Technology has been driving changes in consumer behaviour for years. While it may be a few more years until 5G wireless technology is readily available in the UK for consumers and institutions, we are moving, albeit slowly, towards this milestone. When 5G is part of our nationwide infrastructure, it will transform products and services. Banking will inevitably follow.
For a while brands have been competing to win and retain customers on the speed, smoothness and easy of use of their services. Consumers around our digital world demand immediate gratification. 5G, with its superfast connectivity and wide reach, will aid the banking deliver on these expectations and ultimately to serve customers better.
Facilitating banks to provide their customers with flawless, lightning speed experiences and exceptional response times, 5G has the potential to revolutionise banking. More specifically, here are four ways that banks can get ahead with this technology in coming times:
Improved mobile experience
5G may reduce latency times to under one millisecond, which will provide for a true real-time mobile banking experience. Exciting and creative new mobile banking use cases, such as the ability to scan an image of an item in a catalogue or on a website for instant purchase, are no longer just cool ideas, but imminent services.
Faster and simpler payments will like make mobile and digital payments even more appealing to the masses and merchants alike, further boosting usage. It’s also probable that many standard banking operations will extend to new channels such as wearables, internet of things (IoT) devices and virtual reality (VR) devices as these become more common and more sophisticated.
To capitalise on these technologies, it’s imperative that banks start thinking about how they can leverage these new possibilities.
Next-gen customer service
Awareness of 5G is high. Consumers are already quite clued up on what it can offer, such as hyper-personalised and instant service for users. Banks need to make sure they have the confidence in their ability to utilise the technology when it does become available. They must stay ahead of consumer expectations to ensure customers aren’t tempted by a more nimble rival.
With 5G connectivity, consumers are likely to expect banks to instantly resolve issues across all channels. Artificial intelligence (AI) and VR will likely become table stakes for the customer offering, so banks need to decide now how they will leverage automated capabilities while still offering a personalised, human touch for key clients.
Smarter security and fraud detection
Putting aside the well documented security concerns over 5G, there are ways it will greatly enhance security for both institutions and end consumers. For institutions, 5G will allow real-time updates without customer intervention and usage-disruptions. It will enable increased use of multi-modal biometric security measures that combine nuances like the user’s gait and the position in which one holds their mobile phone to carry out identity checks.
5G can significantly improve proactive fraud prevention. Tasks such as processing data in real-time, authenticating transaction amount, customer geolocation, and merchant ID all reduce fraud detection errors and false positives.
On the flip side rules around data management, protection and privacy are increasingly stringent. Banks need to conduct self-analysis on their data collection and usage practices and policies. Given that data protection regulation will only get stricter, banks need to be absolutely certain they are operating within the new rules if they are to successfully bring new 5G-enabled offerings to the market.
Streamlined lending and big-ticket purchases
5G has the potential to simplify cumbersome processes associated with obtaining credit for big-ticket purchases. Banks can handle higher volumes of requests. From applications to credit checks to tailored financing offers to loan sanction, 5G can make banks more efficient and profitable. The importance of this has been highlighted by the coronavirus pandemic, where banks are struggling to deal with the sheer volume of applications for loans.
Banks should invest in tools to marry AI, data and 5G – to run dozens of parallel processes in real-time. This will bring improvements in the speed and precision of lending decisions, and also enables personalised lending rates based on customer risk and reality.
Consumers should not lose sight of the tangible gains the banking and financial sectors will see from the next generations of wireless technology. To maximise the benefits, financial institutions need to ahead and taking steps to put relevant strategies in place now. Developing new processes and products can help banks to stay ahead of consumer demands and bring novel offerings once the technology reaches the consumers.
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Australian FinTech – Connecting the Australian FinTech industry to the world
“SilverRail Technologies is disrupting to the transport industry and we see the impact when entrepreneurs bring a new model to market. The guys at Australian FinTech are close to the dynamics of the finance space, keeping an eye on the next disruption.”
INTERNATIONAL KEYNOTE SPEAKER, AUTHOR, INFLUENCER, CREATOR OF EMOTIONAL BANKING™, FOUNDER and CEO of PeopleNotTech
Duena is the author of the book “Emotional Banking: Fixing Culture, Leveraging FinTech and Transforming Retail Banks into Brands”. She is a serial entrepreneur and intrapreneur, a mentor for start-ups, a LinkedIn Top Voice, named an industry influencer in most lists, a Forbes contributor, a blogger with cutting-edge, unconventional and unapologetic opinion style, an international keynote speaker at industry events, the inventor of the EmotionalBanking™ and MoneyMoments concepts and the Co-Founder and CEO of PeopleNotTech Ltd – a software solution provider revolutionizing the organizations of companies that need to use technology and new ways of work focused on the concept of Psychological Safety in high performing teams.
