Augmented Reality in Banking Companies
A Augmented Reality (AR) promises to revolutionize the way we interact with brands and services. Find out about some of the opportunities of Augmented Reality for companies, especially in the banking sector.
What is Augmented Reality?
Augmented Reality is an interactive experience of a virtual environment in the user's real world, where objects that reside in the real world are "augmented" by computer-generated information.
These "illusions" are so real, that in the physical world they have an immersive appearance of the real environment where the user can user can participate or perform tasks as they would in the real world.
This is how augmented reality alters the current perception of a real-world environment or scenario.
The AR race has begun
The big companies are pushing forward with AR technology. Apple, for example, is working on ways to integrate AR technology into its next products.
Google is also in the AR race, integrating it into its famous Google Maps app.
Looking back on 2016, never before has has AR been so talked about or even experienced so intensely by so many. Let's talk about the game for mobile platforms, Pokémon Go. For the more inattentive, it was notable how quickly AR was embraced with the introduction of this technology in the Pokémon Go game, with more than 25 million active users.
Pokémon Go became a huge national and international phenomenon almost overnight. Children, young people and even seniors were the subject of prime-time news on national and international channels. national and international channels.
More recently, for example, at the 2019 Mobile World Congress, Microsoft presented the HoloLens 2 project. This is the second version of the 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 allow the technology to be leveraged, Hololens 2 allows for improved interaction with objects, since the user will have a sense of touch on the holographic items and will be able to perform various operations on them, such as resizing, moving, rotating, among other options.
The growing appreciation of Augmented Reality
According to the Nielsen Company's SuperData Research website, in 2020, the virtual reality and AR market will be worth 8 times more than in 2016. 14.5 billion dollars to be precise. This year, the emerging market will grow to 7.7 billion dollars, driven largely by hardware, with software on the rise.
Application of Augmented Reality in Business
Industry, manufacturing and architecture:
Companies use AR to visualize what they are going to build and manufacture, allowing for a prototype with a high level of product knowledge and detail from the very beginning of the process. AR in these projects facilitates decision-making and the correction of errors in the early stages of the process. In this way, AR leads to major cost and time savings.
Retail:
AR will have a high impact on the future of retail, allowing companies to understand consumer behavior and how they buy products in all their different variables. It will also have a high impact on product sales activation, since customers will be able to simulate the use of products before purchasing them.
E-commerce and Experimental Marketing:
There are consumers who still prefer the real experience of buying in person. For these consumers, there is a challenge for large online sales companies to offer a more "real" shopping experience in AR scenarios.
Industrial maintenance through remote action:
The integration capacity offered by VR/AR technology will make it possible to increase the volume and timeliness of management, manipulation and remote action in drone control, work carried out in high-risk or limited-access environments and machine maintenance.
What about the banking sector?
It is well known that the banking sector sector is increasingly adopting technology to make its services more convenient for its customers. Mobile banking, internet banking, mobile mobile payments are among the various technologies already in use in the banking sector.
The applications of Augmented Reality in the banking sector are endless and promise to bring greater efficiency to the day-to-day running of these companies. For example, the Commonwealth Bank of Australia (CBA) launched an AR home-finder application in 2011. This is an application for buying and selling a house, where the user, using their mobile device, can point to the house for which they want more information and, using AR, immediately check the information for buying the identified property on their mobile screen.
In emerging markets, the Federal Bank of India offers an AR calendar that provides relevant messages when viewed via a smartphone. The National Bank of Oman is using AR to help customers locate branches and ATMs.
RA's potential impact on the banking customer
Source:https://www.infosys.com/industries/financial-services/white-papers/Documents/future-consumer-banking.pdf
Augmented reality is no longer science fiction! Like any innovation, there are advantages and challenges to implementing and using Augmented Reality in the banking sector. Banks need to adapt their technological resources, business processes and operations to adapt and use the potential of AR. But as always, all the effort will pay off, as the potential of AR in the banking sector could be endless.
Now imagine...
As a customer of a bank, imagine receiving a bank card at home, pointing your mobile phone at the card and cell phone at the card and see the general conditions, loyalty campaigns for that card, balances and movements on that card, asking the bank to contact you, among many other possibilities, all using AR.
Augmented Reality and innovation have no limits!
