We’re working with CBA and Ericsson to bring 5G to banking
In an industry first, we’re collaborating with the Commonwealth Bank of Australia and Ericsson to explore and trial 5G ‘edge computing’ technology for financial services – giving you a glimpse of the bank of the future.
Our collaboration with the Commonwealth Bank and Ericsson is the first of its kind in Australia to bring technology providers and the financial services sector together in exploring 5G edge computing use cases and network architectures. We intend to test end-to-end banking solutions over 5G – showcasing what the bank of the future might look like, and exploring how 5G edge compute can reduce the network infrastructure required at individual bank branches.
What does 5G edge compute technology enable?
5G edge compute will allow us to discover more ways to access and interact with financial institutions in ways we haven’t even explored yet. For example, your face and fingerprints could be used in the future to verify and confirm your identity faster and more securely. You might be able to walk into a bank, scan your face/finger and immediately withdraw or deposit your money and walk straight out – providing a faster and more secure way to access your money.
Further to this, the potential of 5G edge compute might mean something as simple as faster transactions when paying for your groceries at a wireless payment terminal, or a more secure, personalised experience when using an ATM by not having to use your PIN number.
That’s what the technology behind 5G edge compute makes possible, and we’re working with Commonwealth Bank and Ericsson to see what’s possible in the banking sector. It has the potential to transform banking, and to deliver innovation to the financial services sector in a faster and more efficient manner.
Commonwealth Bank, Ericsson and Telstra
5G edge computing is all about bringing the network closer to the user or application. For financial institutions like Commonwealth Bank, it will help to enhance existing banking applications as well as deliver new use cases such as artificial intelligence, all supported by a range of software defined networking solutions.
Our earliest work with Commonwealth Bank and Ericsson will examine the process of simplifying the network operations and complexity required at individual bank branches, and will explore optimal 5G coverage solutions and provide more flexibility for bank locations.
These trials will provide valuable lessons and insights for us, too, as we continue to deploy 5G and explore further options with a range of partners and assess the potential for edge computing in telecommunications across many industry verticals.