5G and MEC are two powerful networking solutions that can bring advanced, high-performing wireless connectivity to businesses.
5G, or fifth-generation wireless technology, can enable network reliability and faster data transfer, allowing companies to transfer data from one source to another securely and with lower latency. Multi-access edge computing is a type of network architecture where cloud computing, storage and networking resources are extended from centralized data centers to the network edge. Together, these technologies allow companies in data-intensive industries like financial services to generate more insights from their data and harness it to improve their solutions and services.
When it comes to producing results, what does financial data aggregation mean for your business? It means when a consumer logs into a mobile banking app, they don't have to wait too long to access a dashboard that gives them a holistic view of their current financial situation. It means a small business owner can easily access online reports with cash flow and spending projections or easily import their account information and apply for a business loan using a third-party lending app. It means a family using a third-party budgeting app doesn't have to go through a cumbersome, manual process to connect their different bank accounts to the app and understand their historical spending patterns. It also means financial institutions can access real-time insights about how their customers use their solutions and use these analytics to address customers' pain points, improve their products and deliver more personalized service.
5G-enabled financial data aggregation can transform how financial institutions serve both consumers and commercial banking clients. It can turn data into a powerful tool your company can use to drive more automation and better service delivery across your enterprise. Along with rigorous security protocols, these technologies can allow you to put relevant, timely financial information at your customers' fingertips, empowering them to make better financial decisions and allowing your business to capitalize on emerging technologies to deliver a better banking experience.
Discover how Verizon's 5G Edge is transforming the way businesses process digital data.