96 Page 96-108 © MANTECH PUBLICATIONS 2022. All Rights Reserved Journal of Industrial Engineering and Its Applications Volume 7 Issue 3 Technology Adaptation and Its Challenges in Banking Sector Choudhury Abul Anam Rashed 1 , Syeda Kumrun Nahar 2 , Sayem Tamjid 3 Professor 1 , Assistant Professor 2 , Student 3 Department of Industrial and Production Engineering Shahjalal University of Science and Technology Corresponding Author’s Email: - rashed-ipe@sust.edu 1 , syedaipe49@gmail.com 2 Abstract Management of Technology is a governing parameter for viable growth of business organizations. Technology and innovation are interconnected. Proper link between technology and innovation needs to be practiced to ensure sustainable development. The aim of the research is to identify the current status of the adoption level of technology and innovation management and the challenges to implementing innovation and technology management practices in the banking sector. The present study is a multiple case study based research. Responses from twenty banking branches I.T. professionals and managers were collected. Both the face-to-face and web-based data collection with a semi-structured questionnaire was performed. Obtained results showed that the banking sector's adoption of Industry 4.0 is now at the start-up phase and is attempting to develop strategies for its implementation in the future. Server-related problems, poor logistics support, expensive installation of updated CPS, and energy crisis (electricity) are the main challenges for implementing industry 4.0. Keywords:- Technology and innovation,management practices in the banking sector,semi-structured questionnaire. INTRODUCTION Sustainable development is a vital issue in any business. Technology and innovation management is one of the governing parameters to ensure sustainable development. Using appropriate technology at the right time can create and nurture innovative ideas into successful