IBOS member Banco Santander develops the first 5G technology applied to the banking sector in Europe with Telefónica

IBOS member Banco Santander, along with Telefónica, have agreed to launch a joint innovation project on 5G technology applied to the banking sector.

Banco Santander and Telefónica  have developed a first 5G experience around three use cases that customers can enjoy at two bank branches in the city of Alcobendas, 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 customers in their transformation process helping them to adapt their financial products to meet new needs.

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, fairs…) or for emergencies. The technology will allow relying on a low-latency cloud to deploy critical services in offices without the need to change existing equipment, or having a global 5G backup system that preserves the same features and services that are available with the fixed network.

Emilio Gayo, CEO of Telefónica Spain, commented: “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.”

Read the full press release via Banco Santander here