A number of institutions are already using augmented reality in the financial sector, adopting the technology to further digitise the industry.
Several banks around the globe have created AR apps and augmented reality in the financial sector is increasing.
Halifax in the UK offers a ‘home finder’ app enabling users to view and get data on houses for sale as they pass them, The Commonwealth Bank of Australia also has a similar app, utilising similar AR technology.
Augmented reality technology is also used in emerging markets, banks like the National Bank of Oman use AR to allow customers to find their nearest branch or ATM as well as find offers and deals when walking into a shopping centre or in fact whilst walking down the street anywhere in Oman.
What lies ahead for augmented reality in the financial sector could be truly transformational.
Augmented reality could potentially increase productivity within a bank or financial institution.
Financial traders often need to make important data-driven decisions quickly, so visualisation of data is a key tool, the technology could help them to view and analyse massive quantities of complex data through an AR interface.
Citibank has started using Microsoft’s HoloLens headset to create holographic workstations for traders, and several organisations have trialled Oculus Rift to create virtual reality environments for data analysis.
These headsets allow the traders to collaborate with clients and make decisions on complex data sets.
With the rapid increase in mobile banking apps and the introduction of digital-only banks, there are more and more questions about the future role of physical branches.
Customers who aren’t able to visit a branch – or don’t want to – will eventually be able to have meetings with bank staff in the comfort of their own homes or offices.
AR can enable realistic person-to-person interactions that will feel like both parties are in the same location. Not only is this experience better for the customer but, without the need to invest in physical branches, could also reduce costs for banks.
Also, financial services can see how consumer spending behaviours have shifted as new technologies are applied to payments.
Cash and physical card payments are in decline as digital payments have grown, both online and via mobile apps like wallets and Apple Pay to name a few.
AR could potentially drive the next wave of changes.
With the use of augmented reality headsets or glasses, there is a possibility to change the way people shop as consumers could have real-time product and pricing information overlaid onto their real world view as they browse items on the high street or in stores.
They would be able to check their credit balance, view price comparisons, and even see offers appearing in front of their eyes as they walk through a shop or when they show particular interest in a product.
We expect to see more augmented reality technology in banks and the financial sector soon!