5G, the fifth generation of internet connectivity, has the potential to disrupt the banking industry more than ever.
Standard Chartered has reportedly said 5G is set to enhance customer experience and improve financial inclusion.
“With 5G, we expect more real time engagement between clients and the bank,” said Sonny Zulu, head of retail banking at Standard Chartered UAE.
It is hoped that the use of 5G will also expand Standard Chartered’s core banking services to remote regions, promoting financial inclusion.
“Banks will be able to deploy 5G-enabled digital kiosks anywhere… entirely wireless with no need of any physical infrastructure. We can reach unbanked populations more effectively, with more poepl accessing routine banking services especially in the remote areas,” Zulu explained.
The company will look to collaborate with fintechs in the coming months as it embraces the new technology. “Fintech firms offer exciting innovations and will help to provide a richer banking experience to clients,” said Zulu.
Standard Chartered has seen huge potential in wearable technology within the UAE, and Zulu feels this will be a key element of 5G enabled banking, promoting the collaborative nature of the open banking movement. “These devices could share relevant data with financial service providers and with each other – potentially with even more reliability and lower latency than ever before.”