The Impact of Industrial Revolution 4.0 and 5.0 on the Banking Industry

Abstract

Introduction: The Fourth and Fifth Industrial Revolutions (IR 4.0 and IR 5.0) have significantly influenced the digital transformation of the banking industry. While IR 4.0 has spurred the adoption of automation, artificial intelligence (AI), and data-driven decision-making, IR 5.0 introduces a more human-centric vision—one that prioritizes ethics, sustainability, and inclusive innovation. However, the extent to which these paradigms have shaped scholarly discourse remains underexplored.

Objectives: This study aims to map the intellectual and thematic evolution of banking research in the contexts of IR 4.0 and IR 5.0. It investigates dominant topics, influential contributors, and emerging trends, while identifying conceptual gaps that point toward future research opportunities, particularly those centered on trust, human-machine collaboration, and sustainable finance.

Methods: A bibliometric analysis was conducted on 19,192 articles related to banking, 9,472 articles on IR 4.0, and 393 articles on IR 5.0 indexed in Scopus from 2011 to 2023. Using VOSviewer and Biblioshiny, the study performed co-occurrence network analysis, thematic evolution tracking, and cluster mapping to assess scientific performance and visualize conceptual structures.

Results: IR 4.0 has become a dominant research theme in banking, with a high lexical overlap and thematic concentration on digital banking, AI, blockchain, and automation. These technologies have transformed banking operations and customer engagement models. Conversely, IR 5.0 remains early but introduces transformative values such as ethics, personalization, and sustainability. Thematic evolution gradually shifts from risk mitigation and regulatory compliance toward inclusive innovation and ethical AI. Strategic maps highlight the rise of niche and emerging themes, including CSR, ESG, and digital trust, signaling a paradigmatic transition toward human-centered banking.

Conclusions: Integrating IR 5.0 values—ethical governance, human-machine collaboration, and environmental responsibility—represents a critical next step for scholars and practitioners. While IR 4.0 has laid the technical foundation, IR 5.0 provides a framework for embedding purpose and trust into digital transformation. Future research should focus on operationalizing IR 5.0 within banking systems, bridging the efficiency of automation with the imperatives of equity and sustainability.