How Augmented Reality Will Impact Financial Services

By Rae Steinbach on April 26, 2018

Augmented reality technology isn’t simply for gaming and social media. While Pokemon Go! and Snapchat may have introduced the general public to this technology, augmented reality design also has many practical applications across a wide range of industries.

Specifically, augmented reality solutions have the potential to substantially benefit the financial services industry. The future of mobile banking may involve apps that allow users to superimpose images and data over their real world surroundings.

Banks that partner with fintech developers who can leverage augmented reality technology to offer greater convenience to their customers will be more likely to maintain and boost customer loyalty. That’s why banks should start paying attention to what augmented reality apps can do for them.

Why the Best Mobile Banking App Will Use Augmented Reality

The essential purpose of mobile banking technology is to help customers more effectively manage their funds. That’s one of the reasons why the interface is especially important: The easier it is for customers to access and view the information they’re looking for, the more valuable the mobile payment solution will be.

With augmented reality design, a bank can enhance the interface of its mobile app. This is especially true if the app is compatible with headsets.

A phone’s screen can only display so much information at once. Meanwhile, with augmented reality solutions and a headset, customers can superimpose far more information onto their surroundings. This offers a much clearer view of their data and enhances the benefits of mobile banking.

For instance, a customer using an augmented reality app as a mobile payment solution could immediately call up their account balance information while shopping. Doing so can help them decide if they can afford a certain purchase.

Augmented reality technology may even replicate the experience of meeting with a customer service representative. Users can speak with a representative virtually, instead of having to travel to a bank branch. Combined with other features, this example of the future of mobile banking could essentially allow users to transform their own homes into bank branches whenever they need to.

Additional Benefits of Mobile Banking Application Development With Augmented Reality

Making a customer’s data more tangible is just one benefit of combining augmented reality technology with mobile banking application development. Some banks are already exploring other ways to take advantage of this innovation to create the best mobile banking apps.

For example, U.S. Bank, while working with augmented reality app development specialists, has created an app with mobile banking technology that superimposes virtual indicators that  guide customers to the nearest bank branch. This is particularly helpful for customers navigating large or unfamiliar cities.

Through the augmented reality app, users are led step-by-step to their bank branch. Similar tactics for mobile banking application development may be used to launch augmented reality advertising campaigns. With augmented reality technology, banks can place virtual advertising materials in the real world that boost brand awareness and help users find branches.

Mastercard has also partnered with mobile banking application development teams to create Masterpass. This product boosts mobile banking app security by scanning a user’s iris before they can use it.

It also leverages augmented reality design to improve mobile payment solutions. With this tool, customers can see digital representations of products they’re considering purchasing, access additional information about those products, and make secure payments via an iris scan.

All these developments make one thing clear: mobile banking companies should start coordinating with fintech developers who have experience in augmented reality design. As the technology becomes more widespread, customers will begin to expect these kinds of features. Banks and financial institutions that implement it now will stand out among the competition and reap the benefits of mobile banking.