5G Might Ease and Develop Physical Banking Experience for Users

5G can facilitate a virtual bank manager and help you go ahead with the KYC process right at the ATM outlet

By February 1st, 2021 AT 5:11 PM

5g-might-ease-and-develop-physical-banking

The next generation of wireless connectivity is surely going to be revolutionary in many ways. It will change the way people interact with technology and would connect more IoT devices together. One of the things it will have a major impact on is the user’s experience with Automated Teller Machine (ATM). If you think that 5G would somehow ease the way people take out cash from ATMs, you are not wrong, only narrow-sighted. Widely looking, 5G can facilitate a virtual bank manager and help you go ahead with the KYC process right at the ATM outlet, saving you a lot of time— more on the story ahead.

ATM Machines Can Become Relay Points for 5G Network

According to an ET Telecom report, the Institute for Development & Research in Banking Technology (IDRBT), based out of Hyderabad is currently working to bring these features to life as soon as 5G is commercially available.

The ex-director of IDRBT, AS Ramasastri who retired back in October 2020 and used to head the project said that the ATMs could potentially act as relay networks for 5G and become extended branches for banks which can do multiple things to make life easier for users.

He said that while India had to catch up with the rest of the world with 2G, 3G, and 4G, it won’t have to do so with 5G since both the RBI and the government wants to leverage this technology as earlier as possible.

Bharti Airtel and Reliance Jio have already claimed that their networks are 5G ready. Airtel recently proved the same by testing it live at Hyderabad in the 1800 MHz band. The thing that was remarkable about this test was that it offered users 10x speed and 10x latency without the dedicated 5G spectrum (3300 MHz – 3600 MHz). Airtel said that under the test, a 1GB movie could be downloaded under seconds while in 4G it would take up to a few minutes.

Ramasastri said that 5G would enable people living in rural areas to complete high-speed transactions easily. He noted that either customer would be able to do it him/herself or the staff carrying a 5G supportive gadget will do it. All the lab that needs to work now on is providing some proof of concept (POC) for the same.

He further said that 5G would allow users to carry out financial transactions in an easier manner and make it more secure. With 5G, things could be carried out on a real-time basis. Also, higher data speeds would enable systems to become more intelligent and carry out complex tests faster.

Tanay is someone with whom you can chill and talk about technology and life. A fitness enthusiast and cricketer, he loves to read and write.

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