How are AR and VR adding new Dimensions to the Financial Realm?

How are AR and VR adding new Dimensions to the Financial Realm?

By CFO Tech Outlook | Monday, March 18, 2019

Excellent customer service is a priority in sectors that deal with money management, especially the financial industry that certainly plays an essential role in the global economy. Enterprises incorporate activities like lending, managing, investing, and securing financial assets but are always under pressure to carry out operations in a more efficient and streamlined manner. Why are financial institutions bringing in the new-gen, cutting-edge, and innovative technologies? The rising competition in the market to get better is provoking the industries to meet the demands and expectations of the consumer. Well, the finance industry has always been the forerunners in adopting tech trend that has emerged in the marketplace.

Lately, there have been a lot of buzz around emerging technologies- Augmented Reality and Virtual Reality. These technologies are all set to revolutionize and cause massive disruptions in all aspects of financial services? Read on to know how.

Check Out : Top AR/VR Companies

•    Data Visualization: The major challenge faced by financial institutions is when they analyze and comprehend millions of datasets to make accurate decisions. Data visualization application must enable professionals to interpret and perceive the correlations that exist in the data. As of now, graphical representations are simplifying an analyst’s job. However, there are times when things get complicated and therefore analyzing, comprehending, and comparing various data variables for decision-making becomes tricky and confusing. Here, AR and VR can make the difference and can do wonders in offering the best data visualization experience.

•    Payments: Financial services have already entered into the online payments trends and are enabling the customers to make payments from anywhere, and anytime. But as new technologies are paving their way into this domain, the finance sector needs a makeover again. For instance, using an AR-powered headset or an AR app, customers can pick the required clothes and make payments without the credit card.

•    Training and Recruitment Process: If one looks at the entire process from analyzing large volumes of data comprehending the underlying pattern to using the data to make accurate and precise financial decisions, newbies are all prepared and trained in advance. By introducing freshers to an interactive environment that showcases diagrams, charts or 3D format, they are given an opportunity to grasp complex concepts and aspects of financial services. Recruitment is another essential domain that empowers financial territory. Assisting interviewers with virtual avatar, financial companies can test and hire many employees simultaneously. Hired candidates can also be given a chance to take virtual office tours to understand the work culture without visiting.

Few AR/VR companies : Altuit , ContextGrid , Kinetic Vision 

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