Today, all it takes is one tap on a smartphone screen to make purchases, pay bills or view the latest bank statement. This is merely the tip of the iceberg. Now 5G promises to deliver at speed 10 to 100 times faster than 4G with less than 1 millisecond latency and enhanced connectivity. The potential for impact will be across industry verticals. However, companies will have to adopt a strategic approach in order to make use of this latest technology.
Every new generation in mobile technologies has increased bandwidth, thus enhancing end user experience with rich interfaces. The impact of 5G and future networks goes beyond enhancing user interfaces. The 5G frequency range of 3-30 GHZ provides flexibility to tailor usage for vertical needs, including banking and financial services, medicine, automobile, gaming, Industry 4.0, etc. The acceptance of cloud computing as the new normal and increasing adoption of Artificial Intelligence/Machine Learning, Edge Computing, Virtual Reality (VR) and Augmented Reality (AR) and other emerging technologies along with 5G is expected to transform banking and financial services.
5 banking innovations that 5G will unlock (FintechNews)