Bank of Santander and Telefónica have launched a joint innovation project to explore how 5G technology can be applied to the banking sector.
Customers at two banks in the city of Alcobendas, near Madrid, will have the opportunity to experience the first three use cases. The partners say these are the first banking offices connected by 5G technology in Europe.
The use cases are:
• 4K video-conferencing between two bank offices. The 5G network delivers ultra-high-resolution image (4096x2160) and natural motion thanks to its 30 frames per second “with zero delay”.
• 5G storage: A low latency cloud storage solution provided by Telefónica and based on the Hitachi Content Platform Anywhere Edge solution embedded on Telefónica's edge computing infrastructure.
• Virtual visit to co-working spaces: Developed in collaboration with Idronia, the use case uses virtual reality, 360 video and edge computing technologies to allow customers to remotely visit co-working spaces such as the Santander Work Cafe located at the Santander banking office in Madrid.
Solutions like these could open new opportunities for banks to provide services on a 'pop-up' basis — setting up temporary mobile offices at big sporting events or festivals, for example, or in emergencies.
The 5G network, provided by ZTE, includes the radio, core network and terminals. The technology employed is based on latest stand-alone standard, meaning it is an end-to-end 5G network architecture that does not require LTE support. The 5G base stations connect to the core network using Telefónica's transport network.
Emilio Gayo, CEO of Telefónica Spain, said, "The initiative with Santander Spain is the result of the collaboration with our corporate customers to ensure that 5G technology is deployed in a way that fully meets their needs, prioritising the development of the most demanded capacities.
"With initiatives like this we also ensure the early adoption of 5G and the positive impact on the Spanish industrial network.”
Rami Aboukhair, CEO of Santander Spain, added, "This agreement with Telefónica responds to Santander's commitment to innovation and to accompanying our customers in the transformation process towards the new generation of 5G communications.
"The new technology will allow us to have better connectivity and faster speed of response in transactions and to offer all our customers the best experience and the best possible solutions.”