How 5G will impact fintech from mobile wallets to online banking to fraud prevention:
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While consumers will likely notice that 5G enables lightning fast downloads, connects millions of “Internet of Things” devices to one another, and removes the lag in their video chats, they may not realize that 5G will also be a key factor in enhancing their banking experience. By leveraging the speed and capacity in this new wireless world, banks that invest in tools to combine artificial intelligence, data and 5G will be able to run many parallel processes in real time. In turn, it could improve the speed and accuracy behind lending decisions and will optimize lending rates to match each unique applicant’s reality.
The ease of use combined with increased transaction speed and personalized offers will make mobile payments more valuable for everyone involved. As 5G enables even more value-added innovations, it could help increase consumer confidence in fully digital payments and help sway more tech-averse consumers to reconsider their payment behaviors.Customers may notice that 5G removes performance hiccups with payments made via wearables and IoT connected devices.
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