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Dominic Venturo gets animated when he talks about the possibilities of 5G, the high-speed network technology Verizon and AT&T have begun rolling out across the country.
“5G will begin to unlock some interesting things that we’ve dreamt about or imagined for some time,” said Venturo, the chief innovation officer at U.S. Bank. “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.”
Jeremy K. Balkin, head of innovation, retail banking and wealth management at HSBC USA, has a similarly enthusiastic take.
“Banking today is an experience that our customers want when, where and how they choose,” he said. “The benefits of 5G networks offer next-generation mobile internet connectivity, faster speeds and more reliable connections on smartphones and other devices, which we believe will benefit all consumers.”
What will the future of banking look like?
5G may help Venturo revive projects in his innovation lab he has had to set aside because network technology could not support them.
For instance, several years ago his team piloted an app in the Minneapolis-St. Paul area that used location awareness and augmented reality to display offers from local merchants over the image customers saw on their cameras.
If a customer wanted to see local restaurant deals at lunchtime, she could point her phone down a street and see offers dangling out in front of the businesses.
But wireless networks were not quite ready for this.
“We had to put so much of the smarts of that solution into the mobile app that you ended up with a lot of compute on the phone, which drained the battery,” Venturo said. And the heavy data traffic between phone and network made the visual display choppy.
“5G begins to unlock that kind of capability,” Venturo said.
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