AR can be used in a variety of in-app settings to make the banking experience more fun and engaging, such as with branch locators or ATM finders. It provides a technology briefing to understand the differences between virtual reality (VR), augmented reality (AR), and mixed reality
The banking sector has recently utilized the digitalized technology to make their service more convenient for their customers. Nowadays, Augmented Reality and Virtual Reality technology have been rapidly expanding in the banking sector.
A fresh study, focusing on the impact of virtual & augmented reality on retail banking has been publicized to the vast archive of Market Research Hub (MRH), with the title of “Virtual & Augmented Reality in Retail Banking - Thematic Research”. The main motive of the study is to provide a thorough analysis of the market trends, factors in the current market along with industry growth in the coming years.
The study discusses some of the main trends that have been expected to see over the next five years in the VR, AR, and MR sectors.
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It has been well-identified that banking sectors are also destructively diverting towards technology world, and some have started using AR technology to enrich the banking experience for customers. First of all, the readers will gain an in-depth understanding of the various market trends and drivers that can result in the global market growth of VR and AR in the banking sector.
In addition, market dynamics are also covered in the report including driving factors, key opportunities, market trends, and factors obstructing the growth of the market.
Augmented Reality is a technology provides a direct or indirect view of a physical, real-world whose features are amplified by computer-generated perceptual information. According to the research findings, over the next five years, VR/AR apps will renovate numerous industries from e-commerce to social media to publishing to manufacturing design, increasing productivity and creating new ways of working, playing, and shopping.
AR is likely to revolutionize specific vertical industries within the enterprise market in the near future, while VR depends on the apps in development. It has been analyzed that Augmented Reality is coming up with more new solutions for banking sector, which will completely change the market strategy of the financial institution.
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Moving further, the study analyses the alternative reality industry value chain across five segments including semiconductors, components, headsets, platforms, and applications and content. In retail banking, the breaking economics of in-branch distribution is forcing occupants to look at how to deliver human-like reassurance and support more cost-effectively.
Several leading banks are also using these technologies to improve internal sales and regulation training.
The final section of the study presents an exhaustive analysis focusing on the prime players operating in the market. In this section, the study explains the competitor landscape and highlighting key achievements and funding in the growth and future of many technologies.
Some of the key players outlined in the study include Alphabet, Intel, Alibaba, Largan Precision, Amazon, Samsung, Apple, Nvidia, Facebook, Vuzix, Himax, Tencent, HTC, Microsoft, Sony and others.
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