Banking in 5G: Why financial marketers should care (now)
With nearly every new technology, banks and credit unions like to take a wait-and-see position. But many experts warn that such thinking is risky when it comes to 5G. Several point to the seismic shift in digital banking capabilities that the new wireless technology will enable, and the danger of not being prepared for the change.
There are only so many “transformational” technology shifts an average person can handle at once. So it’s not surprising that in the run-up to the launch of 5G communications technology, there’s some reluctance among business leaders to go all in.
An Accenture survey reveals a great deal of confusion and ambivalence about the new technology among business executives. While the leaders acknowledge its potential competitive implications, they don’t grasp how significant it will be, even though 5G — the fifth generation wireless technology — has already been launched on a limited basis in dozens of U.S. cities and elsewhere around the world.
The ongoing marketing war among the major carriers — accusations of dubious claims continually fly back and forth — hasn’t helped. Amid the rhetoric, a growing number of respected voices warn financial institutions about the danger of ignoring this major technology shift.
FIS Chief Data Officer Bob Legters states that 5G will be a key factor in enhancing consumers’ banking experience.
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