Throughout 2019, we saw major cellular carriers like AT&T, Verizon, Sprint, and T-Mobile roll out 5G networks. 5G is now the fifth generation of wireless communication standards. A quick history lesson on how far we’ve come: first, there was 2G, a set of standards governing wireless telephone calls. The mobile web did not yet exist (hard to imagine at this point!) Then 3G hit the market, making it possible to browse the internet on a smartphone. Finally, 4G delivered speeds that enabled video streaming and an entire economy of apps that need continuous, reliable connectivity. So, what does 5G speed mean for banking?
Faster speeds mean better customer experiences. The market continues to demand high-quality Internet connection, and 5G promises ubiquitous and uninterrupted connectivity. Banks are notorious for being slow adopters, but this is one technological trend that can’t be ignored. Driven by consumer demand, banks will need to deliver superior customer services through the channels their users prefer or risk losing clients. As reported by RCWireless, “Many familiar banking operations such as payment services will attain new forms extending to newer channels including 5G smartphones, wearables, IoT devices, and virtual reality. The increased security and speed made possible by 5G will also revolutionize the capital markets, shortening settlement cycles considerably and removing latencies with real-time mobile trading capabilities.”
Over the next 3–5 years, it wouldn’t be surprising if we saw the following use cases:
While the technology is still new and there are some caveats, expect major shifts thanks to 5G in the next five years. According to Cristiano Amon, President of Qualcomm, there will be 200 million 5G subscribers by the end of 2020, and that there will be 2.8 billion 5G connections by 2025. (That’s not just phones, but rather connected devices, too. Still, it illustrates just how rapid companies expect the 5G transition to be.)
Join over 1,000 businesses that rely on Prove across multiple industries, including banking, FinTech, healthcare, insurance, and e-commerce. Contact us today.
Trusted by 1,000+ leading companies to reduce fraud and improve consumer experiences. Contact us today to learn how you can frictionlessly secure your digital consumer journey — from onboarding to ongoing transactions.
Tap the button below to read our latest white-paper on the subject as industry leaders.
Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.
Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.
Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.
Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.
Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.
Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.