Digital Banking Boom Drives 5G Expansion in Fintech Sector By CIOTechOutlook Team

Digital Banking Boom Drives 5G Expansion in Fintech Sector

CIOTechOutlook Team | Saturday, 16 November 2024, 02:42 IST

The expansion of the fintech market is being driven by increased investment in digital banking and fintech, which is in turn boosting the growth of 5G technology. The fast speed and responsiveness of 5G is expected to enhance database checking and significantly increase network coverage potential.

The high industrial applicability of 5G technology extends to its use in the fintech sector. This technology offers advantages like improving the lending process, securing transactions, enhancing fraud detection, reducing delays, and providing AI and VR for customer services.

It is predicted that the rapid speed and responsiveness of 5G technology will enhance database checks and increase network coverage potential. The high industrial applicability of 5G technology is also seen in the fintech sector. This technology offers advantages like improving lending processes, securing transactions, detecting fraud more effectively, decreasing delays, and including AI and VR features for customer services.

It is expected that the 5G in fintech market will grow at a rate of 44.53% to reach US$122.470 billion by 2029, up from US$19.418 billion in 2024. The use of 5G in fintech allows numerous companies and organizations to adopt different new technologies such as artificial intelligence (AI) and data analytics, facilitating quicker and more effective data gathering and analysis. Utilizing 5G technology in the fintech industry not only enhances but also optimizes user experience by decreasing wait times and providing quicker services to users.