AR in Finance Industry

AUGMENTED REALITY IN FINANCE INDUSTRY Augmented Reality(AR) is a technology which is associated with the concept called computer mediated reality. This overlaps a computer-generated image, which provides a compound view to the users. Augmented reality uses the existing environment and covers a new information on top of it. Most people came to know about the AR technology only after the Pokemon Go game.

AR technology has not been adopted in main stream sectors today. Majority of the people are still unaware of AR. But the swift growth promises us that there will be unbelievable changes in the future. Some of the banks have already begun applications that are related to AR technology. It includes features like find the nearest ATM’s, getting us the data of a house that’s for sale and much more. It is quite obvious that AR will remodel the whole banking scene with exciting new features.

We have come across chatbots, which is an automated message system designed for enquiries and other purposes. But, however in finance sectors, when it comes to sales enquiries and other complex questions, it is better to have a personalised conversation with humans than with bots. In the upcoming years, AR technology could bring up a realistic face to face conversation where the customers can sit at the comfort of their homes and deal with financial services.

AR technology is marked as the next big thing that will rise in other sectors apart from the gaming sector. AR can help the customers with data, so that it becomes easy for them to access multiple options such as manage accounts, check their credit balance, view price comparisons in finger tips without much complications. Some banks have introduced voice recognition software for the customer’s registered mobile numbers, which wipes out the need of multiple security questions and passwords. There can be voice recognition apps that are installed in the phones for the users to enquire about the last transactions and other details.

This creates a demand in creating more applications related to the AR sector, thus the app development companies will have a battle in delivering quality apps.

It’s good to think about the realistic face to face conversation, but there is a big question mark about whether that can be implemented practically. For example, it is very difficult for the customers to display the branch representative section, they may not get a clear understanding. Here, even the resolution of the webcam or the normal cams matter for a better knowledge. The perfection matters here the most.

Where there are pros, the cons are always present. Safety will be a big question mark in AR technology. With the increase in day by day anonymous hackers, security will always be a key factor that we need to look out for, especially in the Finance Sector Both the customers and the banks data has to be highly secured. But the assurance can’t be given. So, the safety in finance sector remains a mystery.