In 2016, financial technology, or fintech, raked in$17.4 billion in investment.And investors can’t get enough, mostly thanks to huge success stories like Paypal, Venmo, and Robinhood.
Aside from making customer lives easier by simplifying daily tasks, fintech is also giving small businesses and startups greater access to capital. The technology enables people who may not have had access to financial services in the past the opportunity to save, invest, and manage their money more effectively.
Thanks to emerging technologies, like augmented reality, virtual reality, and artificial intelligence, the usefulness of fintech apps will only continue to expand.
The following examples highlight some of the more exciting industry trends and developments worth paying attention to:
Royal Bank of Canada’s AR App Helps Customers Find ATMs
The Royal Bank of Canada recently implemented a new app feature that allows users to easily find the nearest bank branch or ATM in an unfamiliar city. Thanks to augmented reality, the app can superimpose directions on the streetscape through the camera on a mobile device.
This feature is valuable in that it saves customers time and prevents confusion when they need to access cash and aren’t familiar with their surroundings. Additionally, the convenience of the service helps win customer loyalty and drives more business to local branches.
BNB Paribas Leverages VR for Better Real Estate Investment
Determining whether a real estate investment is a safe bet when the property has not yet been developed isn’t easy. It’s important to have a clear sense of how a project will look in its completed state before pouring substantial funds into it.
Recognizing this, BNB Paribas collaborated with a France-based startup to develop a VR experience that allows investors to “tour” virtual renderings of proposed developments. This use of VR tech for fintech companies helps investors make wiser decisions, while also potentially boosting overall investment in the real estate sector across the board.
Challenges Makes it a Game to Manage Your Finances
Gamification is simply the process of taking a task a person might otherwise consider a chore and turning it into a game. This can involve rewarding a person for reaching a certain milestone, placing time limits on a task to boost efficiency, or encouraging competition by measuring how successful two people are at completing a given task.
It works by essentially “hacking” the natural human tendency to play. For instance, some people consider exercise to be a chore. They’re more likely to enjoy it when they’re rewarded with points for reaching key goals. Hence, the reason fitness tracker apps are popular.
Fintech company Challenges is following the fitness tracker model, offering users an app that gamifies the process of managing their finances. The app supplies users with simple financial goals, like “Don’t buy fast food for a week,” and allows them to share their progress through social media and a community of users.
As these examples prove, AR for fintech and other emerging technologies are enhancing already useful products.
Fintech apps succeed because people will always need help budgeting, investing, and spending wisely. Your organization could benefit by coordinating with developers to offer users valuable products that take advantage of the latest innovations.
Just make sure you work with a team that understands the importance of embracing the potential of new technology. With their help, you can also join the fintech revolution.