Treading through 5G into Futuristic Banking
Vishal Madan, Sr. Vice President& CIO, Capital Small Finance Bank Ltd
Future of financial services is mobile. IDRBT (Institute for Development and Research in Banking Technology) has already setup a 5G use case lab for the Banks & FI’s (Financial Institutions). 5G if combined with Artificial Intelligence (AI), block-chain and big data will enable real-time information gathering.
5G technology will help banks and other FI's (Financial Institutions) deliver the new, innovative mobile services for the consumers such as servicing through video calls or remote teller. 5G can also enable multi-layered authentication for extra account protection by using new biometric data types with higher level of accuracy instead of the local authentication of biometric data. This can be enabled through cloud-based services with more computing power.
5G benefits can also extend beyond customer services. It can be used to create more efficient back-end processes where documents need to move from field to back-office for processing for eg: insurance & credits. This can enable an end-to-end customer experience from application to credit check to personalized offer to disbursement of funds in a slick. More accurate fraud prevention with AI is possible as data will travel real-time across the networks. Real-time data can be collected paving the way for new AI based personal banking services.
These services could aggregate user’s behavioral data in real-time to create personalized financial recommendations. This can be extended further with the automated financial consultants.
There are millions of people across the world living in the rural areas. 5G when affordable can help giving them a better, richer banking experience through virtual reality-based customer service & Mobile branches. We will see new innovations coming our way as more Banks, FI & Fin-Tech’s jump the 5G wagon.
As the customers demand more seamless digital experience and we continue to scale at an all-time high, the increased bandwidth of 5G will help to bring financial services in a much richer, scalable, innovative and a seamless manner.