9 APPLICATIONS OF AR AND VR IN THE FINANCIAL INDUSTRY
When it comes to virtual reality (VR) or augmented reality (AR), many people think of video games. In fact, games are just the most popular application of these technologies, there is another world of AR and VR that is constantly evolving. Businesses, specifically those in the financial industry, are trying to incorporate many of the same technologies into their offerings. While AR/VR has yet to take hold in many industries, they are already starting to make an impact and cause disruption in the financial industry. In this Tech Town article, we will talk about the applications of AR/VR in the financial industry.
1. Data visualization
Data is an important tool that traders use to help them make important asset management decisions, especially as the financial industry becomes more complex and there is more data to analysis. AR and VR complement this experience and make large amounts of data more visualized and organized. Salesforce uses the Oculus Rift to create a vibrant 3D environment for data analysis. Fidelity Labs, a division of Fidelity Investments, has also taken advantage of the technology behind the Oculus Rift. They created a virtual world called “StockCity” where stock portfolios are transformed into a virtual 3D city where investors can immerse themselves in data.
2. Virtual Trading
Some companies are making trading a virtual experience by creating virtual reality workstations for trading. Citi uses Microsoft HoloLens to provide traders with a Holographic Workstation. This type of workstation provides additional 2D and 3D elements to the bank’s existing processes. Comarch also uses virtual reality in their wealth management software to give users better access to trading algorithms and tools.
3. Virtual reality payment
Some companies even make payments a virtual experience. MasterCard has partnered with Wearality to create a world where consumers can shop without leaving the virtual world. They have an amazing virtual reality golf experience and players can buy clothes in the virtual world without having to do anything offline.
To create a more secure customer experience, biometric security can be used in an AR system, which can then be connected to the VR world. They can be used to access VR banking services, perform ATM transactions or make payments.
5. Financial Education
For both employees and clients of financial institutions, education is important to help them understand changes in the financial system. AR and VR have huge potential to train people new information in VR Finance.
6. Customer Service
Many financial institutions are also using AR and VR to help improve the customer experience. Many banks have AR apps that help customers find the nearest bank and ATM. While in the city, they can scan the area with their phone and see real-time location, distance, and service information at nearby banks. Some real estate companies have apps that allow customers to walk by and scan a home with their phone or tablet for more detailed property information. Advanced options that may be released soon are mortgage calculators and 3D furniture in an AR environment.
7. Virtual bank branch
Online-only banking and mobile banking already. But one day, it won’t be long before we can go to a virtual bank. If customers can’t get to the physical branch location for any reason, a virtual bank branch is their best solution. The hope is that these affiliates will be able to offer similar services but exclusively in the VR environment. This experience is not only helpful for customers, but it also reduces costs for banks as they no longer need to invest in physical locations.
8. Recruitment and training
In order to provide high-quality service to their clients, financial institutions need to ensure that they are recruiting top talent and training all staff to help them perform to the best of their ability. mine. Some banks are using VR experiences to show tech recruiters how innovative and tech-savvy the bank is. Potential candidates as well as current employees use the platform to form teams and create applications that help the bank’s customers.
9. Attract customers
Millennials are the generation that is often talked about, as they grew up in a very different world from their parents/grandparents. They are a generation that grew up with technology, they see many systems differently than other generations. In fact, according to figures from the Millennial Disruption Index, 73% of Millennials are searching Google, PayPal, and Apple for financial products. In contrast to local banks, 33% feel that banks will not be needed in the near future. Banks and other institutions that want to engage this group of users and the next generations are incorporating more technologies – including AR and VR – into their systems to attract and retain customers. .
The financial industry needs to keep up with technology
As technology continues to advance and this type of adjoining reality becomes more prevalent, financial institutions will have to keep up to attract and retain both customers and employees. The AR and VR worlds have impacted the way financial institutions interact with customers, train employees, deliver services, and manage data. As these technologies evolve, the financial industry needs to keep up or face the risk of losing customers to non-financial institutions or worse, becoming irrelevant.
Hopefully the information Tech Town brings above will be useful for businesses. If your business is looking for a reputable AR VR application development company, a team of highly qualified engineers with reasonable costs, Tech Town is confident to become the right choice for your business.
Tech Town is a technology company from Vietnam, with representative offices in the United States, Japan, Canada, the Netherlands,… We provide AR & VR application development services for businesses, optimize content delivery with immersive technologies, enhance the performance of decentralized systems, enhance customer experience, and delight next-generation users. In more than 4 years of operation, Tech Town has become a reputable technology partner trusted by startups and enterprises from many countries around the world such as the US, Canada, the Netherlands, Japan, the UK and other countries. other developers.
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