5G Banking and Financial Services
5G Banking and Financial Services:Z000300004
5G in Banking and Financial services
Going online has made banking more convenient than ever and the advent of digital wallets and mobile payment apps have taken cashless transactions to a whole new level. However, the current tech infrastructure and connectivity options are yet to completely take care of payment lags or downtime and unhappy customers. Till date there was a little a financial institution could do if too many customers logged in at the same time and crashed a server. With the era of 5G upon us, such problems can be a thing of the past.
5G powered banking and financial services use cases
5G Banking Customer experience
Customer experience
No customer wants to make an online transaction only to get a message that the payment failed. Using cloud technology supported by 5G, these incidences can be brought down to near zero as transactions not only become quicker, but also more secure with high level authentication protocols. Thanks to 5G networks, customers can get quick, customized assistance through high resolution video calling with customer care that lends a personal touch. Customized care can even extend to quick rerouting of calls in their preferred regional language. Furthermore, with 5G, AI and cloud/edge computing customer data can be quickly analyzed and accessed in order to provide highly targeted marketing of financial products to customers.
Reach and Scale with 5G Connectivity
Reach and scale
5G connectivity provides the reliability of a fiber network but with the added advantage of being wireless along with being fast and secure. This has enabled banks to set up banking kiosks in some of the most remote parts of rural India and provide banking services to groups of population that were previously left un-serviced. Furthermore, pop-up banks with human assistance are easier to set up when connected on a wireless 5G network. These pop-up banks can provide human assistance to marginalized groups, helping them create bank accounts and save for a better future.
Enhanced analytical capabilities with 5g connectivity
Enhanced analytical capabilities
The low latency connectivity provided by 5G allows data to be transmitted to the Cloud almost instantly. Cloud or edge computing can quickly analyze this data and produce precise reports based on customers’ financial behavior. This not only helps in targeted marketing of financial products but can also serve to provide customers with financial advice that is most relevant to their goals.
Improved security and fraud prevention with 5G security
Improved security and fraud prevention
With 5G there are multiple layers of security which helps prevent, cyber-attacks and breaches. Not only are there security protocols and firewalls on the network itself but also between network-devices and between devices. Furthermore because of the speed at which data is transmitted over a 5G network, fraud transactions can be detected and flagged in real time. This allows for a quick response to halt the transaction and plug holes in the security framework wherever necessary.
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Insightful resources
Learn more on 5G technology through case studies, whitepapers and latest updates.
Insightful resources
Learn more on 5G technology through case studies, whitepapers and latest updates.
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