Early 5G Banking Technology Transformation Accelerated

Beijing business daily news (reporter meng fanxia song yetong) 5G network gradually approaching, the major commercial Banks on 5G attention and enthusiasm is growing. On May 19, Beijing business daily reporter learned from Shanghai pudong development bank that the bank recently launched 5G+ smart bank branches in zhangjiang, Shanghai together with China mobile, and completed the first bank card business under the 5G network environment. The move comes after icbc teamed up with China telecom to launch its first 5G network. For analysts, the Banks' emphasis on fintech and retail is already a sign that they are preparing for the next 5G era in banking, which is not far away but arguably within reach. 

5G is the abbreviation of the fifth generation mobile communication and its technology. 5G has realized a leap in network performance with its three characteristics, namely enhanced mobile bandwidth (eMBB), ultra-high reliable low-delay communication (URLLC) and large-scale machine communication (mMTC). Taking bandwidth as an example, its peak theoretical transmission speed is nearly one hundred times that of 4G.

"5G has the advantages of high bandwidth, low latency and wide coverage. The most important thing is that 5G will not only speed up the network, but also promote the transformation of the whole society in terms of business logic and system infrastructure. Shanghai pudong development bank head office network finance department general manager xue jianhua said.

It is reported that in this service mode, portrait capture and comparison are deployed on the local edge server, the whole process can be completed in a second, and the customer is not aware. At the same time, in SPD bank's 5G+ smart network, a series of transactions that can be realized based on "face swiping" are also launched. For example, i-counter smart Counter has already realized face swiping for login, printing, money transfer and other services, and 5G network withdrawal transactions can also be completed through face swiping. As for non-media outlets, SPD bank said: "bank CARDS are increasingly showing the trend of media disintermediation. By combining 5G with biological authentication, edge computing and other technologies, customers will have safer and more convenient authentication methods in the process of coming to the outlets and handling business."

Driven by the broad prospect of 5G network, the development of banking industry is also more intelligent. Big state-owned Banks have been testing the water for a long time. The first 5g-network-based business outlet launched by icbc in cooperation with China telecom has landed at the telecom building sub-branch of icbc Beijing branch, realizing the network business through high-speed 5G network.

Regional Banks are not far behind. It is known that private bank of bank of jiangsu has created a new "cloud investment client" service with 5G technology to provide private bank customers with timely, professional and comprehensive cloud consulting services.