Know How Augmented Reality Is Transforming BFSI Industry

# AugmentedReality, #AR, #TECHVED, #ARInBFSI, #BFSI

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Jay Anthony

21 August 20218 min read

Insight 1

We have all heard the buzzword “Augmented Reality”, but do you really know how it became so popular? Do you know why it is so well recognized worldwide? And why business giants are all in the race to adopt this technology called Augmented Reality?

So let’s begin with what Augmented Reality really is…

Augmented Reality which is widely also known as AR is an enhanced version of the real physical world which is achieved by the use of digital visual elements, sound, or other sensory stimuli made available via technology. This means that AR is among the apex achievements of technology in today’s time and age. Its growing trend is very beneficial to businesses in all sectors and domains. Yes, the speciality of AR is that it can easily be implemented in all industries, which is what makes it so desirable.

Today we will talk about how Augmented Reality has transformed the BFSI industry at large. Banking and finance sectors are undertaking massive transitions in their operations and in the way they interact with their audience. They are striving to give their customers the best engagement experience possible. One of the major advancements in the BFSI sector is the arrival of Augmented Reality.

The BFSI industry is convinced that their next breakthrough at engaging with their audience while also ensuring utmost security is through AR.

We can already see banks like Citi wanting to create a virtual trading desk. Citi is planning to add a digital interface on top of a trader’s real-world environment, layering in certain tools to actually visualize complex sets of data. This will be very helpful for traders to see, understand, and manipulate large volumes of complex data in real-time in a simplified manner.

In the case of retail banking users, Augmented Reality will perform different functions.

For example: A customer looks at something they want to buy. Their finance or banking app can instantly recognize the product and price on their fingertips, and overlay this data on top of the real-world view. This same app could also include options for loans or other marketing propaganda. Customers can then complete payment for the product right then and there with minimum clicks on their device. With the payment process authenticated by an integrated biometric system, the goal is to keep all customers regularly engaged with the brand or company.

Let’s have a look at the top 4 value propositions AR adds in the BFSI industry:

1. Virtual Trading: Many banking and finance giants want to give their users the experience of virtual workstations for trading. Citi uses Microsoft HoloLens to give traders Holographic Workstations. This kind of workstation offers 2D and 3D elements that add to the bank’s existing processes. Comarch uses AR in their wealth management software to give users better access to algorithms and trading tools.

2. Virtual Reality Payments: Making purchases and paying for them virtually in real-time is one of the best experiences banks and financial institutions can give their customers. MasterCard has partnered with Wearality to create a world where consumers can make purchases without leaving the virtual world. They have a virtual reality golf experience called ‘Priceless’ and players are able to buy clothing in the virtual world, without doing anything offline.

3. Better Customer Service: Banks and financial institutions are using AR to level up their customer support experience. Many banks have AR apps that help customers find nearby banks and ATMs. When in a city, they can scan the area with their phones and see real-time information about location, distance, and services nearest to them.

4. Tighter Security: Data security is a matter of concern for each and every bank or financial institution. They deal with money. They have to take utmost care of people's money. With biometric as a part of the AR, financial services propose more secure and sustainable protection against data breaches and identity theft, which makes it one of the most effective ways to maintain complete security.

To wrap it up…

The growing need and benefits of AR in the BFSI sector are undebatable. It is a revolution in itself. Banks and financial institutions are successfully utilizing this technology to their fullest. As technology continues to evolve and this type of adjacent realities become more mainstream, banks and financial institutions will have to keep up in order to attract and retain both customers and employees.

We are living in a digital world where everything is driven by technology. The tech world is evolving at a pace we cannot even imagine and it is only benefiting all of us in some way or another. The adoption of Augmented Reality in the banking and finance sector has largely helped these institutions step up and give their audience an experience like never before.

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Concluding message

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WRITTEN BY

Jay Anthony

Marketing Head | TECHVED Consulting India Pvt. Ltd.

He led efforts to develop a fully integrated marketing communications plan and growing team. He is responsible for successful corporate re-brand and update of all branded assets.

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