I have been working for about 6 years in the banking industry. Should I further my studies by taking a masters in applied science to future proof my career?

Speaking as a tech guy, future proofing - hell yes; masters in applied science - not so sure.
first principle thinking - if u want to stay in banking and future proof yourself against the future of the industry (what would eat it?), where would u go? Grab. Go join Grab. (or Ant, or something like that)
(or if you work for blackrock, GIC Real Estate, etc - come join us at 99.co)

Just wondering are you more interested in applied science or future proofing your career? There's difference between the 2 when you make your decision.

If you were to further your studies, would you prefer to do it full time or part time? Some of my friends do part time with consideration that they want the income as they study. Others felt that they want to switch industry and have stopped work altogether to engage in their studies. But the reason for further studies isn't exactly future proofing, but rather for the love of their work and/or to get better paying jobs.

Future proofing your career isn't only about furthering your studies. Having an additional paper qualification doesn't mean that you'll be any less vulnerable to retrenchment. Because retrenchment doesn't select people, it selects industries.

To future proof your career, you need to have 2 rights and a must:
1) right mindset to adjust and adapt to salary vs work expectations in down times
2) right attitude towards work, performing your best and always learning new things (not referring to further studies here)
3) must have confidence in yourself that you are relevant in the workforce. Employers look at your confidence to do work when they hire you, not your school results or past work experience. Do not be afraid or discouraged when the door closes.

In order to future proof your career, you must enjoy your work.

I hope this advice inspires you and gives you some direction!