The Influence of AR in Fintech
The Influence of AR in Fintech

The finance sector for most of the world has been widely revolutionized thanks to the emergence of various technologies which have made it easier for individuals to manage their money. In the innovative wave that has been circulating globally, financial institutions have received a range of technologies, leading to the creation of a system of interconnected software which carries out specific functions within a financial environment. These systems have solidified themselves as a part of finance and are now known as Fintech.

Fintech is a rapidly growing field which has threatened traditional banking systems which do not adopt it. Through Fintech, every person is given a level of freedom and power with their finances. Access to funds has been made available on hand-held devices, business transactions have been simplified, made more secure and transparent, and investment opportunities are now available on a global scale. User experience has also been significantly enhanced thanks to the development of informative and reliable user interfaces which guide users on how to harness the resources within them for financial security and proper planning.

The advantages of Fintech continue to be realized each day, and its successes have motivated stakeholders and investors to seek ways of enhancing user experiences even further to maintain and increase customer base. Augmented reality (AR) is one of the ways which shareholders have been looking at in order to achieve a higher level of user experience within Fintech environments. With recent breakthroughs in the implementation of AR in small devices such as mobile phones, new areas of application are finally being realized for the technology, and Fintech is not being left out.

AR involves the merging of real-world objects and environment with digitally generated content such as text, images, videos, and other graphic designs to enhance how users utilize certain services. They can be used to possibly provide more information about certain entities or help with navigation for users who require it. Such capabilities are continually being tested on Fintech platforms to discover how well they will fit into the core functioning processes of finance without being invasive or overbearing. Here are some of the ways which AR may help to enhance Fintech and spearhead creative ways of managing financial statistics.

CUSTOMER BENEFITS

Provision of Details on Services or Properties

AR can benefit potential clients and investors by providing additional information on specific products which they are interested in. In real estate, for example, AR can be utilized so that potential buyers can find out more details of a property, such as how many rooms are available or how much space in square inches is free, by scanning it and searching for the property on a database. The details can also go as far as providing the information on the owner, available payment plans for the property available banks which offer loans for the purchases of property and even alert the bank when you show interest in the property.

AR/VR Apps

Location of Services

So far, one of the successful trials of AR implementation in Fintech has been the location of various financial services. ATMs have especially been a major concentration point for AR direction guidelines. Though they are still in their infancy, these location services can be further enhanced so that they provide comprehensive mapping for ATM services within a vicinity. For instance, users can point their phones to a certain direction which they intend to walk or drive along, and an AR application can be triggered to showcase the available ATMs along that road or path. If a user needs to find a branch of their bank for some reasons, the app can be enhanced to locate those as well, saving users much time with locating various financial services, especially during emergencies.

COMPANY BENEFITS

Augmented Meetings

AR can be used to facilitate factors such as video conferencing even further by providing each party involved with tools that enable such processes. With AR, meetings can be held virtually and be more immersive in nature, providing stakeholders, managers and executive officers with a platform for sharing ideas more personally rather than through a screen or by having to travel to a certain location.

Data Visualization

Fintech institutions have long been dependent on computer processes such as data analysis and algorithmic decision-making tools to drive business decisions. However, a lot of data is being generated today, making it near impossible for these systems to derive meaningful statistics to drive financial decisions. With AR, Fintech can help to add the human elements of deduction when it comes to data analysis. Visualizing data in forms of charts, bars, and relational graphical displays helps decision making processes easier because it gives a visual idea of trends in the financial market.

Immersive Learning and Training

AR provides an excellent avenue for the training of staff and personnel on how financial institutions operate, as well as in the introduction of new technology within their core business processes. Through AR, officials in charge of training can implement AR to minimize the need for trainees to physically be in the offices. Pre-programmed lessons entailing AR elements can also be utilized so that they are accessible at all times.

Fintech and AR are both fairly new concepts, yet they have both picked up and transcended to become foundational concepts for future innovation. By merging these two entities, financial institutions can derive the best of both to create systems which optimize user experiences and maintain high performance for financial institutions overall.

