Is the banking industry ready to embrace the challenges and opportunities of the 5G era? 5G technology will allow for wider network coverage, more stable connection, and faster data transmission. In May, the Executive Yuan approved the Taiwan 5G Action Plan in order to accelerate 5G adoption, promote its applications, and increase Taiwan’s digital competitiveness. The rapid data transmission of 5G is expected to create space for more innovation in the financial sector, ranging from facial recognition applications and payments to remote account opening and much more, affecting the entire user experience.
Is the banking industry ready to embrace the challenges and opportunities of the 5G era? 5G technology will allow for wider network coverage, more stable connection, and faster data transmission. In May, the Executive Yuan approved the Taiwan 5G Action Plan in order to accelerate 5G adoption, promote its applications, and increase Taiwan’s digital competitiveness. The rapid data transmission of 5G is expected to create space for more innovation in the financial sector, ranging from facial recognition applications and payments to remote account opening and much more, affecting the entire user experience.
In this forum, financial experts from Taiwan and elsewhere were invited to discuss cross-country comparison of 5G application scenarios and business models and the changes 5G will bring in terms of operating models and ecosystems. The forum introduced forward-looking thinking to Taiwan’s financial industry, helping it embrace the new opportunities resulting from 5G development.