Banco Santander and Telefonica have reached an agreement to launch a joint innovation project on 5G technology for the banking sector.
The two have developed a first 5G experience around three use cases that customers can enjoy at two bank offices in the city of Alcobendas, near Madrid, the first banking offices connected by 5G technology in Europe. This initiative will make it possible to advance in the application of new technologies in the financial sector, develop 5G solutions for the banking sector and support corporate customers in their transformation process helping them to adapt their financial products to meet new needs.
Telefonica, in collaboration with ZTE, has deployed in Alcobendas the most advanced 5G trial network to date. Thus, this city joins the Telefonica’s 5G Technology Cities initiative that also includes Talavera de la Reina, Segovia, Barcelona and Malaga.
Emilio Gayo, CEO, Telefonica 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, prioritizing 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, Santander Spain said, “This agreement with Telefonica 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 the best experience and the best possible solutions”.
The project comprises of three use cases: 4K videoconference between two bank offices that offers, through the 5G network, an ultra-high resolution image (4096×2160) and natural motion thanks to its 30 frames per second with zero delay; 5G storage, a low latency cloud storage solution provided by Telefonica and based on the Hitachi Content Platform Anywhere Edge solution embedded on Telefonica’s edge computing infrastructure; and Virtual visit to co-working spaces developed in collaboration with Idronia that use Virtual Reality, 360 video and Edge Computing technologies. This immersive reality service allows customers to remotely visit co-working spaces such as the Santander Work Cafe located at the Santander banking office in the center of Madrid.
Solutions like these will bring new services to the financial sector such as the mobile office allowing banks to provide on a temporary basis the same services they offer in their traditional offices equipped with fixed communications. Mobile offices can be deployed at big events (sports, festivals and fairs) or for emergencies.