Over the past few years, some of the biggest banks in the world have been prompted to strengthen their digital offerings in a big way and perhaps the biggest reason behind it lies in the emergence of Fintech companies. The Fintech companies have come up with a range of products and services that had seemed to make banks look almost prehistoric, which is why many of the world’s biggest banks have now started to take digital products far more seriously. One of the pioneers in this regard is British bank Standard Chartered, which is well known for having a major presence in Asia and over the years, they have boosted their digital capabilities significantly.
In a new development, it has emerged, that the bank is going to add a range of new services and digital capabilities once 5G wireless becomes a reality. It is believed that with the launch of 5G, it will be possible for people to access Standard Chartered’s digital offerings from anywhere in the world and hence, help in digital inclusion. Nowadays, much of the digital products are often inaccessible to customers who do not have fast internet speeds, and that hampers the bank’s initiatives to come up with new products. 5G is going to be the fastest wireless internet that has ever been available, and people will be able to speeds that are going to be around 100 times faster than those available in 4G. Needless to say, it will result in much greater inclusion.
The head of retail banking for the UAE arm of the bank, Sonny Zulu, stated,
Banks will be able to deploy 5G-enabled digital kiosks anywhere … entirely wireless with no need for any physical infrastructure. We can reach unbanked populations more effectively, with more people accessing routine banking services, especially in the remote areas.
Higher internet speeds have always been regarded as a blessing for a range of reasons, and it is quite clear that the customer of Standard Chartered is definitely going to have access to many more digital services once 5G is available.