Augmented Reality in companies of the banking sector

Augmented Reality in Companies of the Banking Sector

Augmented Reality (AR) promises to revolutionize how we interact with brands and their services. Learn more about Augmented Reality in companies of the Banking sector.

But what is Augmented Reality?

AR is an interactive experience of a virtual environment in the real world of the user, in which objects residing in the real world are “augmented” by computer generated information.


These “illusions” look so real and take on an immersive aspect of the real environment in the physical world, in which the user can participate in or perform tasks as he or she would do in the real world.[

It is in this way that augmented reality alters the current perception of an environment or real-world scenario.

The AR race has begun

Large companies, drive AR technology. There have been many comments and news reports recently about the news that Apple is working on AR technology, integrating it into its next products.

Also, Google is in the AR race integrating it into its famous Google Maps app.

Revisiting the year 2016, AR had never been so commented or even experienced by so many people and so intensely before. Let’s talk about the mobile platform game, Pokémon Go. For the most inattentive, the quick adherence to AR was notorious with the introduction of this technology in the game Pokémon Go, registering more than 25 million active users.

Pokémon Go has become a huge national and international phenomenon almost overnight. Children, young people and even seniors were prime time news targets in the news reports broadcasted in both national as well as international channels.

More recently, for example, at the 2019 Mobile World Congress event, Microsoft introduced the HoloLens 2 project. This is the second version of HoloLens 1, launched in 2016. The big difference is that this new model can be integrated with Azure and Dynamics 365. In addition to this integration between Microsoft platforms, which will leverage technology, Hololens 2 allows for better interaction with objects, as the user will be able to experience the sensation of touching holographic items and perform various operations on them, such as resizing, moving, rotating , among other options.

The increasing valorization of Augmented Reality

According to the website SuperData Research of the company Nielsen Company in 2020, the virtual reality market and AR will be worth 8 times more than what it was worth in 2016. 14.5 billion dollars to be precise. This year, the emerging market will grow to $7.7 billion, driven largely by hardware as well as with a gradual growth in software.

Applications of Augmented Reality in companies

Industry, manufacturing and architecture:

Companies use AR to visualize what they will build and manufacture by enabling a prototype with a high level of product knowledge and detail right from the start of the process. AR in these projects facilitates decision-making and error correction in the early stages of the process. In this way the AR leads to a great reduction in cost as well as of time.

Retail:

AR will have a high impact on the future of retail by allowing companies to understand the behavior of consumers and how they buy products in their different variables. It will also have a high impact on the activation of product sales, as customers can simulate the use of products before purchasing these.

Ecommerce and Experimental Marketing:

There are consumers who still prefer the actual experience of buying in person. For these consumers, there is a challenge for large online sales companies to offer a more “real” buying experience in AR scenarios.

Remote Industrial Maintenance:

The integration capability offered by VR/AR technology will enable an increase in the volume and management opportunity, manipulation and remote action in the control of drones, work carried out in high-risk or limited-access environments as well as maintenance of machinery.

And the application of Augmented Reality in companies of the Banking sector?

It is well known that the banking sector is increasingly adopting technology to make its services more convenient for its customers. Mobile banking, internet banking, mobile payments are some of the various technologies already in use in the banking sector.

If banks take advantage of AR to make everyday banking more efficient, there are almost endless applications. For example, the Commonwealth Bank of Australia (CBA) launched an AR home finder application in 2011. It is an application to buy and sell homes, in which the user of the mobile device can click on the house to obtain more information, if desired, and immediately check the information on his or her mobile phone screen to purchase the identified property by using AR.

 In emerging markets, the Federal Bank of India offers an AR calendar that provides relevant messages when viewed on a smartphone. The National Bank of Oman is using AR to help customers locate ATM branches and ATMs.

Potential impact of AR on bank customers

Potential of Augmented Reality in consumer banking

Source:https://www.infosys.com/industries/financial-services/white-papers/Documents/future-consumer-banking.pdf

Augmented reality is no longer science fiction! As with any other innovation, there are advantages to and challenges in the implementation and use of AR in the banking sector. Banks need to adapt their technology resources, business processes and their operations to adapt AR as well as put its potential to good use. But, as always, it will be worth the effort, as the potential uses of AR in the banking sector can be infinite.

Now imagine …

As a client of a bank, imagine getting a bank card in your home and being able to point your mobile phone at the card to see the general conditions, loyalty campaigns for that card, balances and movements of that card, as well as being able to ask the bank to contact you, among many more possibilities, all by using AR.

Augmented Reality and Innovation have no limits!