Augmented Reality Technology as a Problem-Solver in the Financial Industry
The rise of fintech has also made many wonder what the future of brick-and-mortar financial institutions will involve. Experts tend to predict that banks will have to adapt if they’re to remain relevant.
AR can help them do so. Through augmented reality, a customer could “visit” a branch of their bank and consult with staff members, all without ever actually leaving their own home. This may also help banks reduce costs, as they’ll no longer have to pay for physical properties.
Augmented reality technology is also going to have a major impact on the consumer experience. Fintech has already caused a decline in cash and credit card usage. By already being comfortable with contactless payments, AR users can gather essential information about products they find at the store, while also checking account balances or comparing prices. Visa Europe recently unveiled a technology at a fashion show that allowed guests to buy items of clothing instantly, simply by holding the screen up to a model wearing a particular garment.
The Next Step
Banks need to anticipate not only the needs of their customers, but also the potential future technologies that could allow them to offer improved customer service. According to Goldman Sachs, the AR market could be worth as much as $80 billion by 2025. This technology may soon be a basic component of our everyday lives.
That means the novelty will wear off. Banks can’t get away with releasing augmented reality apps, assuming that the appeal of new technology will be enough to entice new customers. For banks to use augmented reality technology effectively, they’ll have to put a lot of thought into how they could leverage this technology to offer both customers and employees genuinely useful applications.
About the Author: Brendan Scully initially began his career in augmented reality as an undergraduate research assistant at Dartmouth’s Tiltfactor Labs. While here, he focused on the potential for humanistic design in Augmented Reality Technology. Now Brendan is an Augmented Reality Producer and CEO of Scully Creative Labs LLC. The company is based in Brooklyn, New York, which is where Scully manages a roster of internal and client-sponsored product development initiatives pertaining to augmented reality.