Introduction of Augmented Reality in BFSI
Augmented Reality (AR) is an immersive technology that overlays digital information on real-world objects or environments. The Banking, Financial Services, and Insurance (BFSI) sector is one of the industries that can benefit significantly from AR. AR has the potential to transform the customer experience, enhance financial education, and streamline processes in BFSI. This essay will explore AR's benefits, use cases, challenges, and future in BFSI.
Use cases of AR in BFSI Market
Investment management: AR can provide investors a more immersive and interactive experience. For example, AR can visualize investment portfolios in real-time, allowing investors to see how their investments are performing and make informed decisions about buying and selling stocks. AR can also provide personalized investment recommendations based on the investor's risk profile and goals.
Insurance: AR can be used to improve the claims process for insurance customers. For example, AR can provide customers with a virtual walkthrough of the claims process, allowing them to see what documentation is required and what steps they need to take to file a claim. AR can also assess damages in real-time, providing insurance adjusters with a more accurate picture of the damage and reducing the time it takes to process claims.
Banking: AR can enhance the customer experience by providing a more immersive and personalized experience. For example, AR can provide customers with a virtual tour of bank branches, allowing them to see what services are available and where they are located. AR can also provide personalized financial advice based on the customer's financial history and goals, such as how to save money or invest wisely.
Future of AR in BFSI
Customer engagement: AR can enhance the customer experience by providing interactive and immersive experiences. For instance, AR can create virtual branches where customers can access services and interact with financial advisors.
Fraud prevention: AR can improve fraud detection and prevention by providing real-time alerts to users when they are about to make a potentially fraudulent transaction.
Training and education: AR can be used for employee training and education, allowing them to learn and practice complex tasks in a safe and immersive environment.
Investment and trading: AR can provide traders and investors with real-time data visualization and analysis, allowing them to make informed decisions.
The future of Augmented Reality (AR) in the Banking, Financial Services, and Insurance (BFSI) sector is expected to be very promising. AR technology can potentially transform how BFSI organizations interact with their customers and operate their businesses.
Conclusion
These AR-based solutions allow customers to interact with financial products and services in a more immersive and personalized way, thereby improving the overall customer experience. The demand increasing use of AI-augmented reality in BFSI owing to financial institutions are increasingly adopting new technologies to ensure business continuity and remote operations. As the technology becomes more affordable, we expect more companies to adopt AR tools to provide better customer and employee experiences. With the continued growth and advancements in AR technology, the future of the BFSI sector is bright and promising.
Author's Detail:
Surabhi Bhaiyya, LinkedIn
Senior Research Analyst at Cognitive Market Research
Surabhi Bhaiyya is an experienced market researcher focused on the various industry. With over 7+ years of experience, She has worked with major companies and providers, helping them to understand market trends, identify new business opportunities, and develop effective sales & marketing strategies.
Author's Detail:
Surabhi Bhaiyya /
LinkedIn
Senior Research Analyst at Cognitive Market Research
Surabhi Bhaiyya is an experienced market researcher focused on the Pharma & Healthcare industry. With over 7+ years of experience, She has worked with major pharmaceutical companies and healthcare providers, helping them to understand market trends, identify new business opportunities, and develop effective sales & marketing strategies. Her expertise lies in the ability to analyze complex data sets and deliver insights that drive business decisions. At Cognitive Market Research, she handles the market research related to Pharma and healthcare industry.
