5G Applications for Banking and Financial Sector in India
The 5G network is likely to encompass not just the Internet but all the resources connected to it. In such a scenario it is essential that there is a greater preparedness from both the service providers and consumers regarding the principles, architecture and features of the new technology. Such preparedness will help all concerned to design, develop and deploy appropriate applications that can be used efficiently and effectively. It that a similar is oen felt preparedness by various sectors could have helped a greater success of 4G.
This white paper would be a step towards preparedness of the banking, financial services and insurance (BFSI) sector, which has very high reliance on communication technology for all its activities. To ensure that the white paper covers all relevant aspects of the technology and its use in the BFSI sector in India comprising of bankers, a team, academicians, telecom service providers, telecom hardware providers, system integrators and FinTechs has for this initiative. Faculty and senior been formed domain experts from IDRBT continuously interacted with all of them in preparation of this white paper.
The paper, in addition to presenting the principles, architecture and features of 5G, compiles a few use cases 5G by BFSI. It also addresses the for the use of security concerns, generally associated with financial transactions on such networks. We believe that the white paper, with its use cases for will serve as a BFSI, good resource for all concerned with 5G, especially while designing requirements.