Cellular 5G Growth Benefits Credit Unions, Members and the Communities They Serve

By Jeff Muglia, Sales Director, Tetto 5G
July 21, 2023

Worldwide wireless networks are getting an upgrade with the arrival of fifth generation, or "5G," technology. As with previous wireless technologies, consumers can expect new applications and enhanced user experiences.

5G stands for the fifth generation of mobile communications. This next generation of technology enables consumers to enjoy faster data speeds with less latency and delays transmitting data. It also provides greater capacity and a more efficient wireless network.

Beyond mobile phones, 5G supports a growing number of connected devices that will improve the quality and efficiency of all sorts of products and services including financial services. 

5G technology can provide higher data speeds with less delay than 4G, sometimes referred to as 4G LTE. Some 5G services will provide coverage areas with data speeds up to 100 times faster and almost instantaneous response time.

Financial Inclusion in Rural Communities

Billions in federal budget dollars are allocated to increase broadband reach to underserved areas. To deliver 5G performance carriers need to be 30-50’ from the ground vs. traditional wireless cell sites (macro sites) which typically range from 100-300’ from the ground.

According to Fortune Business Insights, by 2035 when 5G’s full economic potential should be realized across the globe, a broad range of industries could produce up to $13.2 trillion worth of goods and services enabled by 5G mobile technology.

Credit unions can leverage 5G networks by improving the member experience, promoting broadband equity, enhancing cybersecurity and helping build the U.S. 5G Network.