How Augmented Reality is transforming the Banking Sector?

The banking sector has recently utilized the digitalized technology to make their service more convenient for their customers. The mobile banking, Internet Banking, Scan and pay banking are one among the technology, which is being provided by banks to their customers. But what if the bank will provide the detailed information about the bank balance, credit card balance, payment due dates, loan information and many other services just by scanning debit, master, visa or credit card. And yes, it could be possible by using this revolutionary tecnology in the banking sector.

“This is a technology provides a direct or indirect view of a physical, real-world whose features are amplified by computer-generated perceptual information. It is an innovation that superimposes a PC produced picture on a client’s perspective of this present reality.”

Now, acceptanance by other business sectors also like travel and tourism, Automobile etc. Banking sectors are also aggressively diverting towards technology world, and some have started using AR technology to enhance the experience for customers.

The following banks have utilized the technology of AR-

The Commonwealth Bank of Australia (CBA) propelled an AR home discoverer application in 2011. The bank has demonstrated an iPhone application for individuals purchasing and offering homes. When investigating a property using the iPhone camera, buyers get extra information mapped onto the view, including past arrangements history, current property postings and late arrangements.The purchaser can likewise change to a list or superior view to pull in the knowledge on properties matching their pursuit criteria and gather information, for example, socio-economics, costs, property hotspots and capital development patterns.

The Federal Bank of India offers an AR calendar which gives significant messages when seen through a cell phone.

The National Bank of Oman is using AR to enable clients to find branches and ATMs, while likewise showing the most recent offers and arrangements for clients as they stroll into a shopping center or retail outlet.

Axis Bank announced the feature, element empowers clients of the Axis mobile application helping find and explore to the closest Axis Bank ATMs, Branches, pre-approved private properties and some more, on an ongoing promise.

The ‘Near Me’ territory is open in the pre-login module of Axis Mobile app, along with this it accessible for use by any individual who downloads the mobile app. Customers can see genuine streets in a 360degree mode, through their phone camera. In addition the feature, bank offers a collection of organizations like pre-login charge installments that empowers clients to save time while paying different bills.

What is the next step of Augmented Reality in the Banking sector?

banking is coming up with more new solutions for various sectors, which will completely change the market strategy of the financial institution. The customer soon on their mobile or tablet can view the full statement of the account, including due payments, transactions, account balance, loan payments, bill payments and many more. These all services are available currently on all mobile banking apps, but what if one can visualize it in the 3D model.

By scanning the plastic money or cards on bank apps, the customer can visualize all the above information on computer-generated images on his mobile as a real-time view. More in simple words, if a user by using his smartphone, scan his credit card, debit card he/she can visualize a 3D generated image on his phone and by clicking on different options can pay the pending, view statements and many other financial benefits could be handled.

Is AR in banking Sector feasible?

As the technology, on one hand, is for providing easy access to the user, but on the same way somehow the question arises is “Is it accepted by the users, in point of safety?” The matter of safety comes is if one lost the card and another person got that card and is also the same bank customer. It might be possible; another customer can utilize the card details by using the same app from his phone.

But if using safety technology in this app, like card security pin or other security ways to utilize such technology, it is feasible to use AR in the banking sector.

This is a futuristic technology to be adopted by most of the business sectors to stay away from their competitors. This technology is not only utilized by business sectors, but also it is revolutionizing the other aspects of life as well. Augmented Reality will change the strategy and operational activity of the financial institutes.

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