5 Banking Innovations That 5G Will Unlock

<5 Banking Innovations That 5G Will Unlock>

5G is the fifth generation of mobile phone networks, the latest telecommunications technology that aims to revolutionize telematic relationships, both socially and from a business and financial point of view.

This technology that promises better internet connection speed, minimal delays or latency in the network and high reliability, has created the expectation that this year the interconnection of all the devices we use will be a reality, thus improving the user experience and expanding the services that digital banking will be able to offer in the near future.

The increased speed of the new technology will allow the smooth deployment of services and products to end users, improving the customer experience. If the pandemic has highlighted the urgent need for banks to be digital companies, 5G will be an ally in this process. Here are three innovations to watch out for.

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  1.  The Rise of Cloud Banking

5G offers greater transmission speeds and lower latency, making it easier for networks to support connected devices, bandwidth-intensive apps, remote operations and virtual networks. 

This will enable banks to get real-time access to common and connected data sets through external and internal channels. Banks that leverage this will be able to verify customer activity instantaneously and securely, streamlining Know Your Customer and authentication processes in real time. 

2.  Enhanced Security and Fraud Detection

The rise of 5G will bring about a massive surge in transaction flow across new channels, requiring new ways of managing fraud, as well as financial and cybercrime. 

However, organisations will be able to leverage fast-maturing technologies like artificial intelligence (AI) to comb through vast amounts of transaction and user data instantly to detect fraudulent activity before it occurs. The use of biometrics, advanced verification processes and multi-layered trust frameworks will also provide more sophisticated user fraud detection and enhanced user protection with minimal disruption to customer experience. 

The Pulse of Fintech Report observed that there has been a record increase in cybersecurity investment and demand for regulatory technology solutions in the first half of 2021. 5G will open a world of possibilities for further developments in these domains, primarily drawing on increased access to myriad new data signals from devices, machines and sensors.

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3.  Accelerating Credit Processes

Currently, many lending processes remain largely manual. As data availability proliferates through increased digitalisation, 5G enhancements will help optimise lending decisions and improve credit access by enabling the processing of large volumes of data in real time, based on predictive algorithms. 

For financial institutions this will mean that they will be able to carry out complex operations faster. If a consumer wants to buy a car or any expensive product, the request for a loan and its approval will be smoother. The same will happen with money transfers and trading investments, which will be more fluid.

With the right implementation, 5G will remove bottlenecks from a wide range of financial services, improving back-end internal operations, front-end client interfaces and middle-office partner collaboration, and further the industry’s efforts towards adopting a mobile and human-centric business model.

Source : https://www.linkedin.com/pulse/3-banking-innovations-5g-unlock-carlos-morales

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