The existing body of literature exploring innovations and digital transformations in the banking sector emphasizes the emergence of competitive business models by FinTechs and digital banks. Despite their significance, commercial banks remain the predominant players. Thus, comprehending how commercial banks assimilate disruptive technologies encompassing Industry 4.0's technological advancements is crucial. This systematic literature review aims to pinpoint the primary strategies commercial banks employ in response to heightened competition and crises. Analysing 238 articles up to 2023, we crafted a conceptual framework resembling a 'spider's web.' This framework illuminates how Industry 4.0 initiates a cohesive digitalization flow. Our findings reveal an interdependent relationship among elements in three distinct groups, underscoring that the success of the digital transformation hinges on banks' comprehensive understanding of these relationships and their adoption of a holistic approach.
