COVID caused a boom in everything digital, mainly due to lockdown restrictions and social distancing. The banking sector was no exception with more people opening new accounts online using mobile devices. During the course of the next year, we expect to see an even higher level of digital growth in this sector as 5G is rolled out.
5G technology brings with it a lot of improvements such as higher speeds (allowing for heavy data transfer), lower latency (more responsive), and enhanced connectivity in general. It also makes cloud technology more accessible to businesses, allowing them to provide enhanced levels of customer service. We currently live in a world where time is of the essence, and consumers will start expecting a much faster banking experience too.
How Will 5G Look For Banking?
The introduction of 5G technology will mean that we will also see an increase in Artificial Intelligence and Virtual Reality to improve the customer experience. We will also experience an improvement in security and fraud detection and a real-time mobile banking experience. Here are a few other ways we predict the banking industry will be revolutionised:
1. Speed and instant gratification will be key
With the lightning speeds that 5G is capable of producing, banks will be able to upgrade their websites to make them more efficient. By storing banking data on the cloud, this will make the payment process a lot simpler and faster too.
2. Offers and advice delivered by banks will be more personalised
We have seen a huge rise in the number of businesses creating personalised adverts for their audience over the past couple of years, particularly within the retail sector. With the data transfer capabilities of 5G, Artificial Intelligence and machine learning will give us a stronger insight into consumer data. This will allow banks to target audiences based on personalised content, as opposed to one broad message shown to everyone.
3. Pop-up mobile branches will start to appear
Just as many businesses are starting to close their offices and have a remote team, the same could well happen in the banking industry. 5G will allow banks to provide the same level of service, from a remote location. Giving customers instantaneous support that they require.
4. The physical wallet will cease to exist
We have already seen a shift in payments to contactless methods, which has been enhanced by the pandemic and the need for reducing contamination. With 5G providing faster speeds, we are only going to see this trend increase further. Digital wallets will be able to offer more value to customers via the 5G network too
5. Fraud prevention will immediately improve
When people think about moving their data over to the cloud, the main concern is related to security of the data. 5G will enable a much higher level of fraud detection as this will be real-time. Authentication will be carried out in milliseconds, and biometric authentication will be linked with other security measures including facial recognition.
How This Will Help Businesses
Although we have focused more on the financial sector within this blog, it is safe to say that 5G is going to have a big impact on the way in which we do business. With more and more data being stored on the cloud, this will allow businesses to make data-driven decisions to help grow their business.
The increased level of security that 5G offers should also reduce the risk of important company files being stolen. Finally, the speed alone of this new network will enable a much more seamless customer experience across the web. Resulting in faster transactions and an increased number of sales through eCommerce websites.
If you are looking to upgrade your business IT systems, why not get in touch with the experts at Reality Solutions. We are always on hand to help.
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