What if we lived in a 5G world?
Transcript of What if we lived in a 5G world?
September 2019
SPECIAL EDITION
What ifwe lived in a 5G world?
3
Contents
04 | Open mic on 5G
19 | Key takeaways
19 | Sources
06 | What exactly is 5G?06 | The technology race07 | When and where will 5G launch?
18 | Case studies18 | Collaboration between technology providers
and Commonwealth Bank of Australia18 | Reserve Bank of India sets up a 5G use cases lab
10 | What impact will 5G have on our everyday lives?10 | A new hyper-connected digital era11 | A gateway to new innovations12 | Disruption across multiple industries
16 | How will 5G transform the financial services sector?16 | New opportunities on the horizon
How do you think 5G will change retail banking?
5G is a strong candidate for being one of the driving forces of future digital technology. It has the power to disrupt
nearly every industry reliant on digital tech, the financial services industry being one of them. Today, we are talking about various technological advancements that will build the future – AI, the internet of things and virtual assistants being the most popular and well-known among them. While we are already planning to build our future around these technologies, they are still in need of serious improvement. The AI we use is mostly ‘narrow AI’, meaning it can only focus on and excel in one narrowly defined task. IoT is not as widely used as we hoped when it was first introduced. Our virtual assistants are also incredibly limited by the technology of our time.All these technologies have one thing in common: data will help them evolve and reach their full potential. And 5G is the key – it will provide higher volumes of data from a large variety of sources with low latency. That’s why we will start to see these technologies evolving and developing faster after the deployment of 5G. Personalized virtual assistants will enable users to do business unassisted and help them make financial decisions. We will start to see AI used in more critical operations with higher success rates. Our cities, homes and lives will be fully connected to the internet thanks to IoT devices and so on.The future I hope to achieve with 5G is a simple one: one of our customers virtually sitting in one of our virtual branches having a conversation with one of our AI-powered virtual banking assistants about new investment opportunities, without needing to leave their full autonomous vehicle that is taking them to their desired destination.However, I am also aware that my predictions are limited by the technology of my time. Therefore, just as other industrial revolutions brought about unanticipated changes, 5G will too. But what I know is that we will be ready for them. l
Gürhan Çam, Digital Banking SVP & Deputy CDO at DenizBank
4 What if we lived in a 5G world?
Open mic on 5GWe asked a range of experts from the Efma Editorial Committee to have their say on the future of 5G in financial services.
The full content of this report is exclusively reserved for Efma member institutions. If you wish to know more about gaining full access to exclusive content, as well as other benefits, go
to www.efma.com/joinefma or contact [email protected]
6 What if we lived in a 5G world?
What exactly is 5G?5G, short for fifth generation, is the latest generation of mobile internet connectivity.
Mobile networks date back to the 1980s, when 1G was first invented – the first wireless connection, which was analogue and voice only. 2G followed in 1991, bringing a digital, narrowband upgrade
to 1G, and delivering voice and data.In 1998, 3G’s digital broadband connection made multimedia features and video calls possible. It was 4G’s introduction in 2008, however, that truly enabled widespread use of mobile data and popularized smartphones due to its high speed and real-time streaming.Now, as we are on the cusp of a new digital era, businesses worldwide are highly anticipating 5G’s arrival and the far-reaching opportunities it will bring.
1980s 1991 1998 2008 Coming soon
5G4G3G2G1G
5G is expected to bring US$565bn in global economic benefits by 2034 - GSMA, Study on Socio-Economic Benefits of 5G Services Provided in mmWave Bands, 2018
The technology race
South Korea has allegedly beaten the USA, China and other competitors in a race to claim the much-coveted accolade of ‘world’s first 5G provider’, according to The Guardian.
On 3 April 2019, a press release announced that SK Telecom Co. together with KT and LG Uplus had become the world’s first 5G provider. A mere few hours later, US provider Verizon Communications Inc. launched its 5G services in Minneapolis and Chicago. Two days later, Samsung launched sales of its 5G-compatible phone, the Galaxy S10 5G. LG Electronics released its 5G counterpart, the V50s, two weeks later.While South Korea may have earned a head-start by becoming the first country to reach this milestone, the commercial sprint has only just begun, with the launch of 5G-capable devices being the next priority for tech companies. The pursuit of a competitive edge in 5G technology is currently led by China, who owns 3,400 5G-related patents, compared to 2,051 and 1,368 in South Korea and the USA, respectively.
77
Gaining momentum - trials and plans for commercial launch
Source: GSMAI
Operators are making strides in 5G around the world
When and where will 5G launch?
7749 32
45operators are trialling 5G technology across
operators have announced plans to launch 5G services across
countries countries
5G trials(completed or active)
Plans for commercial launch (tipically includes trials)as of end of december 2017
- Intel- Qualcomm- Samsung- Ericsson
- Nokia- Huawei- Ericsson
- Ericsson- Huawei- ZTE
- Nokia- Huawei- Samsung- Mediatek- Ericsson- Qualcomm
The full content of this report is exclusively reserved for Efma member institutions. If you wish to know more about gaining full access to exclusive content, as well as other benefits, go
to www.efma.com/joinefma or contact [email protected]