The way we do banking is transforming rapidly, moving away from the long queues of a brick-and-mortar bank to a one-tap away customized digital experience. The credit of this significant shift can be attributed to multiple factors –
· Influx of visionary players — FinTechs and NBFCs making the industry more competitive
· Quick adoption of technology — Artificial Intelligence, Machine Learning, etc.
· Support of Government Institutions
· Growing user awareness
The industry is playing in a great space and safe to say that it is very open to the adoption of even more aggressive technology, here in the talk about one of the most interesting/science fiction look-alike — Augmented Reality!
The basic theme of AR is to improve Reality with computer-based content known as Computer-Generated (CG) content. QR Code Scanning Tool is the most common application of AR as the device identifies the pattern of code written on the product — now being used as one of the most convenient payment options.
With such immense scaling potential, let’s look at some of the most interesting use cases where AR can be integrated into Financial Institutions –
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a) Enhanced Banking Experience
Currently, almost every Financial Institution is trying to engage the customer better by providing an app experience. The motive is to help a customer manage his/her account entirely via an easy-to-navigate application and AR/VR is giving a chance to go that extra mile. There are AR-supported maps for locating the nearest ATM/Bank Branch. In detail, technology comes with a camera that involves scanning the near-by area. Then it finds matching machine spots that are closest to the user. It shows the collected information on the screen after full scanning, which is great for customer satisfaction.
Axis Bank has successfully upgraded their app with AR as — https://www.youtube.com/watch?v=d__HMO2h74s&feature=emb_logo
b) Account Visualization
Currently, a customer has to go through multiple steps via the bank’s website/app if he/she wishes to check the details of the account like spend and balance history, transaction amounts, last due date, minimum repayment amount, etc.
The entire account profile can be made more interactive using Augmented Reality as — https://www.youtube.com/watch?v=LvEUoRsIXWg&feature=emb_logo
Their app allows the customers to scan their debit or credit card with their phone’s camera.
Overlaid on that card, customers can see their current balance, spending in the last two weeks, categories they have spent most on, and future payments due on their credit cards. They can also complete their due payments through the Augmented Reality payment gateways seamlessly.
Going the extra mile, this banking app’s UI provides the customers useful analytics and transaction details through augmented reality data visualizations that help them understand their spending patterns over time.
c) Virtual Reality Payments
Visa, a payment industry giant has introduced an augmented reality payment mobile app that uses VR technology to open the 3D map on the screen and provide users an exciting way of selecting the outlet and choosing the item of interest, and then payment processing without leaving VR world. This innovation has taken customer retail experience to another level — https://www.youtube.com/watch?v=l9jH–vdA5g&feature=emb_logo
d) Delivering Financial Literacy
There is definitely no doubt in the observation that at some point it gets a little complicated to understand the bank products/services. It can be related to investment schemes, retirement schemes, or portfolio management. Augmented Reality can make the understanding a lot more thorough, an example is demonstrated as — https://www.youtube.com/watch?v=HkrDuraGEN8&feature=emb_logo
Using a smartphone’s camera, this fictional character comes to life by pointing to a customized banknote and offers multiple learning options to its users to choose from. Be it starting early on or regularly contributing towards your retirement, Penny instructs the users on how to get started with interactive videos and also guides them through the whole process.
e) Innovative Marketing
Augmented Reality can be a magical interactive marketing tool if used correctly. It is a great way to create an immersive experience for the users to leave a positive brand image.
An example is demonstrated by Deutsche Bank — https://www.youtube.com/watch?v=zcHM25lxA4M&feature=emb_logo
Here, they set up a large Magic Mirror in Alexa Mall in Germany which was powered by Augmented Reality to give customers visual surprises.
The Augmented Reality market is expected to be worth around $ 70 Billion by the year 2023. Needless to say, we can easily expect to see technology entering our lives through different industries and the iron man science fiction becoming a mundane routine.
Sources —
https://www.wowso.me/blog/augmented-reality-banking-examples
9 Applications of AR & VR in the Financial Industry
Please feel free to reach out to me at https://www.linkedin.com/in/anshika-parihar-bb69a7145/ or p17anshikap@iimidr.ac.in in case of anything that I might have missed.
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Augmented Reality in Digital Banking was originally published in AR/VR Journey: Augmented & Virtual Reality Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.
