Banking Industry is facing a rapid digital transformation due to emerging technologies. Artificial Intelligence has revolutionized traditional banking system into Digital banking practices which has increased productivity, reduced cost and improved customer satisfaction. This study aims to explore the evolving landscape of Banking 5.0 with a focus on the integration of Artificial Intelligence (AI) and other emerging technologies in the banking sector. The study also aims is to understand the key characteristics of Banking 5.0 including its emphasis on sustainability, AI, and seamless person-robot collaboration. Further, the study examines the major applications of AI in banking such as fraud detection, cyber security, credit scoring, customer service automation, risk management, and predictive analytics. It also highlights emerging technologies supporting AI in banking such as machine learning, big data analytics, block chain technology, cloud computing, and natural language processing IoT, which enhance operational efficiency and decision-making in the Banking industry. However key challenges associated with AI adoption in banking such as data security concerns, algorithmic bias, regulatory compliance issues, low digital literacy, lack of transparency, and high implementation costs are also explored. The study is primarily based on secondary data collected from recent literatures, reports and other publications. The findings suggest that while Artificial Intelligence can significantly improves operational efficiency and customer experience in Banking 5.0 but their successful adoption still requires addressing ethical, technological, and regulatory issues. The study contributes to in depth understanding of how AI based Banking 5.0 can transform the future of banking industry in a more secure, innovative, transparent and inclusive manner.