ATMs could get a lot smarter and morph their screen based on the customer who is using it. So, a 60-year-old could be served one experience while a 20-something could have a completely different screen. The ATM functions could also become much more personalized—beyond just asking if you want to check your balance or get cash.
Mobile apps could follow that same route in the future of finance . For example, say you have a fraud question, or you need to ask about your interest rates, or you need to authorize a big purchase on your line of credit. 5G’s ultra-low latency could allow you to also have personalized interactions with remote tellers or chat bots via video sessions over platforms like BlueJeans. “That way, banks can have good conversations with customers wherever they are,” Guirnalda says, whether that’s standing on the street corner where their bank used to be or sitting on the beach halfway across the world.
Although banks currently have versions of digital assistants, 5G’s higher computing power will allow for more conversational interfaces. In short, you should be able to ask deeper questions and get deeper answers. And then there’s the potential for these chat bots to resemble and emote like IRL humans.
One real-world example of this is Soul Machines. The company has created digital humans that are so real you can see your reflection in the avatar’s iris. The platform—built on Human OS—allows digital humans to react in real time, contextualizing conversations and allowing them to respond in an authentic, emotional way. This means empathy and conversation should replace traditionally more transactional chatbot interactions.
Newer systems should also be more accessible. 5G speeds could allow for simultaneous language translation, which means you could have the same in-person experience whether you prefer to speak in English or Korean. The interactions could also instantly be adapted to suit people who have vision, hearing or speech disabilities.
Rethinking the corner store: a seamless wallet that saves you time
Certain experiences, like shopping transactions, don’t require the level of empathy of finding out why your credit score dipped. If anything, they need to be virtually invisible. And consumers agree.
Today, 66 percent of shoppers say contactless checkout is a top priority while shopping safely while in-store. Four out of five consumers say they’ll continue to use contactless payments in the future.
Recently, guests at the Indy 500 experienced an autonomous convenience store from AiFi, powered by Verizon 5G Ultra Wideband. Visitors were able to scan an app, enter, and purchase an assortment of snacks, beverages, and Indy 500 merchandise using AiFi’s portable computer vision enabled NanoStore — without having to worry about waiting in line to check out. “I walked in, picked up a race car for my kid, walked out and then got a receipt,” Guirnalda recalls. “Simple as that.”
The economics of this, he says, tie into financial management and banking. For example, to set up a grocery store all you would need is a 5G connection with minimal need for staff and physical sales machines. And you probably don’t need to buy an expensive cash register for your small business. 5G could process the transaction in real time, which can ultimately democratize a lot of this technology for smaller businesses and consumers. This could have real-world benefits like reducing food deserts since setting up fresh markets could be much cheaper and require fewer employees.
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