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The banking sector has utilized the digitalized technology to its core by making its service more convenient for its customers. The mobile banking, Internet Banking, Scan and pay banking are one among the technology, which is being provided by banks to their customers. Now the banking sectors have also aggressively started using AR technology to enhance the experience for customers.
One of the most interesting technologies in the digital space is Augmented reality. AR is an experience where parts of users’ physical world are enhanced with computer-generated input. It can provide an interactive experience of a virtual environment in the real world. AR can make illusions look real, and users can do things as he or she would do in the real world. Augmented reality (AR) is one of the biggest technology trends right now and it’s going to get bigger as AR-powered smartphones and other devices become more accessible around the world.
11 Banks Successfully Using Augmented Reality To Offer Unique Services
Axis Bank: Augmented Reality Navigation to access ATMs, Branches & Food Outlets
Axis bank came up with its augmented reality feature within its mobile app which lists all the dining destinations, property lists, shopping centres, bank ATMs, branches and many other things not only as a location on GPS but also in real life pictures along with distance and even directions. Using the ‘AR View’ option in the ‘Near Me’ tab, customers can define a geographical radius and the banking app can show them the nearest ATMs and branches and provide directions to an ATM.
Citi Bank: Microsoft’s HoloLens technology
While most AR solutions in the banking industry are focused on the end customers who use banking apps on their smartphones, Citi Bank came up with a Holographic Workstation, a Proof of Concept that is focused on financial traders as end-users. Using Microsoft’s HoloLens technology, they created a 2D-3D integrated system that allows financial traders to visualise real-time financial data and records through holograms and to monitor and track past trends of stock indices so they can make financial decisions based on these.
Commonwealth Bank: Commbank Property app
Commonwealth Bank launched their Commbank Property app which has the data of about 95% of residential properties in Australia. Using this app, users can scan a property near them in real-time and get all possible information such as detailed suburb profiles revealing demographics, median price, buying/selling conditions, property hotspots, and capital growth trends, thus enabling buyers to gain deeper insights on a location and on whether it will suit their lifestyle.
(Source: Marcus Tesoriero)
Visa, the leading payments provider in the world used the power of Augmented Reality technology to demonstrate how payments can be integrated with any service to facilitate seamless and immersive payments.
Capital One bank launched Auto Navigator, an augmented reality application using which users can go to retail showrooms of cars or just be on the street and point to any car to get view details superimposed on the car. Details such as year, model number and make of the car will appear on their screen to help them with their buying decision. Users can pre-qualify themselves for a car loan after which, the car-loan app will show them customised pricing based on their eligibility, preferences and financial health.
(Source: Next Reality)
What is the need for Augmented Reality in banks?
The need for AR in the banking sector can be reasoned by the fact that it will not only provide to the end consumers but will also provide consumers to view the information in a concise, engaging as well as in an immersive manner.
The Future of AR
The future of the banking sector looks healthy & stable with the introduction of emerging technologies that have eased the entire digital banking experience. More and more banks are leveraging online and digital channels with a view to reach the next generation of customers.
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