Understanding the integration of human and machine to generate ‘augmented reality’ is coming along, the need for financial institutions to begin to formulate strategies to participate in what is seen as the next wave in pervasive technological innovation. The evaluation in the article that these same FIs will likely not be a significant initial use case, but just as in the case of online retailers and the migration to mobile, FIs will be expected to keep pace and cater to consumer norms in commercial engagements.
For the retail banking user, AR will need to strike a different tone. One scenario would be buying a product on the high street. Customers looks at something they want to buy. Their finance app can recognise the specs and price, and overlay this data on their real world view. The app could then include options for a loan, and even illustrating various repayment amount options. Customers can then complete the payment for the product there and then through their device – perhaps authenticated by integrated biometrics
Mercator Advisory Group’s expects the appearance of augmented reality in retail banking will be in the vein of the situation described above, where API accessed account data will be leveraged to outline the various purchase financing options. As banking becomes more closely aligned to the services of a utility, we anticipate those FIs most adept at advising and facilitating their clients’ consumption behavior seamlessly will have the edge.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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