Thanks to the success of Pokemon Go! and Snapchat, many mobile device users are familiar with augmented reality tech. They already recognize this advancement for the role it can play in gaming and social media. However, these are not the only industries that will benefit from augmented reality development. AR for fintech applications is another major vertical affected by this technology.
Broadly, fintech is a term that covers any technology that offers a financial service. Think of banking app, Venmo as a leading example of fintech popular with consumers today.
Thanks to AR solutions, these companies will soon be able to provide an even greater degree of convenience to their customers. Even threatening the existence of many traditional banks if they refuse to embrace the technology to make their consumers' lives easier.
Optimizing the consumer experience with AR
Some fintech products already incorporate AR design features. For instance, The Commonwealth Bank of Australia and Halifax offers an app with features that give users the ability to immediately pull up information about houses for sale that they see on the street. Other banks are leveraging AR solutions to make it easier for customers to find the nearest branch or ATM.
These features are impressive, but they barely scratch the service of what’s to come.
Fintech is often praised for helping people manage their accounts without visiting a brick-and-mortar bank. This allows customers who might otherwise struggle to reach their nearest branch to take advantage of financial services.
Making meetings easier and faster
AR could expand on these features by offering users the choice to participate in virtual “meetings” with bank staff. The Bank of Ireland is one example of a financial institution that has already implemented this AR design for hosting virtual meetings.
Instead of going to the bank itself to open an account, imagine meeting with a specialist right in the comfort of your home. Unlike teleconferencing tools, these products would feature virtual people sitting around a table. This would make it seem as if you were attending an actual meeting.
Creating a better retail environment
Fintech and AR technology will also enhance customers’ shopping experiences. In the near future, you could walk into the mall, point your phone’s camera at an item, and immediately receive information about the product itself. You could also get information about your own account balances and available credit, or both. This will help you make smarter purchases.
Wearable technology will improve upon the features that AR and fintech can offer. Headset-users could walk into the grocery store with a fintech/AR app. This technology could then “highlight” items that fit both their diet and their budget.
Coop Italia is the largest grocery chain in Italy. They have already tested out AR solutions that highlight nutritional value and additional “augmented” information about a product. Brands could modify this type of program so that their products stand out more clearly to headset-wearing shoppers at the mall.
How bankers benefit from the intersection of fintech and AR
People currently working in the financial services industry could also take advantage of the fintech and AR design revolutions.
Perhaps you’re an investor. Your job requires making decisions based on your assessment of data. Thus, you need tools that help you visualize said data efficiently.
AR programming and fintech will soon offer such tools. Investors can wear headsets that transform their surroundings into data visualization centers. This makes it easier than ever to evaluate the necessary information quickly.
Fidelity Investments is one financial institutions utilizing AR design for precisely this benefit. They’re developing an AR app for the Oculus Rift to help traders envision decisions in a virtual landscape.
Across many industries, AR also boosts the efficiency of employee training programs. Typically, when employees throughout a company need to be trained in a new skill or task, they all must attend in-person sessions.
The logistics and costs associated with arranging these meetings can be very burdensome. Thanks to AR, bankers will soon be able to attend virtual training sessions without ever leaving the office.
These examples represent only some of the ways AR technology can improve fintech. They illustrate how both bankers and their customers can benefit from the marriage of these technologies.
While some in the financial services industry are worried that fintech may be a threat, they’ll soon see what a tremendous opportunity these technological revolutions offer.