How can AR be used in Banks?

How many times have you come across augmented reality applications which have really provided you with necessary information rather than just entertaining you? Most of the AR apps that are developed, act as a source of entertainment for users. However, the use of augmented reality is gradually moving to a more meaningful purpose.

Cross-posted from Augmented Reality Trends

Its use in different sectors like education, medical, financial, etc. are proof enough that this technology is expanding. At some point or the other, you might have used an AR app related to a financial institution. If you have, you will know that the use of such AR apps is generally restricted outside the banks. So what about in-branch applications? Can this technology be used inside banks? Let us find out.

Use of AR outside Banks

Many banks have been experimenting with this amazing technology for some time now. Many banks have AR apps which help their customers to find the nearest ATM or branch just like app of the Royal Bank of Canada. The users can launch such apps and hold their smartphones to see real-time information about the location as well as the distance of the nearest branch. Other additional details are also provided to the users. Other banks on the other hand, have developed property apps that will show real-time detailed information about properties that are on sale along with their price. Other tools like mortgage calculators and applications that meet the requirements are also provided to the users through augmented reality.

In a Chinese bank, customers are able to collect coupons which provide offers from merchants in the nearest locations, all through an AR app. Another big regional bank in North America has an app that can transform dollar bills to product transformation videos.

These examples show the use of the technology outside of the branches. But what happens when customers reach a branch?

In-Branch applications of AR

You might find interactive screens inside the banks which provide information on loans and other financial tools. However, these screens lack privacy and you wouldn’t want others in the branch to easily see what you are doing. Instead if the posters that cover the walls of most branches are used as markers with which augmented content can be triggered, it would be much better.

Customers would then be easily able to launch the app and scan the posters to open up interactive videos, tools and other information related to the service of the branch. All this will be possible in the privacy of their mobile or wearable devices. Customers will then be able to take the right decision at the right time.

AR can also be a cost effective alternative to digital signage marketing. Banks can provide the same experience to their customers that they would get through digital screens right in their mobile devices, all at a much lower budget.

Its time AR starts getting used inside the branches of financial institutions as well.

What do you say?

Have you used an AR app of any bank? Which one have you used? Did you find it useful? Would you want to see the use of this technology inside the banks as well? We would like to hear from you in the comment below.

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