The 5G Technology Will Change Your Banking Behavior: Part 2

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The previous post discussed two reasons for you to change your banking behavior with the upcoming 5G technology. With its excellent speed, the new wireless technology allows seamless banking transactions. The first two reasons include the lightning-fast big-ticket purchases and the use of digital wallet. When the two things become reality, consumers will need higher security and confidence in making the digital payments. How does the 5G work in terms of security?

5G Technology: More Reasons to Change Banking Experience

As discussed before, the 5G technology is expected to solve the performance hiccups and cumbersome process as associated with the previous technology. In the future, payments via wearable and IoT-connected devices will be much easier. The following are more ways in which 5G will change how you use banking services:

More Effective Fraud Prevention

In the past, when more people were engaged in digital transactions and payments, fraud would be more common. However, the case is different with 5G. More data travel across networks in real-time way. At the same time, banks can respond faster anytime a customer makes mobile payment transactions. This eventually enhances fraud prevention efforts, since the cyber criminals have fewer chances to get into the system.

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In addition, the banks will benefit from faster transaction verification. They can use geo-location tools, verify transaction amount and check merchant ID. These will reduce the chances for fraud detection errors. In the end, the banks will benefit from fewer customer complaints. Fewer customers are expected to stop using the card because of the failure to detect fraudulent actions.

More Powerful Security

Security is another crucial aspect, which determines the customers’ comfort and confidence in using digital transactions and payments. With the previous wireless technology, security vulnerabilities, which are detected within an app, sometimes required the users to do manual checking and repair. 5G technology offers the solution. It allows the banks to update and add features in real time. The customers do not need to realize the process.

Experts also expect that the 5G technology will encourage the development of multi-modal biometric security systems. They may combine things like customers’ position and gait during the validation process. These security systems will further minimize the risk of fraud.

Enhanced Access for Unbanked Regions

More interestingly, the new wireless technology will benefit people in unbanked or under-banked regions. The 5G comes with equality mission. Studies show that millions of people around the world live in under-banked regions. They live in rural areas without any access to high-speed broadband and banking services.

The 5G will come with affordable pricing systems to benefit those underprivileged people. It will provide richer banking experience without adding the costs for the customers. The issues of financial inclusion in underserved areas could be solved with virtual-reality based financial advice, customer service, and financial management service.

Of course, the demand for better digital experience is increasing with time. As such, many technologies have been around or are being developed to answer the demand. However, the 5G technology will expectedly offer affordable financial service to resolve the financial inclusion issues.

Do you think that those five reasons are enough for you to change your banking behavior after the coming of 5G technology?

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