Top 6 Applications of AR/VR in Finance Industry

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Top 6 Applications of AR/VR in Finance Industry

When we think of financial institutions, such as banks and credit unions, we think of safe vaults, towering venues, and professionals in dark business suits. Rarely do we associate such an old, established, and respectable financial industry with technologies like virtual and augmented reality because there seems to be no way they could be of any help in a world that deals with money?

Data Visualization

Visualizing data is an important tool traders use to help them make important wealth management decisions, especially as the financial industry becomes more complex and there is more data to analyze. Augmented reality and virtual reality add to this experience and make it easier and faster to visualize and organize large amounts of data.

 

Virtual Trade

Some companies are making commerce a virtual experience by creating virtual reality workstations for commerce. For instance, a bank uses Microsoft HoloLens to provide merchants with holographic workstations. This type of workstation offers 2D and 3D elements that add to the existing processes of the bank. In addition, according to a finance mobile app development services provider, Comarch uses virtual reality in its wealth management software to better access algorithms and business tools.

Virtual Reality Payments

Some companies even make payments a virtual experience. For example, MasterCard has partnered with Wearability to create a world where consumers can make purchases without leaving the virtual world. They have a virtual reality golf experience called Priceless, and players can shop for clothes in the virtual world without having to do anything offline.

Customer Service

Many financial institutions are also using AR and VR to help improve their customer experience. For example, many banks have AR applications that help customers find the nearest banks and ATMs. When in a city, they can filter the territory with their phones and see real-time data about location, distance, and administrations at close by banks.

Some real estate firms have apps that allow clients to walk by and scan houses with their phones or tablets to get more detailed information about the property. The advanced options that we will see soon are mortgage calculators and 3D interiors in the AR environment.

Training and Recruitment 

To provide high-quality services to clients, financial institutions must ensure that they hire the best talent and train all employees to provide them with skills that will help them do their jobs to the best of their ability. For example, some banks use a virtual reality experience to show tech employees how innovative and tech-savvy the bank is. Potential employees and current employees use this platform to team up and create applications that will help the bank's customers.

Virtual Branches

Digital-only banks and mobile banks are here. But someday soon, we will be able to go to a virtual bank. If customers cannot visit a physical branch for whatever reason, they will soon be given the ability to go to a virtual branch. The hope is that these branches can provide the same services but exclusively in a virtual reality environment. This experience is useful for clients and reduces costs for banks as they no longer need to invest in physical locations.

Concluding Thoughts 

There is no denying that the AR and VR app development services revolution in the financial space packs a lot of mileage. Banks and financial institutions have successfully used this technology for basic solutions, data analysis, data visualization, complex data accessibility, and ease of business practices such as virtual team meetings.

However, the list will only expand multiple times, as the difference between value creation by organizations that use technology and those that do not is increasing on a massive scale. Therefore, if you are looking for an adaptation of such technology and make decisions for the inclusion of technology-driven solutions, please contact us. Our specialists will hit you up quickly.


 

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