Over the past 18 years, Duena has worked with multiple large organizations in particular banks, be it to assist them in their digital strategy or to help them transform. With a background in Psychology as well as Business, Duena is on a crusade to see
Duena delivers different, entertaining, engaging and thought-provoking keynotes internationally and occasionally leads panels and fireside chats on topics ranging from FinTech, Digital, CX and Innovation to the bigger themes of the Future of Work, Technology, Psychological Safety and Agile as they reflect in Employees Engagement and Organizational Psychology and Design and has a strong following of 200k+ subscribers and followers on Twitter and LinkedIn.
LATEST BLOG POSTS
“Duena always has new, fresh and thought provoking content!”
“We had Duena as our Keynote Speaker twice – there was never a bored face in the audience and the feedback reflected that”
“Duena was a keynote speaker at our annual conference and our audience loved her! Both Duena and her team are the utmost professionals and it was a pleasure to deal with them for the preparation of her visit“
“Both chairing a panel and as a keynote speaker, Duena has delivered. Delegates came interested and left fascinated. Looking forward to working together again.”
“Our board had executive briefing fatigue and we searched for the most innovative content and most comprehensive expertise packaged in a dynamic way which is what we found with Duena Blomstrom’s presentation.”
TOPICS DUENA SPEAKS ABOUT
BANKING AND FINTECH:
- “How to put Emotion back in Banking and create true Money Moments™”
- “Emotional Banking™- Financial institutions need to investigate customers’ feelings about their money and they need to do it NOW”
- “FinTech – not the cure-all it says on the box”
- ”Everyone is a Challenger when you’re a bank” – GAFA, digital experiences, Open banking and the unhappy consumer
FUTURE OF WORK AND TECHNOLOGY:
- “#VUCA is here: will you bend and win or break and vanish?”
- “Psychological Safety – Silicon Valley’s Secret Sauce”
- “Team = Family. Psychologically Safe teams can make magic and move mountains together.”
- “Servant Leadership and The Emotionally Intelligent Leader”
- “What are you afraid of? – Impression Management and the fear of appearing incompetent, intrusive, negative or ignorant stops us from being courageous and speaking up at work”
- “DevOps is the future of HR”
- “Wake up or rest in peace” – Companies winning today use technology and work in different new ways that make them money and their employees happy. Everyone else is still in the 60s structure of paper-pushing offices. Change or face extinction.
- “You can’t have the WoW without the WoT – Succeed with Agile only if you change mentalities”
- “Agile as a religion not a re-org exercise”;
- “Technology is meaningless and customer-centricity dead without Agile”
- “Digital Excellence and Innovation – It’s all about the People, not the Tech”
- “Agile from the heart not a consultancy PowerPoint”
- “Knowledge, Passion, and Courage – Sine qua non conditions to utilizing Tech and making your Digital customers happy”
- “Time to ditch Agile “transformations”
BANKING: MONEY 20/20: https://youtu.be/TzNq5AS4ems
FUTURE OF WORK: SIBOS Future of Work Panel: https://www.youtube.com/watch?v=IC0YI8mQSlM&feature=youtu.be&fbclid=IwAR00JUGgWGhfm1effIBCj2TR3vhCQQVCREZQjYux0RNRa-3aVLPYSafQZu8
BANKING: Design and EMOTIONAL BANKING: https://www.youtube.com/watch?v=h8o9yJ3InYU
AGILE AND PEOPLE
Fireside chat about People and Security: https://ytcropper.com/cropped/rR5c0a64d960449
Interview about Emotional Banking:
BBC Interview: https://drive.google.com/file/d/1d9aTwXlKEZbjjXsLwXeGVXg4VgvpqYnX/view?usp=sharingLatest Breaking Banks: Minute 19:50 to 43:23 – https://drive.google.com/file/d/1z6VD0z1g2NXf11gz8Qx8rhwolypXJWl3/view?usp=sharing
To have Duena delight your audience email BOOKINGS@DUENABLOMSTROM.COM
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