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Digital Banking Transformation in Asia: Fintech, Inclusion, and Future of Industry 5.0

In: Building a Human-Centred Infrastructure for Sustainable Industry 5.0 in Asia

Author

Listed:
  • Ritu Wadhwa

    (Amity University, Uttar Pradesh)

  • Purwa Srivastava

    (Jaypee Institute of Information Technology, Uttar Pradesh)

  • Rushina Singhi

    (SVKMs NMIMS)

  • Kiran Jindal

    (Mehr Chand Mahajan DAV College for Women)

Abstract

The era of digitization has transformed manual processes into digital services by reducing human errors, saving time, and increasing customer loyalty to the services offered by any organization. COVID-19 has brought a boom in the roles of digitization in the banking sector. Banking and payments, an essential foundation of the economy, have experienced a significant increase in digital offers and uptake. The pandemic has hastened the adoption of digital technologies, with far-reaching implications for the future of the banking sector and the entire financial ecosystem. It is also imperative that banks, FinTech companies, payment system operators, regulators, and even telcos take part in an integrated approach to promote financial inclusion programs. This collaborative approach became key in bringing more people into the digital banking fold, banked and unbanked. The adoption of innovative fintech practices like artificial intelligence (AI), blockchain etc., are the key driver toward building a human-centred infrastructure aligned with the goals of Industry 5.0 in Asia. The purpose of this research is to analyze and probe into the pros and cons of the evolving roles of digitization in the banking sector and unfold the fintech practices. The research is essential as it emphasizes how digitization is solving fundamental unsolved difficulties in the banking industry and becoming a major disruptor in the financial sector.

Suggested Citation

  • Ritu Wadhwa & Purwa Srivastava & Rushina Singhi & Kiran Jindal, 2025. "Digital Banking Transformation in Asia: Fintech, Inclusion, and Future of Industry 5.0," Springer Books, in: Priyanka Agarwal & Nitendra Kumar & Sanjeev Bansal & Yeliz Karaca (ed.), Building a Human-Centred Infrastructure for Sustainable Industry 5.0 in Asia, pages 99-117, Springer.
    • Handle: RePEc:spr:sprchp:978-981-95-0417-6_5
    DOI: 10.1007/978-981-95-0417-6_5
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