Fintech To Take Lead By Identifying The Potential Of Augmented Reality

  • iPhone Application Development

  • Published On December 7, 2017

  • Updated On June 17, 2024

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Contemporary FinTech Trends: It Does Matter To Your Business and the World

The continuously evolving IT industry is coming up with more and more sustainable solutions to hold the business opportunities.

According to Statista report, Total Transaction Value in the “FinTech” market is predicted to amount US$3,300,958m in 2017.

The year is ending and the year of 2018 is welcoming businesses to the fullest with such amazing technological advancements.

These eye-opening statistics are close enough to make you realize the significance of having the app or web presence of the business. iOS app development or Android app development are going far beyond what we have thought previously.

Let’s look at some more influential statistics that are likely to draw your attention:

For the FinTech market, the transaction value is expected to reach the annual growth rate (CAGR) of 20.5% which is resulting in the total amount of US $6,962,224m in 2021.

Broadly, this is the time where the majority of the payments are being made through digital channels. Experimenting various factors that can address the business needs, financial market contributes a key role in the overall IT growth. Thanks to the uprising of Artificial Intelligence, Augmented Reality, and Virtual Reality which have made everything quicker and easier.

Talking to the core, Fintech is a term that refers to any technology which provides a financial service. The term is used to denote the “automation in making payments” in most of the industry verticals.

Definitely, smartphones are ubiquitous like never before. The digital currency already bought the disruption in the industry in order to make reliable, secure, and rapid transactions.

A large number of organizations are taking measurable actions to implement the advanced technologies to see what problems the technology can solve. Enabling peer-to-peer transaction which is highly-secured and reliable, the year of 2017 has already seen the potential of Blockchain to be used in various business domains.

You might have used your banking apps frequently after your messaging apps. This is the power of technology to make consumers’ lives easier.

Enhance the Customer Experience with AR

Much has been already discussed on this buzzword that represents an advanced use of augmented reality and financial market. Over the past years, investment in FinTech startups has increased dramatically and it is still increasing at a considerably growing rate. The resulting effect on the economy is capturing the attention of the industry leaders, marketers, financial managers, bankers, and almost everyone.

Many financial organizations have already embraced the Augmented Reality to provide the ultimate user experience that is unarguably impressive.

“By eliminating the intermediary organizations such as brick-and-mortar banks, the Blockchain and Bitcoin are disrupting the whole economy through the highly-secured and advanced crypto currency.”

There are majorly three challenges that must overcome in order to drive the significant growth:

  • Lack of synchronized cloud infrastructure across the organization
  • The knowledge-gap between limited and high-end digital operations
  • Less digital approach VS high-end digital-orientation of organizations

There are some examples which demonstrate the high-end benefits of AR in Financial technologies:

AR can be combined with real-estate and banks to provide the users with the ability to explore the suitable properties and show associated payment transactions.

Many banks have embraced AR technology to help customers in finding nearest services, branch, or ATMs.

In addition to that, AR is used in a virtual meeting with banking professionals to conduct financial advice or research activities. It can also help in providing customized user-experience to your customers by setting up virtual meeting and assist them to conduct a transaction.

AR is Creating A Modernize Retail Environment

As mobile became the mainstream, retail transactions through smartphones are increasing like never before. The innovative IT experiments such as “Amazon Go” have already provided the users with effortless shopping through the minimal layer of transactions.

It can be imagined that you could point your camera at an item and you will receive entire product information along with your available balance.

A highly beneficial combination of Wearable, Healthcare, and AR Apps

In the nearer future, wearable technology can help users to suggest the diet-fit item along with the consideration of the budget from the grocery store. The shoppers, ecommerce owners, and store owners will be highly beneficial to this advanced consortium of the technologies.

Augmented Reality Apps can also help financial institutions to offer visualization and surrounding to make a decision and evaluate the information.

Investors, marketers, and users are equally benefited from such AR apps that ultimately create an in-person virtual landscape to get the things done. Not only abovementioned industries, logistics and many other industry verticals can leverage the Augmented Reality app development to improve the transactions.

Calling it a wrap, FinTech has a tremendous growth by making the transaction transparent, smoother, and efficient and helps to create a virtual atmosphere that envisions better business operation.

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