5G and Next-Gen Consumer Banking Services :

The future has been already started. The banking industry needs to adjust, or it will disappear in the next decade. With the help of 5G, the next-generation intelligent ATM-like devices will have highly integrated functions and use technologies such as Artificial Intelligences assisted self-service contactless interface with face recognition and digital signature. The author focuses on new experiences that clients can expect when connected to a 5G network with a 5G device in the list below. By 2022 we hope that 5G will: • Drive accelerated mBanking growth. • Power Augmented Reality / Virtual Reality. It is expected that 5G help make Video shopping experiences more widespread and compelling. • 5G will make it possible for banks to deploy highly personalized customer service experiences. • Support time-sensitive banking applications, like, e.g., Online stock trading where milliseconds can judge between a win or loose • Improve security and fraud prevention. By computing and exchanging more data traveling between parties in real-time. • Enhance mPOS transactions and utilization. 5G holds the potential to accelerate mobile point of sale (MPOS) transaction processing time and improve connectivity. In order to explore these topics, this book covers: • Decentralization of the Banks • Banking without Banks • 5G will change Bank Industry • BlockChain adoption by the Banking industry • Modern Banking Industry Decentralization of the Banks, Banking without Banks, 5G will change Bank Industry, BlockChain adoption by the Banking industry, Modern Banking Industry Cover 1 Half Title 2 Title Page 4 Copyright Page 5 Table of Contents 6 Acknowledgements 12 Author 14 Chapter 1: Introduction 16 The Answer Is in the Core 18 Infrastructure 18 Development 19 Testing 20 Instant Payment 21 5G Innovations 24 What 5G Could Mean for Banks 25 Next-gen Customer Service 26 Micro Banking Branches 27 In a Nutshell 28 What Will Be Good to Take from This Chapter? 28 Traditional Banking 28 Banking Core 29 Omnichannels 29 Monolith Architecture 29 Microservices 29 Instant Payments 30 Chapter 2: Traditional Banking 32 Beginning of the Banking 32 Development of the Banking 34 Computer ERA in Banking 36 The Use of Computers and Internet in Banking 37 Introduction of Mobile 37 Introduction of Credit Cards 38 Monolithic Architecture of the Banking Software Systems 39 Modernizing Core Banking Systems 41 Progressive Modernization Architecture 43 Database Silos and Why They Aren’t Good Anymore 45 Security Point of View (from the Beginning to the Mobile Banking Era Short Overview) 48 In a Nutshell 50 What Will Be Good to Take from This Chapter? 50 Modernization of the Core System 50 Database Silos 51 Chapter 3: Blockchain 52 What Blockchain Means to the FinTech Industry? 52 How Do Blockchain Transform Banking and FinTech Industry? 53 What Exactly Is Blockchain in Relation to the Commercial and Banking Industry? 54 Behind the Curtain Mechanics of the Blockchain 54 Receiving the Digital Currency 56 How Can Banks and FinTech Benefit from Blockchain Technology? 58 Use Cases of Blockchain in Consumer Banking 59 The Future of Blockchain in Banking 61 Payments Revolution 62 Beyond Payments 62 Speed of Adoption 63 In a Nutshell 64 What Will Be Good to Take from This Chapter? 64 Blocks 64 Ledger 64 Hash Code 64 Mining 65 Chapter 4: 5G Opportunity 66 5G Opportunity 66 Edge Computing 67 What Is Edge Computing? 68 Smart Banking in 5G World 69 The Architecture of Smart Bank Branch 72 A One-Stop Financial Service Centre 73 AI and VR-based Smart Banking 74 How It Will Impact the Digital Banking Experience? 75 KYC Onboarding 78 In a Nutshell 81 What Will Be Good to Take from This Chapter? 81 Edge Computing 81 Smart Banking 81 KYC 82 Chapter 5: Digital Consumer 84 Future of Money 84 The Digital Euro 86 Cryptocurrencies Show Risks 87 Cutting Banks as a Middleman 88 Regulators Embrace Blockchain 89 The Future of Digital Transactions 90 In a Nutshell 90 What Will Be Good to Take from This Chapter? 90 Chapter 6: Synergy 92 Digital Footprint 93 How It Works 93 Examples 93 Understanding How It Functions 94 Why It Matters 96 Data Centralization 97 Defining Data Centralization 98 Benefits 98 Quantum Computing 100 How Quantum Computers Work? 100 Quantum Computing and Banking 101 An Example 103 5G Fundamentals for 6G 103 The Basics 103 The Challenges 104 Developments and Solutions 105 In a Nutshell 106 What Will Be Good to Take from This Chapter? 106 Digital Footprint 106 Data Centralization 107 Quantum Computing 107 Chapter 7: Machine Learning, PaaS, and Other Future Banking Trends 108 AI Banking Readiness 109 Learning from Other Industries 110 Power of Machine Learning in Analytics 111 Machine Learning Options and Sales Strategy 113 Machine Learning: The Rise of the (chat)Bots 115 Payment-As-A-Services 116 What Is the Purpose of PaaS? 116 Benefits 117 How Does It Work? 118 Impact (in a Nutshell) 119 Digital ID Is Becoming a Hidden Payments’ Enabler for Retailers 119 Unlocking a Bold New Ecosystem 120 What Form Will the New Digital ID Take? 121 Fingerprint Biometrics as a Digital Identity 121 Building Trust with Biometrics 122 Securing the Future of the Financial Industry 122 In a Nutshell 123 What Will Be Good to Take from This Chapter? 123 Machine Learning 123 Payment-as-a-Services 124 Chapter 8: Blockchain Bank Architecture 126 What Could Be Exactly Blockchain in the Banking Context? 