Reliable, high-speed remote connectivity has already revolutionized the financial services industry, giving companies the ability to offer convenient services that would have been unimaginable just a few years ago. Now, 5G is poised to transform every industry and present financial service businesses with further amazing opportunities. Below are a few ways the advent of 5G will shape the banks and payment systems of the future.
How 5G Will Transform the Financial Industry
1. Personalized Financial Recommendations
The incredible bandwidth made possible by 5G can compile a user’s financial behavior for AI program analysis or allow banks, digital signage and kiosks to connect in unconvenional locations. Based on each person’s individual spending habits, banks can offer personalized recommendations for saving money, investment tips, and even automated financial planning strategies. Offering these services in real time will allow banks to provide even more convenience.
2. Advanced Authentication
Using LTE technology, financial services providers have already developed wearables that validate users with biometric data, like fingerprints and facial scans. 5G promises remote connectivity with even higher bandwidths and lower latency, allowing financial institutions to aggregate more data to enhance security.
For instance, tomorrow’s smartwatches might have the capacity to combine voice recognition, fingerprints, and user behavior to ensure the wearer is an authorized account user. With the data capacity of 5G, these sophisticated processes can be even faster than today's LTE programs.
3. Efficient Internal Processes
As important as 5G will be for the customer experience, it will also dramatically increase the efficiency of backend processes for banks, investment firms, and insurance companies. For instance, using 5G remote connectivity, an appraiser for an insurance company can have immediate connectivity and central office manageablility at a remote office or instantly transmit damage assessments, photos, and receipts to the head office for rapid, real-time decisions.
Similarly, a far-flung branch office can submit mortgage applications to an AI program powered by 5G. Instead of waiting days, the loan officer may be able to give customers an answer in a couple of minutes.
As an industry leader in remote connectivity and telecommunications systems, MACH Networks provides the most advanced equipment on the market to agents and resellers across the country. They stay on top of the latest technological innovations and are ready to help your customers take advantage of the 5G revolution. Visit their website to learn more about their suite of fully managed services, and get in touch on LinkedIn or by phone at (866) 972-7677. MACH Networks is firmly committed to the health and safety of their partners, end-customers, and employees.