Impact of 5G Technology on Financial Industry of Fifth Generation

Author - ISA (Comstar) | Dec 27 2019 05:00

revolutionary wireless technology

5G is already launched in many parts of the world with its fascinating, fast, wireless internet connectivity. In near future, it is expected to bring virtual networking and Multi-Access Edge Computing (MEC). There are three fantastic benefits of 5G services: Ultra-Reliable Low-Latency Communications (URLLC), enhanced and improved mobile broadband and Massive Machine-Type Communications (mMTC). 

Not only that, but 5G technology is also anticipated to revolutionize the financial industry in a variety of ways. It is going to impact retailers and banks and replace wired services or WLAN networks used in corporate locations or storefronts with wireless services.

By the year 2022, 5G internet connectivity is estimated to bring following key advancements in the financial industry:

  • Record M-Commerce Growth: Mobile E-Commerce transactions via mobile browsers and native apps will surpass other e-commerce transactions.
  • Shopping Via Videos: Buying will happen with a simple click on someone’s clothes, shoes or accessories in a video. 
  • Virtual Shopping: This will give purchasers more real experience before buying a particular product or service, i.e. furniture or a vacation package.
  • Geo-Targeted Offers: Shaping the market using location and past experiences of individuals.
  • Digital Customer Engagement: Use of highly customized robots in hospitality, banking and retail sector.
  • Fast Banking Applications: Banking transactions taking no time promoting high-frequency trading, cryptocurrency transactions and real-time payments.
  • Fraud Prevention: Easy tracking of criminals via fast, real-time access.
  • Mobile Point of Sale: For places where network connectivity is an issue, M-POS will offer fast and beneficial mobile transaction and POS services. 

So, internet connectivity and network connectivity in the form of 5G technology provides a whole lot of financial benefits for banks and retailers.

Popular Posts