Augmented Reality to Shape the Future of Finance

By CIOReview | Friday, April 13, 2018
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Augmented Reality (AR) has already taken over our day-to-day life, and the financial sector is no exception, it is the next big thing for ensuring finance runs on new technology.

Data Visualizations is a great challenge for financial sectors. As the need to quickly seize complex trend increases and data availability becomes massive, AR eradicates the gap between human understanding and machine data analysis. Data visualization enabled by AR can help analysts understand complex data streams and make decisions rapidly. For instance, Salesforce is building on its prevailing position in sales to do that, developing a data analysis tool based on a low-cost Oculus Rift headset. This can be considered as AaaS; Augmented Reality as a Service. Salesforce has stepped into this arena early, but it is not going to be the only one, as numerous financial tech data visualization tools are on the rise.

The question arises whether the convenience of interacting with bank tellers from anywhere is adequate to overcome users' who are reluctant to accept new technology; again. A Polish finance technology company Comarch created an AR ecosystem, using a mixture of smart wearables and the Oculus headset, for business owners and small investors. Communication takes place with the help of smart phones and smart watches, and via the headset, data can be presented in virtualized meetings. The ubiquity of smart phones ensures that consumers will take up AR-driven experience that is rewarding.

If financial sectors are to compete with the evolving technology, it is essential for them to embrace consumer friendly AR. This would mean that the future of AR payment systems and marketing tools are much brighter than for experimental approaches.

AR is well suited to the needs of finance tech. Moreover, it has made an entry at the apt time into the industry's source code. It has already found applications that include client meetings, consumer service, data analysis, and banking.