How Fintech Companies Can Leverage Augmented Reality Solutions

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.

AR for fintech - eCommerce app

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.

Now you can train to be a drone pilot without ever leaving your living room

Scan the headlines these days and it’s hard to ignore drones. They’re shooting photographs and videos. They’re surveying sites and properties. They’re carrying blood samples over deserts.

Aside from transforming industries, drones are just tons of fun. Just ask around and likely the majority of people you know have dreamt of flying a drone at some point. But to do so takes real skill. This can get tricky especially if you live in a city where space is limited and the intended pilot face risks of crashing, hefty fines, endangering pedestrians, and even legal charges.

But what if we told you that the future is here, and you can now eliminate all the red tape and hazards of the past? That you can take the skies without all the confusion and risks? Because you can’t crash this drone.

Here’s the deal: We recently teamed up with Epson -- yes, the people who made your printer -- and drone company DJI to launch the world's first augmented reality drone flight simulator app optimized for Epson Moverio BT-300 smart glasses.

The best part about this augmented reality collaboration is that the virtual drone responds exactly the same way a real drone would. Through the use of a DJI drone controller, users can essentially train for real drone flying because the physics are accurate. And the virtual drone isn’t a toyish-looking, generic one. Instead, it’s a ghost version of a real DJI drone.

There are also games built into the augmented reality app, so you can practice your pilot skills by flying through hoops and picking up powerups.

Eventually, we see this expanding beyond the singular experience into multiplayer drone flying. As long as your friends have Epson’s Moverio BT-300FPV smart glasses, you can soon take the skies together.

Want to try out the experience of this AR design? Now you can at any DJI store.

And if you want to learn more about us, check out our featured case studies.

How to Calculate ROI for AR Technologies

Unless you’ve been hiding under a rock, it’s hard not to have heard that augmented reality (AR) has become the biggest thing of 2017.

It used to be that only the potential ROI for AR technology could be sold to investors. Now, however, there are strong results showing what AR development can do for businesses and their customers.

Calculating ROI for AR advertising

The calculations for AR ROI are fairly simple. The most basic pseudo-scientific formula is:

Sales Growth - Marketing Cost) / Marketing Cost = ROI

Marketing costs should include software development time along with the fees charged by the digital agency to create the AR solutions.

The ROI for AR design gets calculated just like traditional media campaigns. As such, you figure out the total cost for exposure and circulation rates against the general increase in sales, or other quantifiable returns such as engagement and social shares.

One of the more exciting things about AR advertising is that unlike traditional forms of media engagement, all interactions with AR marketing materials are measurable. So, too, is the precise direction each individual took after viewing content on an AR platform. Therefore, this makes calculating ROI for AR more accurate than for any other digital marketing methods.

Why AR technology is worth it to your bottom line

They say, “show me the money!” and AR research says that it expects the market to generate over $120 billion in revenue by 2020.

If you have ever experienced AR, you will understand how powerful its content can be. Therefore, augmented reality companies have seen their popularity rise in recent years, not only from brands but also from customers. This kind of desire differentiates AR from other forms of marketing and customer engagement efforts. Users must consciously opt-in to receive AR advertising materials, making it far more valuable.

For instance, Blipps from AR technologies hold consumer attention longer than traditional TV or radio adverts. Typically, it’s 75 seconds for a blipp versus 30 seconds for TV or radio.

Increased coverage of AR design is another benefit that positively impacts your ROI. With the AR market expected to continue rising in the coming years, exposure is also expected to boom. This results in greater ease of marketing the technology and consumer adoption, and a boost to brands’ bottom lines.

Quantifiable engagement on augmented reality solutions boosts ROI

Thanks to all of the interactions within an AR platform being measurable, strategic insight for advertising campaigns is easier to obtain. This includes: A/B testing, analyzing different media partner’s conversions, and discovering which locations produce the best responses. These results are also obtained faster and no longer require guesstimation.

The real-time dynamic nature of AR technology in combination with the deeper levels of engagement mean businesses can see faster returns on their investment. Elements of a campaign that may need tweaking to provide better results can be compared with the success of competitors. This makes it easier to decide which changes might be beneficial, or if the returns accrued are on par or better than industry standards.

How to earn more ROI from AR advertising

A few guidelines you should follow to ensure your ROI is strong and your predictive calculations meet your actual return.

1. Develop AR solutions that help, reward, or entertain your customers. Don’t lose sight of the user experience along the way, or sacrifice utility for design.

2. Educate your customers in your AR advertising effortsYou’ll need to show them exactly how to interact with your platform, and the actions you want them to take when using it.

3. Set clear goals and strategies for cross-platform use. As you undergo AR app development or other AR design, consider how and where the end product will appear to people. For example, consider features like will it be an in-person ad viewable by the public? Or is your marketing conducted through its own standalone app?  

4. Make sure you’re getting the word out about your AR design. Use the various marketing mediums and sites at your disposal for distributing your branded message with AR advertising. For example, make an announcement on your Facebook page about the launch of your augmented reality app.

The potential of AR solutions for industries across all verticals is immense. With the added advantage AR technology offers in terms of immediate measurable results, calculating ROI has never been easier. Simple calculations, hard evidence on effectiveness, and following clear campaign guidelines will allow you to boost your bottom line when advertising your AR design.

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