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.