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Gearing Up for the 5G Wave in Financial Services

 

Pallavi Kumari

Domain lead and Evangelist, Technology Advisory Group, BFSI, TCS

Annamalai Anbukkarasu (Anbu)

Enterprise Architect, Technology Advisory group, BFSI, TCS

Enabling improved mobile banking experience and digital engagement

The impact of 5G on banking will be profound as the high speed, low latency, and higher bandwidth will not only enable banks and financial institutions to provide a superior digital experience but also build high-end user-centric digital engagement. Along with faster data accessibility, 5G has the potential to fuel innovation in all forms, enhance back-end processes, physical branches, and customer experience, and actively drive fine-tuned interconnected ecosystems.

The financial services industry will see a variety of developments such as:

  • Cloud-based products and services will potentially be more reliable, faster, and efficient.
  • Blockchain coupled with 5G will further enhance functions like asset tracking, digital identity, and cross-border payments.
  • 5G and edge computing will bring networks closer to user application.
  • 5G technology will make AI an inherent part of financial services.
  • Untethered augmented reality (AR) and virtual reality (VR) devices will get a boost.