Page 41 - Banking Finance April 2023
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ARTICLE










          5G






          BANKING























               ndia has taken a mega leap in mobile telephony by  5G is expected to revolutionise connectivity, reinvent overall
               joining a select group of countries who provide 5G  customer experience and therefore it is going to  have
               telephony.  The  next  generation  5G  or  the  5th  profound  impact  on the banking,  education,  health,
         I generation mobile network has been rolled out in India  agriculture, and many other sectors. It will spearhead the
          which is 10 to 100 times faster than its predecessor 4G. 5G  next wave of digital disruption. With 5G, superfast digital
          is characterised by "Higher Speed, Lower Latency and  connectivity will be a new normal and consumers will begin
          Enhanced Connectivity". It sets a new wireless standard by  to expect and demand the same fast banking experience.
          delivering  low  latency,  reliable  high  data  capacity
          connections and has potential to transform digital landscape  On the other hand, banks will also ride the 5G bandwagon
          in a disruptive way. India has played a catch-up game as far  to improve the speed of digital transformation in banking,
          as 3G and 4G are concerned but government wants India  enhance the customer experience, explore new revenue
          to be a front runner in 5G. Indian telecom companies are  streams and achieve greater cost efficiency. Its impact will
          hopeful of covering major part of India by the end of 2023.  be all pervasive as it will transform backend processes,
          It is estimated that by 2025, there will be more than 2.8  physical branches, customer experience and finally banking
          billion 5G connections in the world.                ecosystem itself. High speed 5G networks will carryout
                                                              complex banking tasks in real time and help them improve
                                                              the efficiency of their websites and apps.
                               About the author
                                                              Hyper personalized IoT device enabled banking services and
                        Ajay Chandra Pandey                   products which will be the backbone of future banking will
                        AGM and Faculty
                                                              get better support from 5G and integration of devices like
                        SBICRM, Gurugram
                                                              phones, wearables, and even cars to  deliver uniform
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