How Role of AR/VR in Fintech will be the Talk of Town in 2021

Fintech, in the modern world, is one of the most competitive landscapes taking shape. An edge over an opponent in the field could be as simple as getting a new feature update in a business app or as complex as getting into the market from scratch owing to technological disruption. All of this depends on critical business decisions.  In this blog, we will talk about the latest advancement in Augmented reality and Virtual reality technology solutions that will rule the fintech industry in the coming years.

Wearables and software

Microsoft HoloLens is one of the devices that can use mixed reality to analyze the market and business data. Managers can switch between arrays of information while focusing on a particular task while gathering insight from AI analysis. For instance, accessing identity-related information by scanning the person on a mobile app.

Navigating financial hotspots

Fintech companies have already explored numerous opportunities linked with extended reality in banking. For instance, Belatrix, a south American start-up built software that enabled users to locate the nearest bank branch and ATMs. Customers can access an AR-based map to locate the nearest ATMs. 

Virtual meetings

Banks now have a range of options for customers to open a savings bank account without being physically present at the branch. AR banking apps can further strengthen this model through video conferencing. Imagine the participants of a meeting wearing headsets that can offer them a realistic simulation of the bank environment while attending a meeting. They could sit in the comfort of their homes, but at the same time, be present at the virtual table of negotiations. People can also leverage consultation from bankers, make a deal, or do biometrics-backed KYCs without needing physical identity proof of people.

Retail Banking

Fintech apps and payment wallets can use AR apps in malls to offer information about various discounts on a certain card or wallet. People can also add filters according to product types, such as electronics, beauty, or consumables, and get information on its cost and discounts.

Conclusion

AR/VR can affect the fintech industry and lead us to an era where a massive market gap exists between digitally enabled and offline businesses. The list of use cases will undoubtedly grow with further technology advancements, but even now the augmented reality technology companies can help you reap immense benefits from it.