How Financial Institutions are Utilizing AR and VR

With everything that happened in 2020, it’s no wonder that we find ourselves increasingly stepping into augmented or fully virtual realities (AR and VR). These tools, made popular through headsets like Oculus or Google Glass, are on the rise across industries. Now, even financial industries like big banks are applying AR and VR to great success.

Virtual reality tools are being used to achieve everything from data visualization to greater system security in light of a more dangerous digital environment. Whether they’re working from home or in the office, AR and VR allow finance professionals to integrate with fintech like never before. As a result, we’re escaping a pandemic-stricken world for one where data insights are experienceable, where customers can visualize financial products, and banks can improve their services.

Explore the AR and VR revolution as it makes its way through the fintech sector, giving finance professionals greater control over digital space.

Visualizing data

In what is perhaps their most essential offering, AR and VR tools bring innovative benefits to the world of financial technology. The integration of this tech in assessing data means that financial institutions now have the power to visualize their data in a three-dimensional and interactive environment. One of the 

, founded by former Morgan Stanley investment analyst Andy Maggio. A subsidiary of the Glimpse Group, D6 VR specializes in, among other things, 3D data visualization. This feature allows clients to imagine multiple data sets in immersive experiences that make insights more intuitive.

This revolutionizes the way companies go about  assessing their reporting insights. Now, your financial information, charts, graphs, and predictions can take place in a visual space, making it easier to draw powerful connections and engage with models to anticipate better outcomes. Wondering what an investment product might yield at various interest rates? Simply alter the data in the VR environment and watch your digital world change around you. 

Through the power of augmented reality, financial professionals can explore every dot on a scatter plot with more focus and engagement than was previously possible.  Fidelity Labs has shown this splendidly through their StockCity simulation of the stock market, all accessible through Oculus Rift. Finance experts can simply slip on a headset and find themselves immersed in the financial world. 

Educating Customers and Employees

Finances are seldom simple. With AR and VR, however, the experts have new tools with which to educate their customers and employees regarding the details of investments and business projections. All this is possible through the data visualization capabilities inherent in the medium.

Just  take a look at what is possible in D6 VR. This VR tool puts investors directly into a virtual space in which they can analyze and explore all their financial options. From the research dashboard, clients can more memorably interact with financial data to create their ideal portfolios. 

Tools like these are invaluable when it comes to  crafting a marketing campaign that all types of clients will remember forever.

Improving service

These educational investor experiences are just one aspect of customer service that has been improved with the inclusion of AR and VR in the finance industry. At the same time, these tools offer all kinds of benefits, including applications for mobile devices that help customers find ATMs and financial institutions. AR allows users to overlay reality with important notifications and directives. As a result, fintech customers can experience a simple and easy approach to getting help.

Additionally, some financial institutions have  adopted virtual experiences through which clients can speak to useful help all in a VR environment. These assistants can answer questions with the help of visuals and interactive data modules. All a customer needs is to put on a headset and access the application. 

With the benefit of an engaging virtual space, customers can get the help they need without even needing to leave their homes. This has been exceptionally valuable in providing needed financial services even during the COVID-19 pandemic.

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Strengthening Security

With the threat of cybercrime hanging over every online interaction these days, financial institutions need protective measures in place for maintaining the privacy of customer data. This often means highly encrypted firewalls and multifactor authentication processes to authorize account access. These security provisions can end up being ineffective, however, not to mention frustrating for customers. 

Instead, some companies are offering  AR and VR login procedures that use biometric scans of a customer’s face or irises to better verify their identity. Even voice recognition can be used in a virtual environment for simple, secure access to digital banking. Combined with AR or VR, these security measures can assist customers in a seamless virtual experience in which all their data is kept safe in an entirely digital environment. 

AR and VR biometrics are two elements of cybersecurity that are transforming the financial sector. They can be helpful tools in maintaining the international standards of the Payment Card Industry Data Security Standard (PCI).  One of many global data security standards, the PCI applies to branded credit cards and is set up to reduce credit card fraud. AR and VR biometrics could be used as two-factor verification for said credit cards as part of the PCI standard.

Bottom Line

Augmented and virtual reality offer worlds of innovation when it comes to fintech. This is somewhat literal since VR has the power to immerse clients and financial professionals alike in a virtual world in which data, numbers, and investment opportunities are represented in walkable, interactive three-dimensional environments. The results are innovative experiences that can power customer loyalty and enhanced marketing campaigns for clients looking to power a secure financial experience that they can fully explore and understand. 

With benefits ranging from data visualization to account security, AR and VR may be the future of fintech. After all, what better way to understand something as complex as an investment portfolio than by experiencing it for yourself?

Luke Smith is a writer and researcher turned blogger. Since finishing college he is trying his hand at being a freelance writer. He enjoys writing on a variety of topics but business topics are his favorite. When he isn’t writing you can find him traveling, hiking, or gaming.