More Tags

Subscribe to Email Updates

Popular Stories

The Quick On Visa’s 8-Digit Bin Migration
How One Credit Union's Workforce Went Completely Remote
Frictionless Payments
Takeaways From The 2019 BAI Mobile Banking Trends Survey
Credit Unions Are Beginning To Embrace Fintechs
Written by Cyndie Martini
on June 19, 2019

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.

Untethered ATMS

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.

Improved Budgeting

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

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.

Let Us Know What You Thought about this Post.

Put your Comment Below.

You may also like:

Credit Unions

How One Credit Union's Workforce Went Completely Remote

What does it take to transition the entire staff of a credit union from on-site to completely remote work in just a matt...

Credit Unions Interest Rates

The Main Differences Between Banks And Credit Unions

Banks and credit unions provide similar services to their customers, such as checking, savings, loans, CDs, and financia...

Credit Unions

10 percent of Americans are credit invisible: Here's how CUs can help

Credit invisibility is a state in which a consumer doesn't have a credit score, having never applied for a credit card o...