FINSERV resulted in many more data sources , taking information from sensors , computers , smart home appliances and more , which when aggregated can create the ultimate customer profile for service providers .
These KYC developments have , in turn , transformed other industries , not least of which has been the finserve space .
But if 4G has been capable of creating these developments , what milestones will 5G usher in ? With an average performance that is 100 times faster than 4G , with higher bandwidth and low latency , the possibilities , say experts , are endless .
Manish Devgan is Chief Product Officer at
Hazelcast , a leading open source in-memory computing platform , that helps Global 2000 and financial services companies to achieve ultra-fast application performance .
He says , “ In the finserve industry , higher bandwidth , lower latency and more reliable networks provided by 5G will create a foundation for secure , real-time applications and services .
“ Pervasive data streams fuelled by ubiquitous connectivity will require realtime platforms that combine disparate data , filter and aggregate data , and leverage
“Another prerequisite for fintechs seeking to individually-target services for consumers through instant data processing at the edge is better use of system memory ”
artificial intelligence , to provide actionable intelligence .
Devgan predicts that drawing on 5G ' s benefits , mobile and wearable device-initiated commerce has the potential to grow at a much faster pace . 5G networks will , for example ,
enable real-time fraud-checks catapulting mobile payments to mainstream adoption .
Boris Cipot , senior security engineer for Synopsys Software Integrity Group agrees with Devgan . He believes the anticipated changes to finserve as a result of 5G innovations , will be industry-changing .
Which UK networks offer 5G so far ?
• EE
• O2
• Vodafone
• Virgin Media
• Three UK
• BT
• Sky Mobile