Key finding of the study

The chapter provides insights into banking at Industry 5.0. In the future, customers can experience completely virtual and customer-oriented banking services.

Authors

Narayanage Jayantha Dewasiri, Sabaragamuwa University of Sri Lanka

K.S.S.N. Karunarathne, Sabaragamuwa University of Sri Lanka

M.S.H.  Rathnasiri, Sabaragamuwa University of Sri Lanka

Sangeeta Menon, Emerald Publishing

P.G.S. Amila Jayarathne, University of Sri Jayewardenepura

Summary 

Digital transformation has made enormous changes in banking, where FinTech is the salient driving force. Artificial intelligence (AI) and blockchain technology act as the most innovative technologies, especially in the banking industry. Similarly, Chatbots in commercial banking and Robo-advisors in investment banking have shifted banks into the entire virtual environment. In this context, the main objectives of this chapter are to determine the current application of AI and blockchain in the banking industry, to identify the challenges faced by banks in adapting AI and blockchain technology, and to provide new insights on future banking in the industry 5.0 in this digital era. This chapter discusses the application of two robotic platforms widely used in banking, chatbots, and Robo-advisors. Chatbots are more like frontline employees of banks who are commonly engaged in customer relationship management, sales, and marketing. In contrast, Robo-advisors are a relatively advanced AI tool in investment and portfolio management. Blockchain will accelerate digital transformation, using a decentralized digital ledger system for banking transactions.

Published in

Book Title: Transformation for Sustainable Business and Management

Practices: Exploring the Spectrum of Industry 5.0

Link to the article   

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