Modern Banking Solutions in Industry 5.0: Evolution, Impacts, and Potential Applications for the Future

Abstract

In the era of Industry 5.0, banking solutions have evolved significantly, driven by advanced technologies and changing consumer expectations. This abstract discusses the evolution, impacts, and potential future applications of modern banking solutions within Industry 5.0. The evolution of banking solutions has been marked by the integration of cutting-edge technologies such as artificial intelligence (AI), blockchain, and the Internet of Things (IoT). These technologies have revolutionized traditional banking practices, providing enhanced efficiency, security, and personalized customer experiences. The impacts of these advancements are profound across various dimensions. They have streamlined financial operations, enabling real-time transactions, automated customer service through chatbots, and personalized financial advice based on big data analytics. Moreover, they have improved regulatory compliance through advanced monitoring and reporting capabilities. Further, the potential applications of modern banking solutions in Industry 5.0 are large.