Massive Growth of Banking Technology with the Aid of 5G Technologies

The advancement in information technology has resulted in explosive growth in banking technology like ATMs, internet banking and mobile banking. Banks which emphasize more on existing customer satisfaction and in attracting new customer have implemented online banking and mobile technology to make banking more convenient, attractive and simple. Computerization, wireless network, ATMS, internet banking and mobile banking can connect any customer of any bank in any branch with a customer in any other bank regardless of time, location or physical boundaries. With the widespread of banking technology, public users or customers could create an account from their smart phone without actually visiting the branch. 5G (Fifth generation wireless systems) is emerging mobile telecommunication standard beyond 4G in terms of speed, bandwidth, data transfer rate and signaling efficiency. Research and analysis of the new technology help in the popularity of the technology among public users. In this paper, we discuss and analyze new banking technology, which includes Digital Deposit Apps, Photo Bill Payment Apps, Smartphone Credit Card Scanners, Electronic Meeting, Advanced ATM Apps and Mobile Payment Apps. The new technologies are analyzed using its advantages, benefits, constraints and disadvantages. Wish this paper could play an active role in actual research of mobile banking technology