A Study on the impact of 5G on the Banking Industry: An Economic Impact Perspective

Abstract

Many banking and financial institutes have begun to cooperate with recent trends and technologies to improve services in the recent era. The emergence of 5G technology provides banking and financial institutions with new choices. The impact of the 5G ecosystem on financial enterprises and mobile banking is noticeable.5G will help modernise the banking and financial sector as part of the telecom revolution, and will be a driver for exponentially increasing clients and market share for financial institutions and financial technology. 5G is expected to increase real-time mobile commerce and high-frequency commerce, according to the financial services industry. Here in this study, we have tried to present an overview of Banking 4.0, Branch-less banking and Open banking and how 5G will help achieve it. In this paper, we have aggregated insights from various sources related to 5G use cases from the perspective of the Banking Industry both from Indian perspective as well as the world.