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AR – Way ahead for Banking Sector

Augmented Reality (AR) is getting a lot of attraction these days. Even a person who knows little of AR is using it one form or another. The best example is Pokémon Go. Intentionally or unintentionally when we are in that game we are playing that in AR. This is how technology is getting adapted in current scenario. The technology (AR) is going to change how we see and perceive current things or do our work. The biggest impact is waiting to come in finance sector specially banking. The adoption of AR is so huge that most of the companies, especially mobile manufacturers are adapting or molding their current hardware to accommodate futuristic AR technology. The best example is Apple filing patent for “enhanced face detection” using depth technology in to be launched handsets.

How AR will help banking sector?

Most of the banks have a pipeline of products to be launched in AR giving access to a whole new dimension to the banking. Last year a leading bank tied up with Magicbricks to let their app users to virtually locate home using the AR technology using app only. This is just an example how the technology takes the future requirement of users. The day is not far when AR embedded in App will help users to find a nearest ATM / Branch and navigate real-time by integrating AR into Google maps. Within the finance domain AR has the potential to transform productivity. AR interface can help the analyst to manipulate and analyze large number of data in real time with multiple dimensions.

While Indian banking moving to digital and the app only banking the day is not far when the whole branch interaction is available right in your palm. Many leading banks already started this concept with direct video chats with branch head. Post demonetization the use of physical cash has shown drastic decline with digital taking lead in settlements. AR has the potential to drive the next change. Just like home finder utility mentioned above the day is not far when users will have augmented information available on the wearable. Imagine you are walking into a grocery store wearing AR glass and everything related to the product like expiry date, ingredients starts populating right in front of you. Imagine how vast data can be taken care off in such a small amount of time and that too parallel when you are just seeing the product. AR will help you to
make your decision faster.

A study by Goldman Sachs has predicted that the augmented reality market will be worth $80bn by 2025. Banking institutions will have to keep up to attract and retain customers and employees. A lot of new areas of development will see the attraction in the days to come.

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