Latest Articles

February 29, 2024
Everything you’d like to know about visionOS development

If you’re venturing into the realm of developing applications for Apple Vision Pro, it’s crucial to equip yourself with the right knowledge. In this article, we unravel the key aspects you need to know about the visionOS operating system, the secrets of programming for Apple Vision Pro, and the essential tools required for app development. visionOS: The Heart of Apple Vision Pro The foundation of the Vision Pro headset lies in the sophisticated visionOS operating system. Tailored for spatial computing, visionOS seamlessly merges the digital and physical worlds to create captivating experiences. Drawing from Apple’s established operating systems, visionOS introduces a real-time subsystem dedicated to interactive visuals on Vision Pro. This three-dimensional interface liberates apps from conventional display constraints, responding dynamically to natural light. At launch, visionOS will support a variety of apps, including native Unity apps, Adobe’s Lightroom, Microsoft Office, medical software, and engineering apps. These applications will take advantage of the unique features offered by visionOS to deliver immersive and engaging user experiences. Programming Secrets for Apple Vision Pro Programming for Apple Vision Pro involves understanding the concept of spatial computing and the shared space where apps coexist. In this floating virtual reality, users can open windows, each appearing as planes in the virtual environment. These windows support both traditional 2D views and the integration of 3D content. Here are some programming “secrets” for Apple Vision Pro: All apps exist in 3D space, even if they are basic 2D apps ported from iOS. Consider the Field of View and opt for a landscape screen for user-friendly experiences. Prioritize user comfort and posture by placing content at an optimal distance. Older UIKit apps can be recompiled for VisionOS, gaining some 3D presence features. Be mindful of users’ physical surroundings to ensure a seamless and comfortable experience. Tools for Apple Vision Pro Development To initiate the development of applications for Vision Pro, you’ll need a Mac computer running macOS Monterey or a newer version. Additionally, you’ll require the latest release of Xcode and the Vision Pro developer kit. The development process entails downloading the visionOS SDK and employing familiar tools such as SwiftUI, RealityKit, ARKit, Unity, Reality Composer Pro, and Xcode, which are also utilized for constructing applications on other Apple operating systems. While it’s feasible to adapt your existing apps for Vision Pro using the visionOS SDK, be prepared for some adjustments in code to accommodate platform differences. Most macOS and iOS apps seamlessly integrate with Vision Pro, preserving their appearance while presenting content within the user’s surroundings as a distinct window. Now, let’s delve into the essentials for assembling your own Apple Vision Pro development kit: SwiftUI: Ideal for creating immersive experiences by overlaying 3D models onto the real world. Xcode: Apple’s integrated development environment, vital for app development and testing. RealityKit: Exclusively designed for Vision Pro, enabling the creation of lifelike, interactive 3D content. ARKit: Apple’s augmented reality framework for overlaying digital content onto the real world. Unity: A powerful tool for visually stunning games and Vision Pro app development. Unity is currently actively developing its SDK to interface with Apple Vision Pro. What’s the catch? Few people know that to develop on Unity, you need not just any Mac, but a Mac with an “M” processor on board! Here are a few more words about supported versions: Unity 2022 LTS (2022.3.191 or newer): Apple Silicon version only. Xcode 15.2: Note that beta versions of Xcode are a no-go. VisionOS 1.0.3 (21N333) SDK: Beta versions are not supported. Unity editor: Apple Silicon Mac and the Apple Silicon macOS build are in; the Intel version is out. Pay attention to these restrictions during your development journey! Apple Vision Pro SDK: Empowering Developers The visionOS Software Development Kit (SDK) is now available, empowering developers to create groundbreaking app experiences for Vision Pro. With tools like Reality Composer Pro, developers can preview and prepare 3D models, animations, and sounds for stunning visuals on Vision Pro. The SDK ensures built-in support for accessibility features, making spatial computing and visionOS apps inclusive and accessible to all users. As Apple continues to lead the way in spatial computing, developers hold the key to unlocking the full potential of the Vision Pro headset. By understanding the intricacies of visionOS, programming secrets, essential development tools, and the application process for the developer kit, you can position yourself at the forefront of this revolutionary technological landscape.

January 30, 2024
Touching Art: How Haptic Gloves Empower to “See” the World of Art

In the realm of art, visual experiences have long been the primary medium of expression, creating a challenge for those with visual impairments. However, a groundbreaking fusion of haptic technology and VR/AR is reshaping the narrative. Explore the innovative synergy between haptic technology and VR/AR and how this collaboration is not only allowing the blind to “see” art but also feel it in ways previously unimaginable. Artful Touch – Haptic Technology’s Role in Art Appreciation Haptic technology introduces a tactile dimension to art appreciation by translating visual elements into touch sensations. Equipped with sensors and precision, haptic gloves enable users to feel textures, contours, and shapes of artworks. This groundbreaking technology facilitates a profound understanding of art through touch, providing a bridge to the visual arts that was once thought impossible for the blind to cross. VR/AR technologies extend this tactile experience into virtual realms, guiding users through art galleries with spatial precision. Virtual environments created by VR/AR technologies enable users to explore and “touch” artworks as if they were physically present. The combination of haptic feedback and immersive VR/AR experiences not only provides a new means of navigating art spaces but also fosters a sense of independence, making art accessible to all. Prague Gallery Unveils a Touchful Virtual Reality Experience The Prague’s National Gallery has taken a revolutionary step towards inclusivity in art with its groundbreaking exhibition, “Touching Masterpieces.” Developed with support of Leontinka Foundation, a charity dedicated to children with visual impairments, this exhibit redefines the boundaries of art appreciation. Visitors to the exhibition, especially those who are blind or visually impaired, are invited to embark on a sensory journey through iconic sculptural masterpieces. Among them are the enigmatic bust of Nefertiti, the timeless Venus de Milo sculpture, and the immortal David by Michelangelo. What sets this exhibition apart is the integration of cutting-edge technology – haptic gloves. These gloves, dubbed “avatar VR gloves,” have been meticulously customized for the project. Using multi-frequency technology, they create a virtual experience where a user’s hand can touch a 3D object in a virtual world, providing tactile feedback in the form of vibrations. The key innovation lies in the gloves’ ability to stimulate different types of skin cells’ tactile responses, ensuring that users, particularly the blind, receive the most accurate perception of the 3D virtual objects on display. As visitors explore the exhibit, they can virtually “touch” and feel the intricate details of these masterpieces, transcending the limitations of traditional art appreciation. Future Possibilities and Evolving Technologies As technology advances, the future holds even more possibilities for inclusive art experiences. The ongoing collaboration between haptic technology and VR/AR promises further refinements and enhancements. Future iterations may introduce features such as simulating colors through haptic feedback or incorporating multisensory elements, providing an even more immersive and enriching experience for blind art enthusiasts. The collaboration between haptic technology and VR/AR is ushering in a new era of art perception, where touch and virtual exploration converge to create a truly inclusive artistic experience. By enabling the blind to “see” and feel art, these technologies break down barriers, redefine traditional boundaries, and illuminate the world of creativity for everyone, regardless of visual abilities. In this marriage of innovation and accessibility, art becomes a shared experience that transcends limitations and empowers individuals to explore the beauty of the visual arts in ways never thought possible.

