Digital transformation in the financial services industry is about what banks can, and should, be doing to plan and prepare for the future. And if you’re preparing for the future, it’s essential to know that 5G cell service and the smartphone of the future will have a significant impact on banks and their digital transformation strategies.
It’s still early
5G has been called “the most physically disruptive alteration to the nation’s communications infrastructure since the telegraph.” But before you get anxious about not having a clearly defined 5G mobile strategy, remember that it’s still early. However, if you want to be relevant in the mobile space in the next decade, you should start thinking about 5G now.
Digital transformation challenges in banking have been well understood and the strategies to address them simple and clear. However, it is becoming increasingly apparent that the industry is reaching a tipping point in the digital transformation journey.
History shows us that in previous mobile generation (the “G” in 5G) upgrades, it typically takes years after the first deployments to see significant changes. 4G was introduced in 2010, but applications like Uber and video calling didn’t become widespread until 2013. Applications taking full advantage of 5G will most likely start appearing in widespread use in 2021 or 2022. Until then, it’s a great time to experiment as the entire wireless industry is essentially beta testing 5G.
To learn more about why banks should care, the benefits and challenges of the new service, and what banks should be doing to prepare for the change, you can click here or submit the form below.
This blog was co-authored by Jonathan Crockett.