Banking, finance products and services upgradable with 5G, says report

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KUALA LUMPUR (Jan 20): Mobility will be a game-changer in the banking and financial services industry, as products and services can be upgraded on all three of 5G’s new capabilities.

This is according to a report prepared by the National 5G Task Force (5G Task Force) under the stewardship of the Malaysian Communications and Multimedia Commission (MCMC) released on Monday.

"By leveraging 5G's ultra-reliable low-latency communication (uRLLC) and enhanced Mobile Broadband (eMBB) capabilities, financial institutions can deliver a seamless digital banking experience to customers, and enable access to banking activities from anywhere, either via real officers or with robo-advisors (automated, algorithm-driven financial planning)," it said.

The Task Force added the 5G capabilities will also prove irresistible in mobile trading, as improved access to financial services grants more Malaysians opportunities to grow their business, facilitate trade and increase access to financial services.

Health and life insurers will also be able to make more informed and precise decisions with 5G-enabled data sharing, it said.

"Therefore, the banking and finance sector will benefit from all three of 5G’s capabilities. uRLLC will enable real-time response and control, eMBB will enable lightning-speed data rates, and massive Machine-Type Communications (mMTC) will enable robust connections between a large number of devices," according to the report.

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