Deltec Bank, technology series – How 5G will Change Everything

August 06 15:26 2019
Deltec Bank, technology series - How 5G will Change Everything
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.

You’ve heard of 3G and 4G and now we are being introduced to 5G, or “fifth generation” cellular technology. What exactly is 5G? It was brought into the technology industry in 2017 and was said to be one step up from 4G LTE connections. Technicians would likely say there are a lot of disparities between 4G and 5G Internet connections. However, if you’re not a technology wiz, the most important thing to note is that 5G is said to provide much faster downloads and uploads speeds than the generations below it. In other words, gone are the days of waiting hours for your phone to install the latest update, to install an app, or to download a new musical album. 5G is said to be not only significantly faster but also more reliable. Thus, as you might imagine, this new form of technology will be changing the world in a variety of ways.

It will Widen the Way you Encounter Internet

For the most part, your experience with the Internet is likely limited to your cellphone or laptop. Of course, you probably use these devices many times a day and feel as if you are already very immersed in technology, maybe even more than you’d like to be. However, 5G technology will essentially change everything about the way you experience the internet and expand your encounters with technology on a day to day basis.

Rather than just using technology when utilizing our phones or computers, we will begin to come across it in places we might not expect. For example, it may one day affect the way you drive, including the traffic you encounter on a daily basis.

5G will Affect Your Commute

Big-name vehicle manufacturers such as Toyota have already been experimenting with 5G within their products. Essentially, the goal would be to have the Internet while on the road, even when driving at high speeds or more rural areas. Consider going on a road trip with your kids in the back seat. If your kids are using tablets, your partner is using a GPS system, and you’re streaming on your phone, chances are the internet is going to get pretty bogged down. With 5G, everyone in the car will be able to use their devices to stream music, video, and data, as well as game and use apps as needed without the internet getting slow and causing frustration.

If you’re the driver who needs to keep their eyes safely on the road, you can still enjoy the benefits of 5G on the road. The faster connection will allow you to monitor traffic, thus altering your route if needed to ensure for an easier drive.

Self Driving Cars Will Become a Part of Daily Life

Yes, there have been concerns about the safety aspect of self-driving cars. Nevertheless, these concerns came about before the introduction of the 5G network. The 5G network unlocks the possibility of self-driving cars once and for all. 

The network will be fast enough to detect oncoming traffic, swiftly change the route if needed, and request rides. This technology would become popular particularly with rideshare companies such as Uber and Lyft. Rather than needing to get into the car with a stranger, you could request a ride, input directions, and be swiftly driven to your destination through an autonomous vehicle.

5G Will Affect Healthcare

Have you ever needed to visit the doctor but not been able to get an appointment or felt too sick to leave the bed? 5G offers a new way to experience healthcare. Doctors will be able to use video calls to access their patients and even quickly order a prescription. This will be especially beneficial for those that live in rural areas or don’t have access to proper medical care.

5G Will Affect Banking

5G will totally change the way you experience banking. Gone will be the days you have to spend precious time waiting in line for service at your local branch. Banking will be conducted primarily through ATMs, which utilize artificial intelligence to provide efficient and accurate service. In addition, you’ll be able to conduct even more transactions through your device, such as depositing a check, transferring money from one account to another, paying bills, ext. All the while, you’ll be able to rest easy due to the increased security and fraud prevention available because of this new form of technology. Face recognition and thumbprint recognition will become even more common, decreasing the chances of your identity being stolen.

Final Thoughts

To conclude, 5G will change the world as you know it and the way you experience the Internet for the better. It will essentially impact the way you complete everyday tasks, like driving to work, banking, or seeking medical help. Your devices will be able to work together to provide you with the fastest data processing available and the greatest customer experience possible. We could begin to see major technological advancements become prevalent in our day to day lives as early as the year 2020 due to the 5G network. Of course, developed nations will be the first to begin experimenting with this form of technology while rural communities will likely pick it up further down the road. When we welcome the innovation that comes with the 5G network, we will be setting the groundwork for revolutionizing the world as we know it.

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.

About Deltec Bank

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.

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