Why Wi-Fi 6 Could Be Crucial to Banks in a Post-Pandemic World

Why Wi-Fi 6 Could Be Crucial to Banks in a Post-Pandemic World

by June 22, 2020

As COVID-19 accelerates digital transformation across the globe, the financial services industry is finding it increasingly crucial to rapidly roll out digital innovations. In achieving these goals, organisations require high-bandwidth, stable, reliable, and seamless wireless networks.

One such technology that ticks the checkboxes is Wi-Fi 6, a next-generation technology that’s more than just faster speeds. Wi-FI 6 introduces cutting edge technologies such as OFDMA and MU-MIMO. This next-gen technology is able to deliver 4 times higher bandwidth and more connections while achieving lower latency and energy consumption than Wi-Fi 5.

Technical specifications aside, what’s more important is its real-life application, because cutting-edge technology can end up just being a shiny new thing if it doesn’t find real problems to solve.

Wi-Fi 6, New Normals and Banks

As economies around the globe slowly lift quarantine restrictions, physical activities like visiting the bank branch are also returning — with that comes contagion risks that banks will have to contend with.

Managing social distancing within branches is one of the new challenge that banks will face, Jason Cao, President of Global Financial Services, Huawei said to Fintech News Malaysia on the sidelines of their Global FSI Summit that Wi-Fi 6 can be a key enabler for banks to deploy smart branches that are catered to the “new normals”.

As an example, he said that using Wi-Fi 6 technology which has superior latency and coverage, banks can more effectively track the position of branch visitors and monitor if they are observing social distancing rules. This data can be used to help banks protect their customers and make data-driven decisions to create a safer environment for everyone.

Image Credit: KLIA 2 Info

 

Equally critical for banks as foot traffic returns to branches is to ensure rapid turn-around times, with branches having to limit the number of customers entering and observing new SOPs, turn-around time for each customer will no doubt increase. This will inevitably lead to frustration and more dissatisfied customers.

By having a reliable network and speed, branch employees can increase coordination between each other and access information that is needed to serve the customers at a faster rate. This will speed up the processes and reduce the wait time for customers who may be lining up under the hot sun outside of the branch.

Another application for Wi-Fi 6 is to enable banks to deploy a more seamless Virtual Teller Machine (VTM) solution, which is basically a video-enabled ATM machine. With its 10 Gbps speeds and beyond that enables 4K videos, banks can serve customers via video in lieu of in-person services to reduce contagion risks.

Speed and reliability are crucial here, as customers adapt to interacting with VTMs instead of an actual human being, the last thing banks want to do is have customers be frustrated by choppy and unstable video quality.

Huawei’s AirEngine Wi-Fi 6 Series Products

If you are in the market for a Wi-Fi 6 solution, you can’t go wrong with Huawei’s AirEngine Wi-Fi 6 Series of products
Huawei Wi-Fi 6 ranks No. 1 in the global market (excluding North America), according to the report on global Wi-Fi 6 indoor AP market share from 2018 Q3 to 2019 Q3 by Dell’Oro Group, a leading independent market analysis and research firm.

Commenting on its technology, Mr David Li, Vice President of Enterprise Business Group Malaysia, Huawei said

David Li

David Li

“With the continuous increase in application scenarios and digital requirements, Huawei Air Engine Wi-Fi 6 which inherits 5G Technology will help enterprises to build High-Speed Wi-Fi networks on their premises. Moreover, it delivers the best user experience with new features and capabilities in challenging environments with many connected devices which results in Total Cost of Ownership (TCO) reductions. Not only that, Huawei AirEngine Wi-Fi 6 coupled with CloudCampus solution enables fast network deployment for enterprises to reduce network OPEX”.

Huawei’s AirEngine Wi-Fi 6 is chock full of features, Huawei AirEngine APs are the only ones in the industry that provides 16 spatial streams and a throughput of up to 10.75 Gbps — delivering fiber-like experiences.

With 16 built-in smart antennas and the use of 5G beamforming algorithm, it also achieves 20% greater coverage and its stronger signals enable blind-spot free coverage.

Further details of the features and technical specifications of the product can be found here.

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