CTO and SVP of NetScout, Service Provider – Leads technology strategy for product and service solutions.
With proper implementation, 5G will accelerate the evolution of modern financial services, permuting tasks as routine as obtaining credit information to next-generation edge- and cloud-computing operations, AI, and much more. It is the bridge to the mobile-centric business model that is the banking industry’s future.
“Evolution” is the operative word as 5G builds on existing progress in both telecommunications and banking. Regarding the former, 5G is backward compatible, meaning 5G phones “are capable of functioning on earlier-generation networks outside of 5G coverage areas,” according to the FCC. This means that mobile providers can “maintain their 4G networks as they invest in 5G deployment.”
As to the latter, many financial innovations are already deemphasizing “brick and mortar” banking. The need has only increased during the coronavirus pandemic. A more significant number of financial