How Augmented Reality is Set to Transform the Online Finance Sector

Augmented reality has existed for some time and yet, most consumers are not fully cognisant of the ways in which it has transformed their daily lives. From obtaining 360-views of a product before a purchase is made to utilising intuitive tools that are intended to predict the behaviour of a customer, this technology boasts far-reaching consequences. It therefore makes perfect sense that augmented reality has entered into the world of online finance. What changes have we already witnessed, what benefits can this learning system offer and can SMEs similarly leverage such a powerful tool?

Augmented Reality: Data Visualisation and Much More 

One of the challenges associated with the world of modern finance is that it can often be difficult for organisations to capture, analyse and understand the latest trends. In the past, this would have required the collation of massive amounts of big data; a real problem in terms of time as well as resources. This information is critical for several reasons:

  • It can be used to appreciate short- and long-term industry trends.
  • It may be employed to better understand the needs of financial clients.
  • Augmented reality can enable in-house operations to be carried out more efficiently.

Without delving into a full-blown technical analysis of the subject, most forms of augmented reality serve a very simple function. They are intended to bridge the gap between automated analyses and human comprehension. In fact, this type of AR can even be thought of as a “bionic” extension found entirely within the digital domain.

It should be obvious that larger organisations require a fast and accurate method to measure large sums of data; especially within the real-time operational environment. This enables them to better address the requirements of their clients; ideal for such a competitive industry. By offering such cost-effective analyses, there are many times when savings can be passed on to the end user.

Still, there are a few areas to address. Just how close are we to seeing augmented reality replace traditional forms of interaction? Will human customers be ready and willing to trust such technology? How can small businesses adopt similar methods to their advantage?

 

A Dose of (Augmented) Reality 

 You might be surprised to learn that augmented reality is already being proactively adopted by countless budding organisations thanks to effective third-party packages such as Shopify AR. These user-friendly systems are modular in nature and agile in regards to what they can be used to achieve. From providing a detailed physical image of a product to using auto-complete fields to help a client narrow down his or her choices, the applications are very real indeed.  

Still, we have to wonder how willing the average customer will be to accept such an advancement. It is important to keep in mind that the faith in the financial sector has been profoundly shaken since the global crisis of 2008. Some even blame such a bearish climate on automated trading systems and similar AI-inspired algorithms. Although there may be a bit of truth to such an observation, it is important to keep in mind that this very same technology has advanced in leaps and bounds during recent years.  

Furthermore, most organisations will implement augmented reality over a relatively long period of time. This will enable them to better judge how their audience is accepting these platforms. Such a window can also provide a bit of breathing room in order to refine any systems that might require further adjustments. Let’s not forget that the concept of a “smart” phone was the stuff of fiction just over a decade ago. Now, the majority of users around the world regularly access these devices and a certain amount of AR is already present.  

The main question is therefore what small- to medium-sized enterprises can do in order to keep abreast of such an interesting digital evolution. This first step is to closely examine well-known providers such as Shopify. These platforms are designed with an intuitive feel; perfectly suited for entrepreneurs with little (if any) previous technical experience. The second step is to observe any feedback from the client base. This can be in the form of a comment or it can be analysed by examining sales figures since an augmented reality system was put in place. While we are not necessarily referring to the transformation or reinvention of the wheel, there is no doubt that the role of augmented reality will continue to impact the ways in which online business is being conducted.

The online financial sector should benefit from the presence of augmented reality and it will not be long before major providers begin to implement such intuitive software bundles. This is good news for investors, homeowners and the average consumer. The same observation can be said for entrepreneurs across the boards.

Disclaimer: This is a sponsored article, and does not represent the views of Twenty First Tech or any of it’s writers.

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