BFSI at 5G Speed
25 Oct 2022
Dear Reader,
5G will bridge our hyperconnected world to the future of digital transformation as the next generation of wireless data networks. It brings new bandwidth available at rates two to ten times faster than 4G, resulting in a huge expansion of the information superhighway.
As compared with 4G, 5G delivers three major benefits: the ability to send and receive (much) more data, the ability to send data (much) faster, and the ability to perform well under heavy load.
In 2022, 5G could reach 1 billion users after just 3.5 years, compared to 4 years for 4G and 12 years for 3G, according to a Statista report. As of June 2022, a Global Mobile Suppliers Association (GSA) report states that around 70 countries have 5G networks, up from just 38 in mid-2020 with China and the United States being countries with the most 5G cities.
Prime Minister joined the elite club on October 1 by launching the 5G telephonic services, which would usher an era of ultra-high-speed internet on mobile phones. In the first phase, the services have been rolled out for 13 major Indian cities and the technology will be introduced across the entire country in the next two years.
5G would have umpteen applications across industries and BFSI is one sector which has the potential to improve at 5G speed by combining technology and security to provide a fine tuned customer experience.
With 5G, data management could be faster and shall open doors for AI, persona based customer experience to give a very personalized banking experience to customers which is directly proportional to an increased customer acquisition. Banks and fintechs will have to take the first mover advantage to stand by leveraging the 5G technology by shaking hands with trusted partners for a collaborative deployment of 5G based solutions.
Highlights of Issue #13 of FinTalk are:
- Home grown StartUp Stories: Isupport
- UPI Payments now linked to RuPay Credit Cards
- Nobel Prize in Economics for research on banks and financial crises
- New credit guarantee scheme for startups with 10 cr ceiling
- RBI to soon launch e-rupee on pilot basis for limited use
With Regards,
Akhil Handa
Chief Digital Officer
Bank of Baroda
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