It might seem like a daunting task, requiring billions of euros in investment, but ING is prepared to tackle it. The company is partnering with clients in the telecom sector to deploy the necessary fiber network across Europe.
The European Union believes that digital connectivity can enhance economic competitiveness and is crucial for growth. With improved data transfer speeds and reliability over long distances, it connects shoppers in Paris with retailers in New York and enables live meetings from Singapore to Barcelona.
Installing fiber connections allows households to enjoy high-speed internet on multiple devices simultaneously, improving streaming, gaming, and video calls. Fiber networks are reliable, unaffected by adverse weather conditions, and ready for future technological demands. Additionally, consumers can bundle internet, TV, and phone services at potentially better prices and quality. Fiber networks also consume less energy compared to older copper networks.
The expansion of fiber infrastructure generates jobs in various sectors and attracts businesses, aiding local economies. High-speed internet access opens online business opportunities and supports remote work, which may boost household incomes. Overall, investing in fiber drives long-term economic growth by enhancing productivity and innovation.
Despite these benefits, there remains a significant journey ahead for the full implementation of fiber networks across Europe.