In an industry first, Telstra, Commonwealth Bank of Australia and Ericsson have today announced their intention to explore and trial 5G edge computing technologies for the financial services sector.
This collaboration between Telstra, Commonwealth Bank and Ericsson is the first program in Australia to bring technology providers and the financial services sector together to fully explore 5G edge computing use cases and network capabilities by testing end-to-end banking solutions over 5G.
The trials are expected to showcase what the bank branch of the future might look like, and how 5G edge compute can help to reduce the network infrastructure currently required at individual bank branches.
Speaking at Mobile World Congress in Barcelona, Nikos Katinakis, Telstra’s Group Executive Networks & IT, said Telstra, Commonwealth Bank and Ericsson will come together over the coming months to test and trial innovative 5G experiences for banking customers.
“5G has the potential to transform the financial services sector and deliver innovation in a faster and more efficient manner,” said Mr Katinakis.
“5G edge computing is all about bringing the network closer to the user or application. For financial institutions like Commonwealth Bank, it will help to enhance existing banking applications as well as deliver new use cases such as artificial intelligence, all supported by a range of software defined networking solutions.”
“Together with Ericsson, we are pleased to be working closely with Commonwealth Bank, an industry leader, to help them design and deliver the next generation of banking services, powered by Telstra’s 5G technology and using edge computing.”
5G edge computing is expected to simplify the network operations and complexity required at individual bank branches. This collaboration will explore optimal 5G coverage solutions and provide more flexibility for bank operations and locations.
Commonwealth Bank Executive General Manager Digital and Retail Operations and Technology, Pete Steel, said: “We’re excited to be working with Telstra and Ericsson to test and learn on 5G and edge computing. These technologies have significant potential to enhance the availability, stability and performance of our network infrastructure and we hope they can help us provide quicker and better digital experiences for our customers.”
Speaking with Telstra at Mobile World Congress in Barcelona, Emilio Romeo, Head of Ericsson Australia and New Zealand said, “We are working with Telstra, and leading Australian financial institution, Commonwealth Bank to push the boundaries of technology and create new and agile wireless network services across Telstra’s network. Through this collaboration we will see first-hand the benefit that 5G will bring to a range of industries, and we’re delighted to be collaborating with these two leading businesses, to drive 5G innovation in Australia.”
Mr Katinakis continued, “These real world trials will provide valuable lessons and insights for Telstra, our customers, and vendor partners as we continue to deploy 5G. They will also help us understand which use cases will best serve our customers and have the greatest monetisation potential. The learnings on 5G and edge computing will be used across a broad range of industries.
“These trials between three industry leaders mark another important milestone in the nation’s 5G technology development, ensuring Australia remains at the cutting edge of mobile technology.”