Augmented reality has seen the masses after the first VR solutions hit the market. Heated up by the success of the virtual version, AR started to evolve rapidly through various industries. A previously obscure market, it was worth $14.1 billion in 2017 and is predicted to soar up to $192.7 billion in 2022, according to Statista.
Such market worth can’t be provided by only entertainment solutions, no matter how big the industry may be. Furthermore, the functionality of the tech can be way beyond fun. FinTech companies are seriously considering the AR opportunities in their business with some already heavily investing in the development of the solutions based on the technology.
The most common example of augmented reality is the QR code scanning tool. The device recognizes the patterns of the code and can interact with it, opening browser links, etc. The basic principle of AR is enhancing reality with computer-generated (CG) content.
A viral mobile game Pokemon Go — is where AR could shine. It possible for the users to interact with their surroundings without the usual boundaries that each entertainment type (primarily gaming) can offer.
Another trendy example is Snapchat (and other apps that apply filters to the faces in real time). Millions of people have used it for their fun and pleasure. But the technology is capable of far better than just entertainment.
Here’s a quick breakdown of the text:
- How can FinTech benefit from Augmented Reality solutions?
a. Better data assessment through augmented reality
b. Augmented reality can enhance and differentiate the customer experience
2. Conclusion: how important can augmented reality be for FinTech?
As a multi-billion market that is projected to snowball in the future, FinTech is a place where everyone is hoping to get an edge over an opponent. Here’s how the industry-wide investment data looks like, by FinTech Global:
Augmented Reality can become the edge over competitions for companies that decide to use it. While we’re still in early stages in the development of the technology, there is a list of ways to gain the leverage.
Fintech can analyze a lot of experience from the experimental projects in other industries. Healthcare, for example, can benefit from AR greatly. Paramedics or surgeons can use the devices with augmented reality to view the body of the patient.
Furthermore, they can get relevant information about conditions and previous cases in real time. This brings an enormous advantage in the most critical situations and helps to make correct incisions and injections.
FinTech is in similar conditions. Microsoft HoloLens and similar devices can utilize mixed reality to help managers analyze the required data. They would be able to switch between arrays of information and focus on one task, while gathering insight from an AI analysis, for example.
There are often issues with the proper comprehension of data. Some professionals find it much easier to see the visual representation of data, instead of a text-based one. This can also be valuable while explaining complex issues to people who may be less informed about the matter (investors, new employees).
Augmented reality can move fintech forward and make it more accessible for new people while becoming more comfortable for the experts.
Better customer experience is the most valuable benefit of augmented reality in the banking sector. The first step towards that was made alongside extreme digitization. The companies focused on their mobile applications to make everything accessible through one’s smartphone.
A mobile application that focuses on banking and managing personal funds must have an easy interface. Through that, the users can get much more information via conventional means. Augmented reality can be embedded in a mobile app to boost the user experience.
FinTech companies are already exploring opportunities in the area. Guys at Belatrix built a solution that helped users using their phone’s camera. The customer could get an AR-based map that located nearest ATMs. The technology would use the camera to scan the area and search the correspondent library about the locations of nearest ATMs. After that, the user would get the relevant information right on their screens.
FinTech companies are focusing their efforts on adding to customer satisfaction. Virtual Reality, Extended Reality, and Augmented Reality contribute significantly to how easy the information is passed to a user. And the convenience of the tech is especially vital with industries like banking, with its colossal customer pool and high-quality standards.
Banks already offer ways to open an account via the mobile phone, and other apps provide excellent means for video conferences. AR, however, could take this one step further.
Imagine all members of the meeting wearing headsets that support AR. They could sit in the comfort of their homes, but at the same time, be present at the virtual table of negotiations. People could get a consultation from the banker, strike a deal with a business partner or confirm the identity for whatever banking purposes.
FinTech can enhance the shopping experience of tech-savvy users. AR solutions can work similarly to those that locate ATMs. The customer would use a headset that supports the tech or the camera of the smartphone for scanning the area. For example, while entering the mall, one would be able to get the info on the hottest discounts. Or set the filter to a specific type of products and get the information about where to buy them and how much would it cost.
It would be rather simple to implement a system of filters to set up while shopping. Whether it be the low-carb food or red shoes — the software would highlight the shops and stalls that sell the thing.
The AR (alongside VR, XR, and MR) can lift the industry a level and make a massive difference between those who use the tech and those who don’t.
The companies can successfully utilize the tech for their internal purposes:
- Data analysis
- Virtual meetings
- Data visualization
- Accessibility of complex information
The list will undoubtedly grow with the development of technology, but even now the companies can reap immense benefits off it. Training programs for the most challenging and most confusing positions can be conducted with ease and a higher rate of success. Managers and analysts can use it to communicate better and present information in the form that is comfortable for the other party.
Employees will see all the essential information on the screens of their headsets and work without having to switch between tabs, layers, and projects.
Customer experience is the key performance indicator for most businesses, especially those who operate on a digital basis. The users can already find the nearest ATMs and will be able to locate the items from their shopping list in a mall. This tech would increase the average level of satisfaction and therefore lead to higher conversion rates.
In the nearest future, it would be common to see augmented reality solutions and hardware that supports them. But the fight for technology and customer base has started long ago.
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