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The Role of Augmented Reality in the Financial Sector

By CIOReview | Wednesday, April 7, 2021

The Role of Augmented Reality in the Financial Sector

The finance industry embraces augmented reality as an opportunity to adapt and prosper in the evolving world.

FREMONT, CA: Virtual reality (VR) provides an entirely simulated world, but augmented reality (AR) adds music, pictures, videos, and graphics to live interactions and environments. The interaction between technology and real-world elements has proven vital in interacting with one another and conducting business during the COVID-19 pandemic. Finance is no different.

The increase of communication in digital spaces is influencing various features of finance like remote work, data usage and visualization, financial advising, and payments. Here are some of the AR technologies in financial services and how they affect everyday experiences with money and banking.  

REMOTE WORK

Many people have recently used Zoom (or other teleconferencing systems) to communicate with coworkers, hold meetings, or express excitement at personal events. Augmented reality offers digital channels a new dimension.

Enhancing remote work with augmented reality allows for virtual collaboration. Team members may use AR to collaborate on a project by annotating and speaking capabilities. Remote conferences and training that use AR or virtual reality have shown immense improvement in learning retention than more conventional alternatives.

DATA USE AND VISUALIZATION

Data collection and visualization are becoming increasingly critical in assisting businesses and industries in identifying priorities, objectives, and strategies. With the rising amount of data and complexity in the financial industry, augmented reality helps sort and visualize information.

Data visualization has a lot of advantages. According to studies, people who follow text instructions with illustrations perform 323 percent better than those who follow text-only instructions.

FINANCIAL ADVISING AND SUPPORT

Augmented reality can help with financial advice and support programs, like providing a more educational environment for deeper evaluation for clients and advisors.

AR can be used to interact directly with customers and model different scenarios. An advisor might, for example, simulate a market downturn and show the client graphics to help them understand the possible personal effects.

PAYMENT METHODS

Shopping habits are also evolving. The way people make payments, in particular, is changing. The everyday transactions can soon be very different as augmented reality shapes mobile and online purchases, as well as billing, transforming into a virtual experience, 

AR and e-commerce are now more critical than ever as COVID-19 progress and gradually opens a restructured environment.

See also: Top Payment and Card Solution Companies