Many pervasive technologies are rushing ahead to have their footprint on the future map of fintech business. The prevalent impulse is to make the user experience more secure and user-friendly. If that was only the case none would have shown their interest in investing in fintech as they are doing now. To complement basic banking experience, many fintech companies are fascinated to offer extraordinary business experience so that it keeps the user coming back in the future. Augmented reality, even though it was in news for three years, is now tending to offer high-quality user experiences and creating the aura of Digital Banking.
Augmented Reality, widely being called as AR is a combination of different technologies incorporated to enhance the comprehension of an experience. It has the capability to directly or indirectly reproduce a real-world environment where its components are augmented(expanded) with the help of software generated text, image, video or may be sound.
The fundamental principle of AR is to enhance the user experience by presenting him overlaid system generated features to the real world surroundings. AR technology is extensively pragmatic towards mobile users. Number of users dependent on location-based services will be ever growing owing to the advancements in GPS and other dependent technologies.
Hence FinTech future which puts its faith in mobile driven technology will get an amplification by encouraging their users to adapt to AR.
Augmented Reality will bring Fintech users close to each other. There are many ways in which it can remodel the user experience. Following are some use cases which can walk you through what kind of transformation it will bring:
1. Locating an ATM: In a remote place, if you have to locate an ATM which is nearer to you. Point your app in the direction which you wish to proceed. You will be listed with ATM outlets in that direction and the distance you have to travel to reach them as well. It also will have ATM outlets list with the bank names which you may need in case you have surpassed the third-party withdrawal limit.
2. More Info on a Special Service: If an account holder in a bank sees a catchy offer when he is hanging out in a mall, he can just open his app and scan it. The request will be sent to the AR server of and response will be sent with full details on this service. It almost works like a QR Code, but the only difference is here he will get more than just an embedded link, unlike QR scanner.
3. Realty Investments: Just in case you want to buy a house in an apartment and you visits the place to have a look at it. You just scan the building in which you are planning to buy a house. You will get the details of about the houses in the different floors are still available for sale. It also augments details regarding which bank offers the loan for this building with their specifications like interest rates, period of payment etc. It can also send a notification to the banks which you have an account in and get an instant call that they will offer a loan for lowered interest if you are buying in two months from now.
4. Client Meetings: Consider a case of branch manager of a fintech corp who wants to visit many SMB owners in a tech park. He just walks into the campus and opens his mobile app which shoots the different buildings and gives suggestions based on whereabouts of his clients located. The information will be precise in terms of geography, floor of a building, the distance he should travel from his current place and also the preferred path made of touch points as the client locations. He then moves into an office and again opens the app. He will be informed about in which cabin his first prospect is sitting and what distance he have to traverse.
5. Relief Operations: In another case, if the same manager has to survey a flood hit area to offer economic relief, he can just open his app and direct it towards the direction he wants to proceed. He will be offered with numerous suggestions on where the people are staying currently and which path he should not follow in order to keep himself away from any unpredicted consequences. These array of benefits will influence the much needed Corporate Social Responsibility motives of companies which are open for offering them.
It is just an overview of how a technology like Augmented Reality can refashion the Fintech and Banking business. The actual impact may or will be still stronger and user-friendly. It is about to happen if not today, just in a span of a couple of years.
Adaptation will not be a problem if we allow technology to change our current methodologies of business processes. The question is how soon we can adapt?