5G that is capable of far greater reliability and speed is set to go live in the following years, promising uninterrupted and ubiquitous connectivity. Once effected, 5F will influence sweeping changes throughout all industries including the banking industry.
Similar to all industries, mobility has been a huge game changer in banking. In spite of the different surveys, which highlight digital banking as the best channel for client engagement, banks remain to be sluggish to improve the digital experience for their clients. However, that can’t continue for long. Client demographics are changing. Thus, there will be raising pressure on banks to provide superior client services through the channels their users want.
5G Will Be the Newest Revolution
Deltec International Group Chairman Jean Chalopin said “The birth of 5G will oblige banks to undertake substantial reforms in the manner they utilize technology for customer engagements and internal operations alike. Most acquainted banking operations like payment services will gain new forms extending to newer channels including VR, IoT devices, Wearables, and 5G smartphones.”
What’s more, the improved speed and security made possible by 5G will transform the capital markets. It will condense settlement processes and eliminating the latencies with real-time mobile trading capabilities.
- Virtualized Personalized Services
Banking sector can employ 5G to streamline and improve their operations, with more reliable and faster connections.
- Smart Home Devices and Wearables
Wearable could be empowered along with 5G connectivity to allow common banking transactions on the go. That might cover new age advancements like voice-first devices.
- P2P Lending, Digital Deposits, and Payments
5G alongside the transformation of blockchain technology will make lending, payments, and deposits completely digital. Peer-to-peer lending made possible through distributed ledgers and blockchain will change conventional lending activities.
- Mobile as Debit/Credit Cards
Did you know that the security features of 5G would wash out the necessity to conduct different plastic cards? They can be replaced with a single, all-in-one mobile wallet.
- Mobile as the Major Network for Banking
Mobile banking adoption rates are continually increasing and are becoming ubiquitous. Therefore, it won’t be any surprise if the security and convenience permitted by 5G make mobile the heart of every banking and payment transaction in the coming years.
5G is here at our doorsteps and those who will embrace the technology will reap manifold benefits in this digital disruptive age. Let’s welcome 5G with open arms for a future of connectivity and start of 4th industrial revolution bringing fascinating upgrade and efficiencies to life.
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.