Application of Augmented Reality and Virtual Reality in the Financial Industry
By: Sapna Sapu
Tags: Virtual, Augmented, Virtual Reality, Augmented Reality, Mixed Reality

Augmented Reality and Virtual Reality are technologies that have been making their mark in various market segments in recent times. Entertainment, real estate, healthcare, education, etc. are some of the prominent segments that AR/VR apps have made a significant impact on.

Although the financial industry is not directly associated with these technologies to a large degree, it has now begun reaping a fair share of benefits. Be it the banking sector, auditing, or accountancy sector, AR/VR applications are providing great convenience.

Yes, it might still take a while for these techs to be embroiled in the financial domain regularly. But Augmented Reality and Virtual Reality have started to make some sort of impact in various ways. Before we get into that, we need to ensure you choose the right AR/VR app developers.

We, at Sapizon Technologies, are an ideal choice for you in that regard. By developing quality Augmented Reality and Virtual Reality applications, we are committed to enhancing the businesses of our clients. In very little time, we have gained success on that front.

Our team of Augmented Reality and Virtual Reality app developers possesses a great working knowledge of various industry domains including finance. This has made us one of the best AR/VR app development companies.

Here are a few of the many areas where Augmented Reality and Virtual Reality have benefited the financial industry:

Data Visualization:

Data visualization is considered one of the most important tools that traders use to make crucial decisions about wealth management. This becomes all the more important as the financial industry is growing and evolving along with technology.

Augmented Reality and Virtual Reality add to this experience and make it less complex to visualize and manage large volumes of data. Salesforce makes effective use of Oculus Rift to create an immersive environment coupled with 3D imagery and augments for data analysis.

Virtual Trading:

While it has still not come into its own, virtual trading is potentially a thing for the future enhancement of the trading industry. The reason we can be so sure of not being far off is that some of the leading trading companies have already kick-started this.

They have made trading a virtual experience by creating specialized VR workstations specifically for trading. Microsoft HoloLens is used to great effect to provide traders with holographic workstations. These workstations offer 2D and 3D imagery that adds to the desired company’s existing processes.

So, do not be surprised if virtual trading becomes as common as AR/VR and AI in the near future.

Payments Through Virtual Reality:

Now, this is a thing. You can make purchases in a virtual simulation without actually leaving it. Payments through VR are the latest trend that some financial organizations are beginning to get accustomed to. These organizations are making payments a virtual experience.

For instance, you can be inside a VR simulation where you can purchase something. You can make the payment in the simulation without having to do anything in the actual reality. MasterCard is one of the first organizations to have introduced this trend by partnering with Wearability.

Security:

Frauds related to online bank transfers called for the security in monetary transactions to be enhanced. And to create robust security and provide the customers with a secure experience, Augmented Reality has been effectively used.

By installing a vigilant biometric security system with AR integration, customers can then connect with an alternate world comprising of an immersive environment. This could be used to access Augmented Reality bank services, make ATM transactions, or make payments online.

To Conclude:

As the world continues to develop at a rabbit’s pace, it is important to understand that every new technology has the possibility of becoming the next big thing. And it is in the benefit of every domain to accept the developments that are making an impact and adapt with time.

Although it took a long time to come, Augmented Reality and Virtual Reality are gaining traction in the financial domain. To know more about the advantages AR/VR applications can provide, you book a free consultancy with our Augmented Reality and Virtual Reality experts.