Blockchain, Ai and Future of Finance: Pioneering Industry 5.0 in the Banking Sector

Blockchain and artificial intelligence (AI) might resemble the plot of a science fiction narrative, yet in reality, they are actively revolutionizing the financial services industry. The integration of the blockchain technology and Artificial Intelligence (AI) within the financial sector holds the promise of revolutionizing traditional banking systems by enhancing security, transparency, efficiency, and trust. This study explores the current utilization of the AI and blockchain technology in the banking industry. The challenges encountered in their adoption, and the hurdles faced by financial institutions during their integration. Through qualitative research methods and a comprehensive literature review, it explores the benefits and limitations of these technologies in banking, providing fresh insights into the sector’s future under Industry 5.0. The findings indicate that merging blockchain and AI not only mitigates existing industry challenges but also fosters new avenues for innovation and growth within the fintech ecosystem. This integration is vital for banking’s shift to Industry 5.0, wherein virtual environments and collaborative human-robot efforts will shape the future of financial services, leading to enhanced performance, security, and customer satisfaction. Thus, Blockchain and AI hold immense potential to drive significant advancements in the financial industry, paving the way more efficient, secured, and cohesive financial-ecosystem.