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VeriPark Blog

Oct 25
Could AR be the banking industry’s new superpower?

Augmented reality (AR) has come a long way since it was just a science fiction concept in the movies. There are already many AR applications in use or under development for just about every sector, from architecture and medicine to crime investigation and education. And, AR banking is no longer a fictional story either.


We're not talking about suiting-up like Ironman (although that sounds awesome). We're not even talking about having to buy and wear an AR headset. The reality of AR banking is that it's already available on your mobile. That means augmented reality banking services are now a great option for all types of financial institution and their customers.


The potential is huge and could encompass everything from virtual branches and biometric authentication, to streamlined business processes and personalized information embedded in digital ads. But, more immediately, the big question is: how can banks start to unlock some of the benefits of AR right now?


The future of banking is already here


AR can make everyday banking, such as managing accounts and tracking spending, easier and faster. For digitally savvy customers, it's the ultimate user experience. Certainly, Nick is a big fan.


His friend has just paid for their lunch on his credit card. Even though he rarely carries much cash, Nick is keen to pay his share. That's not a problem because Nick has VeriPark's VeriChannel mobile app with AR capabilities on his phone.


AR Face Transfer, ATM Locator and card details


All Nick has to do is take a picture of his friend (he could also use Facebook) and add him to the app as a beneficiary with his name and account number. Now his friend is saved as a beneficiary, Nick can use the AR Face Transfer feature.


He simply points his phone at his friend, confirms his identity, enters the amount to be transferred and taps to send the money. The system immediately lets him know that he's successfully transferred €20 to his friend's account to cover his lunch. It's quick, easy and convenient.


If he decides he needs cash for later in the day, he can also use AR to locate an ATM. He just opens his phone camera, moves it left and right a bit and, if there's an ATM nearby, it shows up in his camera picture. When he points his phone camera at his debit or credit card, he can see his balance and the last five transactions, so he finds it easier to keep track of his spending.   


What's next for AR banking?


This is just the start of an augmented reality banking revolution. The technology is developing rapidly and will bring many benefits. These are likely to include cost savings and efficiency improvements with automated and streamlined business processes, alongside exciting developments in customer experience.


Like all new technologies, AR won't be without its roadblocks to mass adoption. But, that doesn't mean it won't happen. Remember how 10 or 15 years ago many customers could not imagine picking up their phone to do all their banking and shopping? Now, they do it without a second thought.


"Following's not really my style." Tony Stark, The Avengers


The peak of augmented reality is something for the future. But, leveraging well planned and professionally executed AR features and services can boost to your customer service, loyalty and brand recognition – right now. We can't promise to turn you into Ironman, but AR banking is going to be an incredible ride.   


Would you like to find out more? If so, get in touch with us!


 



Could AR be the banking industry’s new superpower?