.

After presenting the concept of sustainability 4.0, we sought to carry out a query in the Web of Science database using the terms “Sustainability 4.0” through access to the CAPES Periodicals Portal, this search resulted in a total of eight articles, however, no articles were identified in the banking sector. Table 2 presents a compendium of the results of this research.