Deltec Bank, how 5G Will Affect Banking – a knowledge series.

August 06 15:06 2019
Deltec Bank, how 5G Will Affect Banking - a knowledge series.
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

Chances are you’ve heard about 5G or fifth-generation internet technology, but you might not fully be aware of the multitude of ways this form of technology will alter your everyday life once it becomes further immersed into society. Perhaps you are thinking that 5G is just another fancy package being offered to you by your internet provider. What you might not know is that 5G is changing the way you will experience the internet forever. No longer will your encounters with the Internet be limited to solely your phone or laptop. You’ll begin to see it change the way you complete daily tasks such as commuting to work and even banking. 5G will essentially change the world as you know it, shifting the way you will look at the Internet forever.

Rather than your Internet usage being limited to just the standard devices, you’ll begin to encounter the Internet in a broader way. The 5G network will allow your devices to work together to provide you with a new and improved customer experience that you’ve never even dreamed of.

Branches and ATMs will no Longer be Needed as a Result of 5G

With the amount of benefits that fifth-generation Internet technology offers, it only makes sense that banks would want to take advantage of 5G technology will eventually lead to physical bank branches and even ATM machines to become totally obsolete. Why would a customer waste time stopping by a bank and waiting for service if all of their banking needs can be fulfilled from the comfort of their own home while using their own device?

More People will Switch to Digital Payments

Many people these days utilize electronic payments to pay their bills each month rather than writing a check and mailing it. It’s faster, it’s easier, and you save the cost of postage. In addition, you never have to worry about your payment getting where it has to go by the deadline. 5G offers increased security that will put even the most technology adverse person’s mind at ease. We’ll likely begin to see more and more people continue to switch to electronic payments thanks to the 5G network.

A Decreased Need To Carry a Wallet

Your wallet is likely your one item, in addition to your phone, that you carry with you at all times. While you once would have never likely considered leaving the house without it, there may be a decreased need for it in the future. We are already able to use our phones to check our bank balances, deposit a check electronically, and move funds from one account to another. Businesses such as Starbucks are already beginning to implement ways to complete purchases with the use of an app. Now with 5G we can expect an increased use of payments being completed solely online, allowing you to leave your physical wallet at home. 5G will allow for an increased transaction speed and tighter security.

Increased Security

With so much of our banking information being located on our devices, there’s even a greater need for tip-top security. 5G takes security and fraud prevention to another level, helping to set your mind at ease when making purchases online. We’re beginning to see a heightened use of biometric security measures and two factor verification. Essentially this offers multiple ways to ensure it’s really you before completing a transaction. This can be done with fingerprint recognition technology and on some of the newest devices, even face recognition.

Final Thoughts

To conclude, 5G technology, when it becomes further immersed in our day-to-day lives, will totally shape the way we experience banking in a positive way. Because of 5G, there will be less of a need for human tellers because physical bank branches will become obsolete along with ATM machines. The majority of a customers’ banking needs can be fulfilled online through their own device. The heightened security 5G offers will also help prevent fraud prevention and allow customers to feel safe when making transactions through their phones.

Disclaimer:  The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.

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