The Impact of AI Innovation on Financial Sectors in the Era of Industry 5.0

In the dynamic and ever-changing financial landscape, the seamless integration of artificial intelligence (AI) and machine learning (ML) has presented unprecedented challenges for the banking and finance industry. As we embrace the era of Industry 5.0, financial institutions find themselves confronted with intricate decisions pertaining to investments, macroeconomic analysis, and credit evaluation, necessitating innovative technologies to navigate this complexity. Additionally, the mounting volume of financial transactions calls for efficient data processing and analysis. Considering these pressing concerns, scholars, academicians, and industry practitioners are eagerly seeking comprehensive insights into the transformative potential of AI and ML, specifically in bolstering resilience, fostering sustainable development, and adopting human-centric approaches within the financial sector. Offering a compelling solution to these critical challenges, The Impact of AI Innovation on Financial Sectors in the Era of Industry 5.0, edited by esteemed scholars Mohammad Irfan, Mohammed Elmogy, M. Shabri Abd. Majid, and Shaker El-Sappagh, embark on an in-depth exploration of the multifaceted functions and applications of AI and ML algorithms in the realm of finance. With a keen focus on Industry 5.0 principles such as resilience, human centricity, and sustainable development, this comprehensive compendium presents a collection of groundbreaking research papers that unveil the remarkable potential of AI/ML technologies in revolutionizing the financial services industry. By catering to a diverse audience comprising researchers, academicians, industrialists, investors, and regulatory bodies, this book actively invites contributions from industry practitioners and scholars, facilitating ongoing discussions on the efficacy of ML algorithms in efficiently processing vast financial data. As the financial landscape charts an ambitious course into Industry 5.0, the book emerges as an indispensable resource, empowering the industry with transformative advancements that will indelibly shape the future of finance.

Mohammad Irfan is presently working as an Associate Professor at NSB Academy, Business School, Bangalore, India. Prior joining to NSB Academy, he was associated with the School of Business, AURO University, Surat, Gujarat for five years. He is MBA (Finance and Marketing) and M.Com (Account and Law). Dr. Irfan has done this Ph.D. from the Central University of Haryana. He has qualified UGC-SRF/NET in Management and UGC-NET in Commerce. Dr. Irfan has also qualified NSEs (NCFM) and BSEs Certification. He has experience of thirteen years in the area of Financial Management, Security Analysis and Portfolio Management, FAD, Data Analysis for Business, Financial Engineering, Financial Analytics, Fintech, Financial modeling in Excel, Green Finance, and Alternative Finance. He has to his credit various research papers published in Scopus Indexed Journals including International of Business International Journal of Business Excellence (IJBEX), Indian Journal of Finance (IJF). He is an editorial board member/reviewer in several national and international journals. Dr. Irfan has presented papers in IIM-A, IIM-C, IIM-Indore, IIM-Shillong, IIT-Roorkee, Indonesia, Malaysia, Switzerland.

Mohammed Elmogy is a professor and head of the Information Technology Dept., Faculty of Computers and Information, Mansoura University, Egypt. He received his B.Sc. and M.Sc. from the Faculty of Engineering, Mansoura University, Mansoura, Egypt. He received his Ph.D. from Informatics Department, MIN Faculty, Hamburg University, Hamburg, Germany, in 2010. He worked as a visiting researcher from July 2016 to August 2019 at the Bioengineering Department, University of Louisville, Louisville, USA. He has authored/co-authored over 250 research publications in peer-reviewed reputed journals, book chapters, and conference proceedings. Most of his publications are in artificial intelligence, machine learning, computer vision, medical data analysis, and their applications. He has served as a reviewer for various prestigious international journals, such as Artificial Intelligence in Medicine, Computers in Biology and Medicine, Information Sciences, IEEE Journal of Biomedical and Health Informatics, and IEEE Access. He served as a technical program committee member in many workshops and conferences. He served as a member of the editorial board of many journals, such as Computers in Biology and Medicine, Journal of Software Engineering & Intelligent Systems, and International Journal of Advanced Computer Research. He is a senior member of the IEEE society, membership since 2008. He has been a professional member of the ACM society since 2011. He advised and co-advised more than 40 master's and doctoral graduates. His current research interests are artificial intelligence, computer vision, medical image analysis, machine learning, pattern recognition, and biomedical engineering.

M. Shabri , S.E., M.Ec is a Professor in Islamic Economics, Faculty of Economics and Business, Universitas Syiah Kuala. He received his Bachelor of Economics (S.E) from Universitas Syiah Kuala, Indonesia, in 1995. He completed his Master of Economics (M.Ec) and Ph.D. in Financial Economics from the International Islamic University Malaysia (IIUM) in 1998 and 2005, respectively. He is the Coordinator, Master of Economics, Faculty of Economics and Business, Universitas Syiah Kuala (June 2019 to date). He has been appointed as the Head of Islamic Economics Department, Faculty of Economics & Business (2014-2017) and the Secretary of the Institute for Research and Community Services (2016-2018), Universitas Syiah Kuala, Indonesia. His research interests include financial economics, applied econometrics, Islamic economics, banking, and finance. He has published more than 100 articles in international refereed journals such as International Journal of Emerging Markets, Global Economic Review, Journal of Asia-Pacific Business, Studies in Economics and Finance, International Journal of Managerial Finance, Journal of Economic Cooperation and Development, Review of Islamic Economics, and JKAU: Islamic Economics. He has also presented his papers in various seminars locally and internationally.

Shaker El-Sappagh received their bachelor’s degree in computer science from the Information Systems Department, Faculty of Computers and Information, Cairo University, Egypt, in 1997, the master’s degree from Cairo University, in 2007, and the Ph.D. degree in computer science from the Information Systems Department, Faculty of Computers and Information, Mansura University, Mansura, Egypt, in 2015. In 2003, he joined the Department of Information Systems, Faculty of Computers and Information, Minia University, Egypt, as a Teaching Assistant. Since June 2016, he has been with the Department of Information Systems, Faculty of Computers and Information, Benha University, as an Assistant Professor. He worked as a Research Professor at the UWB Wireless Communications Research Center in the Department of Information and Communication Engineering at Inha University, South Korea for three years from 2018 to 2020. He worked as a Research Professor at the Centro Singular de Investigación en Tecnoloxías Intelixentes (CiTIUS), Universidade de Santiago de Compostela, Santiago de Compostela, Spain for one year in 2021. Now, he has been an Associate Professor at Galala University, Egypt, since 2021. He has also been a Senior Researcher at the College of Computing and Informatics, Sungkyunkwan University, South Korea, since 2021. His publications in clinical decision support systems and semantic intelligence. His current research interests include machine learning, medical informatics, (fuzzy) ontology engineering, distributed and hybrid clinical decision support systems, semantic data modeling, fuzzy expert systems, and cloud computing. He is a reviewer of many journals. He is a reviewer in many journals, and he is very interested in the diseases’ diagnosis and treatment research.(Based on document published on 28 June 2023).