The success of Pokemon Go made people much more aware of the potential for augmented reality technology to impact daily life. However, AR isn’t just useful for catching fictional monsters – it also has many possible applications in the financial sector.
While AR technology hasn’t yet reached a degree of popularity that could be considered mainstream, recent acquisitions by Apple Inc. (NASDAQ:AAPL) (specifically of a Tel Aviv-based 3D sensing company) indicate that the average consumer may have access to AR tools sooner than many have assumed.
New AR developments are emerging at a fast rate, and companies throughout a range of industries will be looking into how they can implement them. The financial services sector is especially likely to benefit from such innovations in the near future, as long as banks and companies use them wisely.
Banking Institutions & AR
We don’t have to assume banks and financial service providers will use augmented reality technology because some already have. For example, the UK’s Commonwealth Bank of Australia and Halifax has released an app that allows users to get information about houses for sale if they spot them on the street. Misys, a financial software vendor, has developed a personal finance app that relies on AR. In Ukraine, Privitabank revealed a proof of concept demonstrating how AR banking could seamlessly blend with a user’s daily tasks.
Already it’s obvious that augmented reality can and will transform banking. However, these minor breakthroughs are only a mere glimpse of what’s to come.
Bankers often have to make decisions that require evaluating large amounts of data. Any tool that allows for clear, efficient data visualization will make their jobs substantially easier. Citibank has already acknowledged this by using Microsoft’s Hololens headset to provide their bankers with holographic workstations. Augmented reality helps users layer data and information, so that they can make informed, collaborative decisions.