Finance is a very sensitive area, which is always under the radar for criminals waiting to make the quick profit from other person’s savings.
The moment top-rated mobileapplication developers stepped onto the financial sector to design finance management apps for the users, that very moment cyber-criminals found a new opportunity to hack and steal. But, technology is not all about losing information or negativity. Rather it is about convenience, affordability, mobility, and security as well. Yes!!You heard it right, SECURITY. Even physical banks and ATMs get robbed so also the internet, infused by cybercriminals.
Nevertheless, companies do come across safety measures to ensure customers enjoy e-banking, at the same time, feel safe and protected. With the rising of artificial intelligence, internet of things and immersive technologies such as virtual and augmented realities, banking sector and fintech companies are evolving to offer convenient and secured finance solutions to their end users.
Afterall, in the words of PayPal, "We want our money safer than our selfies."
Before we proceed further with the advantages of AR for the financial sector, let us see what the statics have to say about the fintech companies as well as AR:
The statistical figures and the current trends definitely point towards a promising future for banking sectors and fintech companies incorporated with augmented reality technology.
Once again….What is Fintech???
In the words of Hugues Delcourt, CEO, BIL, “Banks need FinTech and FinTech need banks”.
Hence, Fintech described as a technology applied to the monetary services pertaining to the emerging financial sector in the 21st century.
Few examples where augmented reality already has been successfully incorporated into generating satisfying results for the financial sector:
Halifax, a division of Lloyds, has developed a home finder mobile app such that people can easily pull out data on houses put up for sale on passing them on the street.
Standard Chartered of China launched an iPhone application where location-based services display through AR, Map, and List, hot deals for the day, leveraged through location-based services.
ING Wegweijzer application of Italy for T-mobile G1 makes use of GPS and digital compass to offer real-time view and direction to the closest ATM.
El Faro for Santander Bank is an interactive visitors' center, a lighthouse, having robots, interface walls, LED lights, welcome the bank visitors into an interactive physical and digital world where AR-enabled monitors offer relevant point-of-interest information to them.
Also Read: AR-Vs VR- benefits drawn from both
The mentioned examples, as well as the statistical figures, definitely point out to the fact that augmented reality can actually prove a game-changer for the financial world. So, let us sum up the key advantages a fintech company or a banking service as well as the customers rewarded with when applying AR/VR into their business model:
Virtual reality trading workstations to give the consumers better access to algorithms and trading tools.
Emerging as a problem solver especially for customers who are willing to quit the comforts of their homes but need to consult with any professional of their choicest bank. AR and VR help banks cut off cost investment to maintain physical outlets.
Boost up the efficiency of the employees with proper training programs to give them a real-work environment and real-time situations even without having to sit in a bank. Remember training programs in X-MEN movies???
Bridging the gap to speed up meetings with employees, clients, and customers situated in different physical locations.
Less need to visit banks and ATMs with location-based virtual banking services to give access to funds even for the remote area customers.
Better in cross-sale opportunities with apps that offer real estate data along with mortgage calculator to bring in more customers.
Cutting down customer service cost by eliminating the need to maintain a separate customer care team as well as reducing the need to travel for meetings and training.
The potential for lead generation and customer retention with AR effectively customer's attention and withhold them for the longer duration.
Experienced and dedicated mobile app developer hired has the up-to-date knowledge on the ongoing market trends, which are ruling the digital world. Without which surviving in the hard-core competitive world is just not possible. Best mobile applications developers are out there well versed in augmented and virtual reality to develop useful apps to cover up the core functions of the financial sector.
Category: Mobile App DevelopersCompany about: Fluper Ltd. is an authentic, certified and top rated mobile application design and development company with engineers expertising in native application development, customized applications provisioning end-end 360degree mobile app solutions. We have specilized in Android, iOS, iPad, Tablets and Wearable App Development Services. We have been working in the IT Mobile App Domain and Verticals since 2013 providing following services: #Enterprise Applications: Business, Banking, Finance, Human Reso ...