Page 51 - Banking Finance June 2024

ARTICLE

ROLE OF 5G IN

ACCELERATING

DIGITAL

TRANSFORMATION

IN THE BANKING

LANDSCAPE

T he emergence of 5G technology presents a lower latency, and increased capacity, paving the way for
transformative opportunity for the banking
transformative applications and services in various
industries.
industry. Defined by its high speed, low latency,
and increased capacity, 5G promises to
revolutionize the way financial institutions operate and Key Features of 5G and their Significance
interact with customers. Let us delve into the potential
applications of 5G, exploring how it can enhance various for Banking:
aspects of banking operations and customer experience. High Speed: 5G offers significantly faster data
transmission compared to previous generations of
How 5G works? mobile networks. This enables seamless real-time
transactions, faster data processing, and efficient
5G technology operates across a broader range of radio handling of large data sets.
frequencies, utilizes small cell deployment, employs Massive
MIMO and beamforming techniques to enhance capacity Low Latency: Reduced delay in data transmission
and coverage, introduces network slicing for optimized allows for near-instantaneous responses, crucial for
resource allocation, and leverages edge computing for time-sensitive operations like fraud detection and
reduced latency and improved performance. Together, these algorithmic trading.
elements enable 5G networks to deliver faster data speeds, Increased Capacity: 5G networks can accommodate a
larger volume of connected devices, fostering the
growth of the Internet of Things (IoT) and facilitating
About the author
broader access to financial services.

Sheik Nizamudeen D Transformative Applications of 5G in
Chief Manager (IT) Faculty
ULA -Digital Transformation Banking:
Powai, Mumbai
1. Enhanced Mobile Banking Experience: 5G empowers

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