How Augmented Reality is Revolutionizing the Banking Industry
The financial sector has always been on the forefront of technology adoption. In recent years, the banking industry has witnessed a significant impact with the advent of augmented reality (AR) technology, which is changing the way that the sector interacts with its customers, improves their experience and provides an additional layer of security.
Understanding Augmented Reality in the Banking Sector
Before diving into the benefits of AR technology in the banking industry, it is essential to understand what the technology is all about.
AR technology is the blending of digital and physical worlds in real-time, whereby a device projects virtual objects onto the real world. It is like superimposing objects, images, or information into the physical world. In the banking sector, AR can be used on mobile devices, ATMs, and other digital channels to enhance customer experiences.
Improving Banking Experiences through AR
With augmented reality, banks can revolutionize the customer experience. For instance, customers can open accounts, apply for loans and mortgages, and conduct transactions in a completely new way. Using an augmented reality device, customers can scan images, and get a virtual tour of the bank’s premises, learn about services and access to relevant information to facilitate transactions.
Virtual reality (VR) is another area that banking institutions can explore to improve their customer’s experience. VR provides a completely immersive experience, allowing the customer to explore banking services in real-time.
Enhanced Security
AR technology can add an extra layer of security to the banking sector. One potential application is in verifying transactions and identifying customers. For example, a mobile device equipped with AR technology could scan customer’s faces and conduct biometric analysis on the spot. Additionally, banks can use AR technology to detect counterfeit currency and detect fraudulent activity in real-time.
Real-world Examples of AR in Banking
Several banks and financial institutions have started implementing AR technology to improve their services. For instance, JP Morgan Chase has developed an AR app that allows its customers to access account information with 3D graphics and provide interactive virtual tours. Wells Fargo, on the other hand, has developed an AR app that provides its customers with quick access to account balances, branch locations, and transaction history.
Conclusion
In conclusion, AR is a significant technological development that is changing the way people interact with their banking services. The benefits derived from its application is still in its infancy, but as more financial institutions embrace AR, it’s evident that the technology will have more impact on the banking industry in the future. Overall, it’s safe to say that AR revolutionizes how banking institutions deliver customer services and provides an additional layer of security to financial transactions.
