The 4G technology has been around for few years. Now people are eyeing on the fifth-generation cellular wireless (5G) technology. Some experts even predict that the new wireless technology may have shown its impact by the end of this year. Do you think it is too fast? It is actually good news since the 5G technology is expected to enable lighting fast uploading and downloading process.
The new wireless technology is also expected to connect millions of IoT devices and minimize the downtime in video chats. More importantly, the 5G may be a key factor that influences your banking experience in the coming few years. As noted by Bob Legters – a Forbes contributor, there are at least five ways in which 5G technology will change your banking experience.
How 5G Technology Will Change the Way You Bank
Lightning-Fast Big-Ticket Purchase
You might be bothered by the cumbersome process of big-ticket purchases. The new wireless technology will streamline the process, thanks to real-time, high-speed data flow. For instance, if you are looking for home for sales in your town and you need it today. The 5G can help accelerating the whole lending decision and application processes, which include:
- Credit-checking process
- Personalized financing offer
- Fund availability checking
- Filling up the digital application, and other steps in the process
The same case applies for any other big-ticket purchases like mortgage. The new wireless technology makes the process of decision making in lending services faster and more accurate. The lending agencies are equipped with smart tools to optimize lending rates based on the personal reality of each applicant.
The point is that with higher speed and capacity offered by the 5G technology, banks are able to run many processes simultaneously in real time. Of course, they need combine big data, artificial intelligence, and 5G for this. On the other hand, the customers also benefit from the technology. It allows the, to access real-time video consultation with financial experts or virtual representatives. Then, they can make informed financing decision.
The Use of Digital Wallet
There are have been many types of digital wallet, but the 5G technology provides you more reasons to use it and abandon your physical wallet. The 2019 Performance Against Customer Expectations (PACE) survey conducted by FIS show that almost 20% of senior millennial have physical wallet or cash and preferred mobile payments.
In the future, digital payments are possible with phone, digital watches, connected car, or other type of wearable. In other words, you can make payments anywhere and enjoy increased transaction speed. You can enjoy personalized payment offers. As a result, mobile payment will be more valuable for you. It increases consumer confidence in making digital payments.
Safer digital payment is related to the other benefits of 5G technology, namely more accurate fraud prevention, which will be discussed in the next post. There are many other reasons for you to re-consider you banking behavior when the new technology is around. Do not miss the discussion on more ways in which 5G technology will provide you with better banking experience on the next post.