In Finance, time is money. Real-time is real money – therefore offering real-time user experiences (UX) creates new market dynamics.
Both Augmented Reality and Virtual Reality are technologies, at the cusp of explosive take-off for wider engagement and adoption. This creates the possibilities for reactive frameworks, streaming, standard data format – catering even for differentials; the trends will only accelerate.
The main opportunity for AR/VR in fintech will be with data visualization. One of the key ways fintech companies differentiate from their traditional financial services competition is by focusing on enhancing customer engagement and user experience (UX). While much of finance and trading is controlled by algorithms and automatic processes, as more data is consumed by computers, it has made it harder for humans to analyze what is going on. As a result, data visualization products aided by Augmented Reality appear as an inevitable opportunity.
The challenge lies within an enterprise to re-imagine how functions and processes should and could operate based on today’s realities, not yesterday’s constraints. How is digitization eliminating physical location constraints in your business? What if complex analysis could be deployed across all of your organization’s data in an instant? Where are business ecosystems blurring or obliterating lines between competitors, partners, and customers? Approaches may range from wholesale transformational efforts to incremental improvements tacked on to traditional budgets and projects.
Creating a 360 degree view of data on customers, products, the chart of accounts, and social behaviors imply integration. This translates to transactions and other business data being available as APIs to systems outside of the core platform and potentially to partners, independent software vendors, or customers for usage outside an organization.
Innovation within Financial Institutions can be accomplished through these additional new interfaces to drive digital solutions, improve the reach of cloud investments, and simplify the ongoing care and maintenance of core systems. Is your enterprise ready for the ride?
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