Spanish lender Banco Santander has signed an agreement with Telefónica to launch a joint innovation project to explore the usage of 5G technology in the banking sector.
The joint innovation project will involve two bank branches in the city of Alcobendas, near Madrid. Overall, it will feature three use cases.
The first is 4K videoconference between the two branches over a 5G network. It will offer an ultra-high resolution image and natural motion with zero delay.
A low latency 5G cloud storage solution will be provided by Telefónica. The storage solution is based on the Hitachi Content Platform Anywhere Edge solution embedded on Telefónica’s edge computing infrastructure.
The third use case will enable virtual visit to co-working spaces. The technology, co-developed with Idronia, utilises virtual reality, 360 video and edge computing technologies to offer immersive reality service.
Santander Spain CEO Rami Aboukhair said: “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 a better connectivity and faster speed of response in transactions and to offer all our customers, both final users and companies, the best experience and the best possible solutions.”
For the project, Telefónica, in collaboration with ZTE, has deployed advanced 5G trial network at the Alcobendas branches. It includes the radio, the core network and the terminals.
The 5G banking project is expected to help in advancing application of new technologies in the financial sector. Additionally, it will help in the development of 5G solutions for the banking sector to better serve the customers.