Diffusion of Industry 5.0 in the financial sector: A developmental study

The world has entered into the fifth industrial revolution (a.k.a. I5.0) which is characterized as a human-centric revolution as it relies on professionals' innovative and creative capabilities to guide fast, intelligent, and accurate machines. The issues of malfunctioning and loss of productivity during automation essentialized the use of humans' expertise to guide and control the manufacturing of goods and products. In the context of financial institutions (banks), the application of I5.0 technologies such as edge computing, digital twins, cobots, internet of everything, big data analytics, and 6G and beyond can facilitate banks to reduce the cost of their products and services, retain existing customers, maintain confidentiality and privacy of customers, improve their risk management practices, offer error-free financial services, promote data-driven culture in decision making, and successful integration of digitalization. This developmental study is expected to lay the foundation for future studies to empirically explore the transition of I5.0 technologies within banks.