Our Social Media Specialist, David Dhannoo this week looks at Fintech and augmented reality and how these two forms of disruptive tech will shape the future of finance. If you missed his last post on Banking on the Future : AI in Banking you can view it here.
FinTech and Augmented Reality : How These Disruptive Forms of Tech Will Shape the Future
FinTech is one area of the tech world that has always fascinated me, ever since I first heard the buzzword a couple of years ago. Finance, an industry that’s fair to say has been static for some time now, has now seen a wealth of startups from around the globe, from London (aka. the Fintech Capital of the World) to Nairobi (a place where FinTech hasn’t so much disrupted as evolved the way payments and banking is conducted in a very short space of time – maybe I’ll save that topic for another week!).
From mobile payments to P2P lending, the FinTech umbrella is vast – but how does link with augmented reality?
FinTech and Augmented Reality
In a nutshell, using FinTech and augmented reality together will ultimately bring users together. Remodelling the user experience will really change the future, from how we withdraw money from our local ATMs, to the way traders use their stock market platforms.
In no particular order, here are a few examples how in the very near future FinTech and augmented reality will be used:
In a remote place? No problem. If you need to locate the nearest ATM, Point your app in your direction. The app will list the nearest ATM(s) in the area in which you are located, and will give you a list of directions as well as calculated distance. In addition, it will also have an ATM outlets list with the bank names, which you may need just in case you have surpassed the third-party withdrawal limit.
Interested in a property? In the very near future, when you are browsing properties, you will be able to scan a house from a simple swipe from a mobile device and obtain details about the property, from price, bank offers, interest rate information etc. Moreover, it can also send an alert to the banks which you have an account in and you’ll get a call from them if you are interested in the property. I can see this one being very popular with millennials (such as myself) who are used to gaining things in an instant.
Citi has developed a virtual trading desk concept. The “Holographic Workstation” uses Microsoft HoloLens to help better understand the huge amounts of data with which traders deal, instead of using the traditional flat screens that are synonymous with stock market trading.
Access Information in Real Time/Special Offers
If an account holder sees a mouth-watering offer when he/she is in a shopping mall for example, the user can open up their desired banking app and scan it. So how does this work exactly?
In a nutshell, the scanned request is sent to an AR server where the details are then processed accordingly. It works a bit like a QR Code, but the difference is here is that the user will get more than just an embedded link (e.g. you might receive content on what products go with the product you are interested in – the future of marketing right there!), unlike QR scanner which just reads a barcode.
Don’t get me wrong, QR codes are really just about a quick short-cut to a digital site, but are nowadays are a bit outdated, with AR the experience is more intuitive, as the experience is more engaging. From accessing real time data such as the latest deals on the high street, and using your future banking app from a simple scan, is one example how the world of banking and finance is finally making progress from using advanced tech and finally stepping into the 21st century. It clearly shows going forward, FinTech and augmented reality, as well as other combined tech, have made finance sexy (now there’s something I never thought I’d say!).
Fintech and Augmented Reality – What are your thoughts?
Here is just a very brief snapshot of the future will be like from using FinTech and augmented reality.
What are your thoughts and predictions about the future? What do you think will be the next thing and are both evolutionary or revolutionary concepts?
David Dhannoo is Social Media Specialist at TDMB. A massive fan of Brutalist architecture, David is very interested in the applications of Technology within industry. You can contact Dave on Twitter, or drop him an email directly, to chat about today’s post, as well as his other articles and work for TDMB.