Advanced Banking Solutions for Industry 5.0
Naveen Kumar M, Santosh Reddy Addula, R. Seranmadevi, Amit Kumar Tyagi · Advances in business information systems and analytics book series · 2024
As industries move towards the fourth industrial revolution, commonly referred to as Industry 4.0, the banking sector stands at a critical juncture. With the advent of advanced technologies like artificial intelligence, blockchain, and the internet of things, coupled with the rise of data-driven decision-making, the banking industry is on the top of transitioning towards Industry 5.0. This chapter explores the evolving landscape of banking solutions through the lens of industry stakeholders, shedding light on the opportunities and challenges presented by this paradigm shift. From the industry's perspective, advanced banking solutions offer a myriad of benefits, ranging from enhanced operational efficiency and cost reduction to improved customer experiences and competitive differentiation. By leveraging technologies such as robotic process automation and predictive analytics, banks can streamline their processes, automate routine tasks, and extract actionable insights from vast datasets.