Smart Financial Services Through Smart Banking in the Era of Industry 5.0: Opportunities and Challenges

Abstract

The advent of Industry 5.0 ushers in a new era of manufacturing characterized by unprecedented levels of connectivity, automation, and intelligence. This paradigm shift extends beyond the factory floor, permeating into the realm of financial services, particularly banking. Smart banking, empowered by cutting-edge technologies such as artificial intelligence, blockchain, and the Internet of Things, promises to revolutionize traditional banking practices, offering customers personalized and seamless financial experiences. This paper explores the opportunities and challenges presented by the integration of smart banking within the broader landscape of Industry 5.0. Opportunities include enhanced customer engagement, operational efficiency gains, and the democratization of financial services. However, challenges such as cybersecurity threats, regulatory compliance, and the digital divide must be addressed to fully realize the potential of smart financial services.