Fintech Insights

5G will accelerate mobile apps and remote banking. Here’s how.

Manmeet Singh, Mani Singh and Collin Stolpa | FIS

August 30, 2021

5G is poised to revolutionize businesses, especially financial services, with 10 times faster speed than 4G and by enabling more connected devices at lower latency. The finance sector, has historically adopted digital technology early, from ATMs to mobile banking, and consumers are ready and eager to engage this new generation of service.

According to a recent article in eMarketer report, 5G and Financial Services, “5G will improve mobile apps and remote banking with richer media communications and more instantaneous services. Faster throughput speeds and lower latency will accelerate credit approvals, improve customer service via chat or virtual assistants, and increase the security of mobile payments and transfers while reducing friction.”

The anchor to enterprisewide digital transformation

Fast becoming the anchor technology in digital transformation, 5G is now included in most enterprise development road maps to reduce costs, boost operational efficiency and improve customer experiences.

5G’s capabilities will become increasingly necessary – and timely – as use of the technology becomes the norm with technology partners, financial service providers and customers. The transformative power of 5G will benefit enterprise businesses that use 5G to deploy cloud services, realize the potential of the Internet of Things (IoT), and use data at the scale and speed that the future demands.

Move over 4G! Three leading benefits of 5G

  1. More bandwidth to send and receive (much) more data
  2. Lower latency, so data travels (much) faster
  3. High device density, which means 5G delivers superior performance anywhere people gather in large numbers

Additionally, 5G will help financial services companies improve customer experiences and innovate to meet the future.

It pays to be first and choose the right partner

Enterprise businesses should employ 5G to acquire a first-mover competitive advantage. 5G improves client engagement, increases operational efficiency and saves money. Collaborative partnerships with trusted sources are critical for ensuring successful deployments and unlocking new breakthroughs in 5G. Most 5G applications are industry-specific and have a strong relation to business outcomes.

FIS works with enterprise partners to transcend legacy customer-supplier relationships to collaboratively co-develop solutions from inception through deployment.

Learn more by downloading our new white paper, The Future of Fintech: Implications of 5G for Financial Services.