Standard Chartered: 5G will boost financial inclusion and drive digital disruption

By Olivia Minnock
5G, the fifth generation of internet connectivity, has the potential to disrupt the banking industry more than ever. Standard Chartered has reportedly...

5G, the fifth generation of internet connectivity, has the potential to disrupt the banking industry more than ever.

Standard Chartered has reportedly said 5G is set to enhance customer experience and improve financial inclusion.

“With 5G, we expect more real time engagement between clients and the bank,” said Sonny Zulu, head of retail banking at Standard Chartered UAE.

It is hoped that the use of 5G will also expand Standard Chartered’s core banking services to remote regions, promoting financial inclusion.

SEE ALSO:

“Banks will be able to deploy 5G-enabled digital kiosks anywhere… entirely wireless with no need of any physical infrastructure. We can reach unbanked populations more effectively, with more poepl accessing routine banking services especially in the remote areas,” Zulu explained.

The company will look to collaborate with fintechs in the coming months as it embraces the new technology. “Fintech firms offer exciting innovations and will help to provide a richer banking experience to clients,” said Zulu.

Standard Chartered has seen huge potential in wearable technology within the UAE, and Zulu feels this will be a key element of 5G enabled banking, promoting the collaborative nature of the open banking movement. “These devices could share relevant data with financial service providers and with each other – potentially with even more reliability and lower latency than ever before.”

 

Share

Featured Articles

Pay Later: Does Apple's latest offering threaten BNPL?

We ask several industry insiders whether Apple Pay Later, the tech firm's foray into BNPL, threatens the market and risks marginalising smaller players.

Is Launching a Fintech Unicorn Easier than Ever Before?

With new unicorns in the fintech space emerging every week, we take a look at the traits that enable companies to scale at pace

Why BaaS is transforming the financial services space

We look at the latest changes in the BaaS space, taking into consideration new technologies, marketplace demands and changes in the financial landscape

Wealth management trends and the ‘new normal’

Financial Services (FinServ)

Innovation is driving fintech, Shuki Licht, Finastra CEO

Financial Services (FinServ)

SIX SME Banking Trends that are Disrupting the Space

Banking