Exploring The Transition from Industry 4.0 To 5.0 – Its Implication And Application In Banking Industry

Abstract

The banking sector is on the precipice of a profound transformation, marked by the transition from Industry 4.0 to the emerging era of Industry 5.0. Rapid digitalization in the banking industry has forced banks to thoroughly reevaluate their previous business models, which means they must respond fast and effectively to customer needs while providing user-friendly, secure services. Banks have created cutting-edge banking services and goods over the past few years, including protected systems that dependably protect client data and money. Security and trust are still crucial factors in banking. In this research paper, we will study valuable insights into the shift from Industry 4.0 to 5.0 in the banking sector. We will also assess the technological advancements that have revolutionized banking operations and customer interaction and also the consequences, difficulties, and innovations connected with the implementation of Industry 5.0 in banking sector.