5G network technology is expected to have speeds up to 10,000 megabits (10 gigabits) per second, compared with today's 100-300 megabits 4G speeds. Another benefit is the near-zero latency, which is great for real-time communication. Let's see what this means for banking.
ATMs use phone lines to communicate. A 5G enabled ATM will be able to operate without phone lines and offers several benefits. First, the ATM no longer needs to sit against a bank branch. It can be moved to different locations, depending on events and convenience. Second, ATM technicians can use 5G video to diagnose complex problems.
Remote Tellers Become A Reality
Because of networks speeds and latency, remote tellers via video isn't quite possible. 5G removes these inefficiencies. A customer who is on the road and wants to speak with a teller will be able to via video.
With 5G's low latency, budgeting features will be able to process the impact of transactions immediately and communicate that impact to customers, allowing them to make quicker decisions about their spending.
Fraud detection is now a common feature across banks and credit card companies. But we all know there are also many false positives, where you're notified about potentially fraudulent activity but it is, in fact, a valid purchase. This often can happen when you're on the road away from home.
5G customers who enable their location services and allow their bank's app to determine their location in real-time can cut down on false positives. If the bank sees your phone is in one location, but there is spending activity on your card 100 miles away, there's a good chance that isn't a false positive. But if there is spending outside of your home area at the same store where you are currently located, there's a high probability that it's you doing the spending.