The technology, that is going to make a market of $120B by the end of the year 2020, has brought profitable changes in the Fintech industry. It has helped the traditional banks and Fintech companies with mitigating their common challenges such as scanning real estate objects automatically and offering mortgage calculations. It has also offered various solutions in terms of Customer service - proving it to be the soul of Fintech economy.
However, this is not the only aspects where Augmented Reality has brought massive transformations in Fintech industry. The technology has entered various other areas of Fintech industry and offers ample of opportunities, a few of which we will cover in this article.
1. Ease of Data Visualization
As the world of Finance is booming, processes are becoming more complex and the amount of data to gather and refer are growing exponentially. This is bringing into more chances when users or Fintech experts miss out any relevant information and make a wrong decision.
Now, here in this scenario, Augmented Reality helps them in getting detailed information about the present and previous cases/situations in real-time. It enables them to find similarities between different cases and thus, help with making the right decision.
2. Personalized Customer Service
Customer service is yet another benefit of Augmented Reality in the finance sector. The technology empowers banks and Fintech companies to deliver an enhanced experience to its target audience by looking forward to impeccable finance app development services.
It delivers customers with more information than what can be possible in the real world by embedding the elements of other environments. It offers an easy interface to get acquainted with everything they wish to know - all by simulating the two worlds together.
3. Better Banking Experience
Another way the technology is helping banks and Fintech companies with better banking experience is by offering them an AR-based map to locate the nearest ATMs.
In other words, the technology employs a camera to scan the area and look for matching library about the locations of the nearest ATMs. Once done, suitable information has been displayed on their screens, which eventually adds to customer satisfaction.
4. Real-time Meetings
Augmented Reality (AR) technology has also simplified the process of having meetings. It has made it easier for users to open their account via mobile app, wear AR headsets and imagine all the members in the same meeting room. And thus, be present in negotiations, make profitable deals, and consult other bankers, employees, and users from the comfort of their home.
5. Better Retail Environment
In the domain of Fintech, Augmented Reality is also enhancing e-commerce and shopping experience of tech-savvy users. The technology employs an AR headset or the camera of the smartphone for guiding users in the retail stores.
For instance, when users go around a market, the technology will help to know what are the best stores around to buy something. Upon entering any retail store or shop, they are welcomed with the hottest discounts and offers around. They get an opportunity to filter out certain types of products and get the relevant information about where to head for buying them and how much does it cost. And, in this way, they get impressive retail solutions with higher convenience.
6. Higher Security
Augmented Reality, just like Blockchain in Fintech, is also contributing to the security front in the industry.
The AR technology is embracing the technique of biometric authentication to make it easier for consumers to access bank services, make payments and ATM transactions even without stepping out of their place.
7. Quicker Recruitment and Training
Another area where AR technology has proven to be the missing piece of the Fintech ecosystem is recruitment and training.
The technology has made it possible for startups and established companies to recruit a person from any part of the world - without making it compulsory to have them physically present at the interview venue. This has prevented various potential candidates from leaving the opportunity due to the time and effort required for being physically present at the venue.
Besides, it has simplified the recruitment process by enabling banks and Fintech companies to expose their potential candidates to certain situations and see how they deal with the situation.
The same process of exposure to certain people and circumstances have also been used in the case of training and promoting an employee.
8. Faster and Effective Payment
Augmented Reality has also brought a new phase in the payment domain. The technology has enabled consumers to make payments virtually for any item detected without ever exiting the real world.
So, look ahead to implement AR in your business today for providing better payment solutions.
9. Immersed Financial Education
Last but not least, Augmented Reality is also helping consumers with getting the right education about how to manage their financial expenses and invest effortlessly. The technology is making it possible for users to connect with different people at the same time as well as an encounter with different situations to get a better understanding of what to do and what outcome to expect.
While these were some of the ways Augmented Reality (AR) is changing the landscape of Fintech industry, many more are expected to come in the limelight with the growing evolution of the technology.
So, it is advisable to not take a back seat once you have integrated AR into one or two processes of your Fintech startup or establishments. Rather, keep exploring new opportunities and introduce the technology in different dimensions of your Fintech company and make a better fortune.
Holding a Bachelor’s degree in Technology and 3 years of work experience in a mobile app development company, Appinventiv, Bhupinder is focused on making technology digestible to all with her writing.