5G technology is beginning to be rolled out by telecom companies as the technology has a lot of potential to help shape the banking industry; Dominic Venturo, Chief Innovation Officer at U.S. Bank, explains “5G is exponentially more powerful than 4G; it has such low latency and such high bandwidth that for a lot of applications, it will make a lot of sense to use 5G instead of Wi-Fi.”; U.S. Bank could potentially revive projects they set aside because current technology could not support them; the better network will also help to make current systems run better and it has the ability to allow older devices to run more efficiently as it is backward compatible; Banks can already upgrade their capabilities, they don’t have to wait for a national rollout of 5G and some have started to look at upgrades; the new networks will allow for better connectivity and faster speeds which will help to unlock a lot more potential in digital banking. Source.