January 11, 2024
Revolutionising Manufacturing: The Symbiosis of Industry 4.0 and VR/AR Integration

Just envision a manufacturing environment where every employee can execute tasks, acquire new skills, and thoroughly explore intricate mechanisms without any risk to their health. What if someone makes a mistake? No problem—simply retry, akin to playing a computer game. How is this possible? In the swiftly evolving realm of technology, the convergence of Industry 4.0 and the VR/AR stack is demonstrating its transformative impact! Understanding Industry 4.0 Industry 4.0 represents a profound shift in the manufacturing landscape, driven by the integration of cutting-edge technologies. It embraces the principles of connectivity, automation, and data exchange to create intelligent systems capable of real-time decision-making. Key components include IoT, which interconnects physical devices, AI, enabling machines to learn and adapt, and data analytics for processing vast amounts of information. In the Industry 4.0 framework, machines communicate seamlessly with each other, forming a networked ecosystem that optimizes processes, reduces waste, and enhances overall efficiency. Enhancing Human-Machine Interaction The incorporation of VR and AR into Industry 4.0 significantly amplifies human-machine interaction. VR immerses users in a computer-generated environment, allowing them to engage with machinery and systems in a simulated but realistic space. AR overlays digital information onto the physical world, providing real-time insights and enhancing the operator’s understanding of the operational environment. These technologies empower workers to control and monitor machinery intuitively, reducing the learning curve and enabling more efficient and safer operations. By fostering a symbiotic relationship between humans and machines, Industry 4.0 with VR/AR integration drives productivity and innovation. Read also: Remote Inspection and Control App Realizing Smart Factories and Processes Smart factories, a cornerstone of Industry 4.0, leverage VR and AR technologies to visualize and optimize manufacturing processes. VR simulations offer a dynamic, 3D representation of the production line, allowing operators to monitor every aspect in real-time. AR, on the other hand, superimposes relevant data onto physical objects, aiding in quality control and process optimization. With the ability to detect anomalies promptly, these technologies contribute to predictive maintenance, reducing downtime and ensuring continuous operation. The result is a more agile and responsive manufacturing ecosystem that adapts to changing demands and maximizes resource utilization. Training and Skill Development In the Industry 4.0 era, workforce skills need to align with the demands of a highly automated and interconnected environment. VR and AR play a pivotal role in this paradigm shift by offering immersive training solutions. Virtual simulations replicate real-world scenarios, enabling workers to practice tasks without the risks associated with live operations. This hands-on, risk-free training accelerates the learning curve, enhances problem-solving skills, and instills confidence in workers. Additionally, VR/AR training can be customized to address specific industry challenges, ensuring that the workforce is equipped to handle diverse and evolving scenarios, contributing to a more versatile and adaptable workforce. The fusion of Industry 4.0 and the VR/AR stack not only revolutionizes manufacturing and industry processes but also reshapes the nature of work and skills required. As we navigate the complexities of the fourth industrial revolution, this symbiotic relationship empowers industries to achieve new levels of efficiency, innovation, and competitiveness. The immersive experiences provided by VR and AR, coupled with the intelligent systems of Industry 4.0, pave the way for a future where human potential is augmented by technology, creating a dynamic and responsive industrial landscape. The transformative impact of this integration extends far beyond the shop floor, influencing the very fabric of how we approach production, training, and problem-solving in the digital age.



Let's discuss your ideas

Contact us