Augmented Reality
Manish Shewaramani
By: Manish Shewaramani

Augmented Reality Promising the Next Wave of Innovation in Banking Space

Nowadays, heading to the banks for any transaction, or payment or for any other financial activity is like hiking with the boots that are too loose to prefer. Banking space is adding new dimensions to experience a major shift and reach new heights by embracing huge mass of customer base efficiently.

For the banking sector, to solve customer’s pain point or end up their frustration due to the poor banking experience is not a run-of-the-mill job. Instead, rapid adoption of groundbreaking technology, Augmented Reality has helped in eliminating this cornerstone and its integration across various services allowed the customer to use services in a blink of eye.

Augmented reality is a diverse technology that enhances and improves the view of real world by overlaying 3D view of the surrounding over 2D object, every time you project the app-enabled smart phone over it.

The niche technology has marked remarkable difference in the banking sector with web and mobile applications. Old aged methods are not efficient to get more user engagement and derive effective results. In that case, astounding banking solutions through augmented reality can redefine banking and reveal a glimpse of untapped potential across boundaries.

  • Add life to your Bank Card
Enable banking customers to do 90% of the activity on digital device.

Use of mobile phones is tightly integrated in our daily lives and same holds true for the use of credit & debit cards. Integration of augmented reality in the mobile app lets the user to view their account information just by holding their card in front of their smart phone’s camera.

Westpac, an Australian bank use this technology to build an app that gives incredible experience to the customers. App display balances, transaction history, spend locations and how the money was spent, in 3D bar charts after projecting the app enabled camera over card.

Other than this, it summarizes loyalty points, marks the number of days remaining to pay the bill and allows instant payment as well.

Use Case: Augmented Reality into everyday banking

  • Recruitment of Banking Talents at Fingertips

The traditional approach of going through the job vacancy ads in the classified section of the newspaper and then applying for it will soon fly away. As, AR apps revolutionize the standard hiring process of workforce by letting prospects to scan the brochure of the organization in the form of 3D video with any digital device.

ASB bank based in New Zealand has unveiled this 3D augmented reality app known as ‘Work for ASB’ recruitment app that help in recruiting banking talent via future recruitment campaigns. Also, enlist the tips for the job aspirants for interview, CV and let candidates share their recruitment experience on different social media channels.

Use Case: Augmented Reality technology used to help recruit banking talent

  • Takeaway

In the last few years, banks have been engaged in technology arms race to engineer such apps that made the banking process handy and comfort the customer. Augmented reality solutions deliver the seamless solutions that completely transform the way services offered to the customer and also, provide an exceptional opportunity to the banks to stand out from the crowd.