The world is all about competition, technological evolution, and never-ending needs, which, just like every other sector, is affecting the financial sector too. They are also embracing new techniques and technologies to match up to the world. Some years ago, this whole concept would have felt like fiction, but not anymore. The banks worldwide have started experimenting and trying new aspects. Almost all banks have an app and a website. Though the truth is that this isn’t enough to be a part of this transition, one needs a bit more to have an edge. Hence, paving the way for Augmented Reality (AR)and Virtual Reality (VR)to present a never seen change in the sector of banking.
As of today, many banks are already offering AR mobile apps to help users locate the nearest ATM’s in their area. The service also lets users book an appointment straight from the app, without having to use the phone. The use of VR in fintech also offers an opportunity to go to a virtual bank and hold virtualized meetings without having to visit. Not only does it ride clients of a frustrating routine of talking to a human advisor, but it also helps banks cut real estate and employment costs of setting up affiliate branches. AR solutions help integrate banking with real estate by automatically scanning real estate objects and offering mortgage calculations.
We know that there is a long road ahead of us when we see technologies like AR and VR, especially in the financial sector. But that doesn’t mean we haven’t reached anywhere.
Let us see some of the major use cases of these two technologies in the financial world today:
Virtual Retail Banking:
As the shift towards digitized ecosystem is happening at an incremental pace, the idea of virtual retail banking is already in the rollout. Through the use of chatbots and virtual assistants, the experience of banking is becoming more personalized and immersive to enhance the customer experience (CX). Providing a face-to-face interaction from any time anywhere is a key-value addition that many banks are chasing with augmented reality (AR), facilitating better interaction and trust in the advice.
With an exponential rise in the use of data security management systems, many institutions are looking at tech-driven options to boost core systems. With biometrics as a part of the augmented reality framework, financial services propose more secure and sustainable protection against data breach and identity theft. With the advent of behavioral biometrics, iris detection, facial gestures, and voice recognition are being integrated with AR along with the existing framework of fingerprint scanners to build secure options.
The financial services space generates huge amounts of data on a day-to-day basis. Data management helps advisors, investors, and traders to get a simplified visual breakdown of heaps of data to make informed decisions about financial management, and AR/VR has made it more accessible than ever before. Fidelity Labs created Oculus Rift using the technology to create an immersive 3D environment to analyze data accurately and assess returns on stock portfolios. Using tech, they created a virtual world of ‘Stock City’ where markets can be turned into 3D reality for insights and data immersion.
Financial institutions need to provide customers as well as employees with education related to the latest technology which they have adopted. They can provide them with numerous information like:
- How is technology useful to them?
- How can they leverage the latest technology?
All the sectors related to finance need to understand that education is vital for understanding the changes sector. AR and VR technology possesses huge potential for teaching any of the individuals and providing them with new information related to their sector.
According to a report, almost 73% of the world’s leading banks are much excited about a new offering in financial services from PayPal, Google, Amazon, Square, Apple, or any other than from their own nationwide bank. Modern technologies are in their infancy and have come a long way, it provides various scope and opportunities to the finance sector to menace the overall process and provide the best experience to the customers. AR and VR in the finance sector will definitely have incandescent adolescence and will be proved to be game-changer technologies for the finance sector.
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