126 Know Your Customer Steps 126 KYC Push 128 What Are the Benefits of Blockchain KYC? 129 Public Perception about Using Blockchain Technology 133 Banking-as-a-Service 136 How Banking-as-a-Service (BaaS) Works? 137 What Will Be Banking-as-a-Service? 137 What Does BaaS Contain? 138 Banking Software Will Become Modular 141 Banking Software Platforms Are Not BaaS 141 Blockchain Payment Software 144 Blockchain-based Payment System 145 In a Nutshell 146 What Will Be Good to Take from This Chapter? 146 Banking-as-a-Service 146 Blockchain Payment Software 147 Chapter 9: Common Features: Banking of Tomorrow 148 Transactions of Tomorrow 148 Banks Look to Save Their Place in Tomorrow’s Economy 148 COVID-19 Accelerates Digital Banking Transformation 149 Tech Partnerships Will Be Essential 149 Rise of Digital Currencies 151 Data and Software Are the Heart of the Digital Transformation Economy 152 Savings of Tomorrow 153 Money-saving Isn’t Easy 155 Spending Budget? 156 Lower Fees for Spend Money Worldwide 156 Vaults Spare Change Savings 156 From Official Revolut Website 156 Loans of Tomorrow 157 Getting a Bitcoin Loan 159 What Is a DeFi CryptoCurrency Lending? 160 What Are Loan Models Available? 161 Uses of Bitcoin Loans 162 Risks of Crypto Loans for Borrowers 162 Risks of Crypto Loans for Lenders 162 Lack of Regulation 162 In a Nutshell 163 What Will Be Good to Take from This Chapter? 163 Rise of Digital Currencies 163 Data and Software Are the Heart of the Digital Transformation Economy 163 What Is a DeFi Cryptocurrency Lending? 164 Chapter 10: Insurances Based on the Decentralized Network 166 How Blockchain Can Help the Insurance Industry 166 Using Blockchain to Get the Basic Aspects Right 166 Using Blockchain to Support Innovations 167 Blockchain’s True Value 168 Investment in DLT 169 How Insurance Firms Are Implementing Blockchain Technologies 169 Using Consortia to Develop Blockchain Capabilities for Insurance Firms 170 Beyond Proof of Concept 171 Successful Implementation of DLT within the Insurance Ecosystem 172 Market Leaders 172 Peer Networks 172 Benefits of Blockchain in the Insurance Field 173 Blockchain Insurance Uses 174 What Is an Electronic Signature? 182 The Three Types of Electronic Signatures 182 Simple Electronic Signatures 183 Advanced Electronic Signatures (AdES) 183 Qualified Electronic Signatures (QESs) 183 When Should an Electronic Signature Be Used? 184 Electronic Signatures in the EU 185 In a Nutshell 185 What Will Be Good to Take from This Chapter? 185 How Blockchain Can Help the Insurance Industry 185 Benefits of Blockchain in the Insurance Field 186 Electronic Signatures in the EU 186 Chapter 11: FinTech in Time 188 The Future of Digital Banking 189 Digital Open Banking Is Rewriting the Banking Rules! 189 The Road Ahead for Indian Open Banking Ecosystems 191 Financial Services Predictions 192 Predictions 194 Banks Will Become Similar to the Post Office in Terms of Perception 194 All Businesses Will Be FinTech-based 195 Latin America Will Show the Fastest Rate of Growth 195 The War between Banks and Aggregators Will Be Lost 195 Ant Financial’s Market Share Will Grow to Make it the Largest Financial Institution Globally 196 Customers Will Avoid Physical Banking in the Future 196 Advancements in Financial Technology 197 Growth of Digital Banks 197 Concept Branches 198 Branches for the Unbanked 198 How Banking Will Change by 2030 199 People Having a Say 199 “Best of Both” Business Models 200 Increased Security and Growth Focuses 200 Innovation 200 Enhanced Security Focus 201 Emerging Regulations for Technology 202 Big Tech and Borrowing 203 Social Media Currency 203 The Impact of Social Banking 205 Can Blockchain Provide Security? 205 The Fate of Laggard Business Models for Banking in 2030 207 In Conclusion 207 5G,innovations;,blockchain,bank,architecture;,decentralized,network;,digital,consumer;,edge,computing;,FinTech,industry;,insurance,industry;,machine,learning;,next-gen,consumer,banking,services;,PaaS,software;,smart,banking;,traditional,banking 5G innovations,blockchain bank architecture,decentralized network,digital consumer,edge computing,FinTech industry,insurance industry,machine learning,next-gen consumer banking services,PaaS software,smart banking,traditional banking The future has already begin. The banking industry needs to adjust, or it will disappear in the next decade. With the help of 5G, next-generation intelligent ATM-like devices will have highly integrated functions and use technologies such as artificial intelligences-assisted self-service contactless interfaces with facial recognition and digital signatures. This book focuses on new experiences that clients can expect when connected to a 5G network with a 5G device. By 2022 we hope that 5G will: Drive accelerated mBanking growth Power augmented reality /virtual reality Make Video shopping experiences more widespread and compelling Enable banks to deploy highly personalized customer service experiences Support time-sensitive banking applications, like online stock trading where milliseconds can determine a gain or loss Improve security and fraud prevention bycomputing and exchanging more data traveling between parties in real-time Enhance mPOS transactions and utilization. 5G holds the potential to accelerate mobile point of sale (MPOS) transaction processing time and improve connectivity In order to explore these topics, this book covers:• Decentralization of the banks• Banking without banks• 5G will change the modern banking industry• Blockchain adoption by the banking industry