Commonwealth Bank of Australia (CBA) has entered into a partnership with telecommunication majors Telstra and Ericsson to explore the 5G technology for banking industry.

Signed at Mobile World Congress (MWC) 2019, the agreement is said to be the first of its kind in Australia.

5G banking trials: Details

The collaboration will assess 5G edge computing use cases and trial end-to-end banking solutions over 5G technology.

It will also explore how next-generation technology will influence branch banking operations and help to reduce associated networking infrastructure.

Telstra group executive of Networks & IT Nikos Katinakis said: “5G has the potential to transform the financial services sector and deliver innovation in a faster and more efficient manner.

“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.”

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The usage of 5G edge computing is expected to help in simplifying network operations. Additionally, it will reduce operational complexities at individual bank branches.

CBA executive general manager of 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.”

The 5G banking trials agreement follows CBA’s recent decision to enhance banking solutions for SMEs and consumers across Australia.