APPLICATION OF INDUSTRY 5.0 IN FINANCIAL SECTOR
Technology, along with politics and economics, is a major element shaping banking. Technological trends are crucial for banking management make smart decisions, properly anticipate the future, and seize opportunities. The pandemic's aftereffects are available to everyone, and the global e...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
INTI International University
2023
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| Subjects: | |
| Online Access: | http://eprints.intimal.edu.my/1822/ http://eprints.intimal.edu.my/1822/1/jobss2023_13.pdf |
| Summary: | Technology, along with politics and economics, is a major element shaping banking.
Technological trends are crucial for banking management make smart decisions, properly
anticipate the future, and seize opportunities. The pandemic's aftereffects are available to
everyone, and the global economy is currently experiencing a recession. All organizations are
susceptible to their unprecedented effects, and the banking sector is no exception. Given the
numerous significant shifts and crises in the banking industry, it is crucial to implement creative
approaches. The level of management and control of finances, which are the foundation of any
country's economy and economic activity. Customers must receive timely, appropriate goods
and services from banks and other financial institutions. For banking, a new perspective is
needed. Fostering advanced technologies and the digital economy is the next area that needs to
be given top priority. Banking 5.0 refers to these changes in light of digital transformation.
Edge computing, digital twins, COBOTs, IoT, big data analytics, 6G, and more can help banks
cut costs. Products and services costs, retain customers, protect security and privacy, improve
risk management, provide error-free financial services and data-driven decision making.
Industry 5.0 might focus on hyper-personalization, using AI and data analytics to provide
customized financial products and services to individual customers. In an Industry 5.0 scenario,
there could be a strong focus on using technology to reach underserved populations and
improve financial inclusion, such as providing digital banking services to remote and
marginalized communities. It is anticipated that this exploratory study will lay the foundation
for later research that will empirically examine the adoption of I5.0 technologies within banks. |
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