Augmented reality ideation workshop with Planswell
Visualize Your Wealth
While spreadsheets and math come naturally to some, many of us find it incredibly difficult to understand how the financial decisions we make now will impact our wealth in the future. 2D bar graphs and pie charts can be helpful, but now that XR technologies like augmented reality are easily accessible on the latest generation of smartphones and tablets, there are so many new, more exciting ways we can visualize data using augmented reality platforms and animated 3D objects.
So just how could could augmented reality help Planswell clients visual their wealth? AccessAR co-founders Chrissy Gow and Joscelyn Sevier workshopped some solutions with CMO Michael Wickware, and other Planswell team members, including client-facing Plan Pros.
The workshop explored the various capabilities and limitations of augmented reality, as well as how it is currently being used by financial institutions and how consumer trends could influence this in the future. While AR marketing tools are beginning to gain traction with B2C brands in verticals such as beauty and education, the potential of this technology within fintech is largely unexplored.
Consumer Engagement and Conversion
In-app or web-based AR marketing tools could allow companies to not only differentiate themselves in a crowded space, but engage with consumers in a whole new way. Marketers know that longer page dwells leads to more conversions, and AR offers exciting new ways for potential clients to experience products. Real-time interactions with this technology are easily measurable, offering businesses a faster way to measure their ROI.
Imagine if you could visualize your finances, beyond a 2D screen or piece of grid paper. If you could make decisions and watch them affect your overall results, all in real-time. 3D graphs and animations could help bring clarity to otherwise confusing financial information.
While this is a hot buzz word for marketers to throw around the past couple years, gamification has the potential to go beyond gimmicks and truly add value to augmented reality tech. By gamifying sales and customer service training in AR, employers can place their staff members in realistic situations, and then reward correct answers and behaviors. Gamification of the way financial literacy is taught to users could also improve mass appeal and make the concept of managing money less intimidating for everyone.
Virtual Financial Advisors
What if instead of speaking with chatbots or waiting on the phone to book an appointment, you could instantly speak with an AI financial advisor. Or what if you could connect with real bank staff through AR by seeing them as a virtual avatar, thereby speeding up the banking process?
The Bank of Ireland has already implemented virtual meetings with financial staff, so there are plenty of use cases for an AI advisor (i.e. opening a bank account without ever having to leave the comfort of home).
The Next Big Thing
While we have yet to see the widespread adoption of consumer-facing AR tools within fintech, the deep level of engagement and data mining potentialities offered by this technology is a significant opportunity for digital financial planners.
If you’re interested in learning more about augmented reality and how it can help your business, reach out to our team for a free consultation!