Vishal Madan, Sr. Vice President & CIO – Capital Small Finance Bank

“The future of financial services is mobile. IDRBT (Institute for Development and Research in Banking Technology) has already setup a 5G use case lab for the Banks & FI’s. 5G if combined with Artificial Intelligence (AI), blockchain & big data will enable real-time information gathering. 

It will help banks and other Financial Institutions (FI's) deliver the new, innovative mobile services for consumers such as servicing through video calls or remote teller. 5G can also enable multi-layered authentication for extra account protection by using new biometric data types with higher level of accuracy instead of the local authentication of biometric data.

5G benefits can also extend beyond customer services as it can enable an end-to-end customer experience from application to credit check to personalized offer to disbursement of funds in a slick. More accurate fraud prevention with AI is possible as data will travel real-time across the networks. 

Real-time data can be collected paving the way for new AI based personal banking services. There are millions of people across the world living in the rural areas. 5G when affordable can help giving them a better richer banking experience through virtual reality-based customer service & Mobile branches.”