What Does 5g Technology Mean For Financial Services?

For telecom industry it means ultra-high resolution 4k video calls.

For energy industry it means faster problem detection through network of sensors and faster troubleshooting.

But what can we expect when it comes to financial services?

Compared to 4G, 5G is not only 20 times faster but also more reliable. It eliminates congestion. Which means no more five bars of networking signal at rush hour but an inability to access a web browser! It thus paves the way for endless innovation in different spectrums of business.

With the rise of mobile banking and fintechs, financial services are slowly moving towards personalisation and ease of access. With the advent of 5G, this will speed up.

5G technology will make it possible to store data on cloud - fetching data from cloud quickly whenever required -and less data on mobile apps. Thus, resulting in apps that are more responsive and lighter.

It will definitely allow for faster transaction of larger amounts of money, but what more? With access to cloud there will be increased data collection, enhanced monitoring and troubleshooting. 5G coupled with artificial intelligence can help fintechs and banks deliver highly personalised services to their customers.

While this will increase the customer satisfaction for companies it will also result in higher competition in the market. Therefore, to retain the customer, banks and fintechs need to tug the heartstrings of their customers!

 This can be only be possible by using personalisation.