The 5G generation of cellular technology is right around the corner. As countries begin to roll it out, 5G will transform the way we live and work — and this will open up fresh opportunities for retail banking.

MORE AND FASTER

5G greatly increases communication speed compared to 4G, allowing even more data to travel across networks in real-time. 5G networks will enable much more processing to be moved to the cloud from mobile phones. Cloud-side computations will help to extend the battery life of phones and reduce the size of mobile banking apps. Mobile banking is going to shift to the cloud. It will even be possible to stream a banking app fully from the cloud in real-time instead of keeping it on the device. So, all customers will get access to the latest functionality without the need to manually upgrade their apps.

Banks will be able to open full-service temporary banking points at any sport festival or expo. 5G allows millions of connections to access a network, it solves the problem of the network getting overloaded in crowded places and performance drops. Thanks to this high-speed connection such mobile pop-up branches will be able to handle everything a regular branch can.

The location of ATMs will be more flexible using 5G network connections. The low latency and high bandwidth will make a lot of apps work faster on 5G networks than on the current Wi-Fi or 4G/LTE ones. The ATMs will become easier to locate and to move at any time between the locations in demand.

5G will boost financial inclusion. There are still many people all over the world who live in rural areas and do not have access to high-speed internet. With 5G-compatible and entirely wireless infrastructure, banks will be able to deliver new services to people in remote regions, which can improve financial inclusion in historically underbanked populations.

SECURE

Recently, the 3DS standard has been upgraded to version 2.0 to make use of modern mobile network capabilities and pass more authentication information from the user device with each transaction message and enable issuers to better assess risk. With 5G customers might get connection speeds of up to 450 megabits per second, which will vastly enhance fraud prevention capabilities by analysing stream data like face and voice recognition.

FOR EACH MOBILE PAYMENT TRANSACTION, BANKS WILL BE ABLE TO MORE ACCURATELY VERIFY AUTHENTICATION INFORMATION FROM USER DEVICE AND PERSONAL USAGE FOOTPRINTS TO REDUCE FALSE POSITIVES OF FRAUD DETECTION

5G technology will also contribute to the wider use of multimodal biometric security measures, like combining such nuances as the client’s gait and the position in which he or she holds the mobile phone to make a payment in order to verify the user’s identity. As a result, payment authentication will become frictionless based on a better knowledge of their customers among issuers.

ENHANCING MARKETING INSTRUMENTS

The combination of 5G, artificial intelligence and big data will enable the collection of real-time information and lead to the significantly improved customisation of banking services. Entertaining digital movies and games combined with increased transaction speed and tailored offers will make mobile payments more valuable for everyone.

Customer experience will be enriched. 5G makes high-quality real-time video chat and live-stream consultations between bankers and consumers feasible, whether on a mobile device, in a branch, or at an ATM. Сustomers will have real-time access to HD video consultations with financial representatives – both virtual and human – who can help inform them and facilitate financial decisions.

As 5G becomes more widespread, it will help expand the possibilities of digital banking with interactive communication innovations such as augmented-reality-based customer services, financial advice and asset management support.

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