5G Banking

India has taken a mega leap in mobile telephony by joining a select group of countries who provide 5G telephony.

- Ajay Chandra Pandey

The next generation 5G or the 5th generation mobile network has been rolled out in India which is 10 to 100 times faster than its predecessor 4G. 5G is characterised by "Higher Speed, Lower Latency and Enhanced Connectivity". It sets a new wireless standard by delivering low latency, reliable high data capacity connections and has potential to transform digital landscape in a disruptive way. India has played a catch-up game as far as 3G and 4G are concerned but government wants India to be a front runner in 5G. Indian telecom companies are hopeful of covering major part of India by the end of 2023. It is estimated that by 2025, there will be more than 2.8 billion 5G connections in the world.

5G is expected to revolutionise connectivity, reinvent overall customer experience and therefore it is going to have profound impact on the banking, education, health, agriculture, and many other sectors. It will spearhead the next wave of digital disruption. With 5G, superfast digital connectivity will be a new normal and consumers will begin to expect and demand the same fast banking experience.

On the other hand, banks will also ride the 5G bandwagon to improve the speed of digital transformation in banking, enhance the customer experience, explore new revenue streams and achieve greater cost efficiency. Its impact will be all pervasive as it will transform backend processes, physical branches, customer experience and finally banking ecosystem itself. High speed 5G networks will carryout complex banking tasks in real time and help them improve the efficiency of their websites and apps.