CURRENT AFFAIRS

Detailed explanation-1: -Banking and Financial Sector in India. IDRBT, which works in the frontier areas of technology, today launched a 5G Use Cases Lab for the Banking and Financial Sector and released a White Paper on 5G Applications for Banking and Financial Sector in India.

Detailed explanation-2: -5G with its increased bandwidth and very low latency could enable the use of Augmented Reality (AR) and Virtual Reality (VR) in banking sector. 5G holds the key to immersive and engaging customer experience across channels.

Detailed explanation-3: -As a result, robotic process automation (RPA) and AI virtual assistants have become popular in banking. Banks are now able to use the smart system to automate a variety of customer service-related tasks, allowing customer care specialists to respond to client inquiries and requests quickly.

Detailed explanation-4: -5G will significantly impact banking because of its fast speed, low latency, and increased capacity, allowing banks and other financial institutions to offer a better digital experience and create high-end user-centric digital interaction.

Detailed explanation-5: -5G will be a catalyst for the personalised digital banking experience, increasing productivity with connected devices. It would lead to even more advanced innovations in the fintech industry, boosting the adoption of the digital payment option and prompting more consumers to reconsider how they make payments.