How Augmented Reality Invaded the Banking and Food Industry

“55% of consumers would like to be able to point their phone at any object and receive information about it.”
                              ~ Research from Mindshare

There was a time when television was the best tool to make viewers feel the physical experience of something from their bed. And today augmented reality (AR) has set the stage for marketers to enhance the interaction with their target customers in a really different and effective manner. It engages the users to deliver a more compelling experience that can boost your product offering.

Every business is working on some form of augmented reality today for their product or brand enhancement. It is expected that by the year 2024, AR products global market will take a jump by 80% and will reach $165 billion. Augmented reality engages the customers and enhances the customer experience.

With the help of this blog, we will present a few examples of businesses who are successfully engaging their customers via augmented reality throughout their customer journey.

Banking becoming More Interactive

No matter how exceptional or efficient is the system of any bank, the most important thing that a user expects is the end result – an outstanding experience.

The banking industry has embraced digital technology with an aim to boost customer service. Internet banking, mobile banking, and pay banking are a few technologies that banks are providing to their customers. But how exceptional it will be if banks start to provide the detailed information about the account balance, payment due dates, credit/debit card balance, and so on just by scanning the card of the customer.

Yes, all the above-mentioned features are possible today with the help of this extremely useful technology in the banking sector – Augmented Reality. Banking sectors, today, are constantly shifting towards using AR technology to enhance the experience for customers

  • Citibank partnered with a mixed reality technology company to come up with an amalgamated 2D and 3D reality trading desk with an aim to boost the trader’s potential to analyze insights from data, thereby increasing their efficiency and making better trades
  • Axis Bank announced a robust feature that helps the users of Axis mobile application to find the closest Axis ATM, branch, and so on. Through the ‘Near Me’ feature, which is already available in the pre-login module if Axis Mobile app, the user can see the real streets in a 360-degree mode with the help of a phone camera.

Food Menu Comes To Life

In today’s highly digitized environment, customers have become intelligent and think twice before making any decision, whether big or small. Even before choosing a restaurant for dinner, they invest time on review sites to analyze others’ photos videos of the food. They are interested in getting a true depiction of what they are looking for.

With AR technology, restaurants can bridge this gap by helping them to get a preview of the food before ordering it. With AR technology on a device, a menu option can be viewed in various dimensions and it feels like the food is in front of the customer, thereby providing them with a better idea about the experience they will witness on ordering the food.

  • KabaQ is an augmented reality food app that uses advanced scanning technologies to deliver virtual 3D food on the table of the users. The app allows the users to go through various selections from the menu card through different angles and zoom levels.
  • Starbuck’s flagship roastery in Shanghai has embraced the AR technology to completely change the retail experience. Visitors who visit the store, make use of their smartphones to decode fun visuals, gather all the information about the products in detail, and even get acquainted about the roasting process.

The Way forward for Augmented Reality 

The ways to engage with customers are changing drastically in today’s digitized ecosystem. Brands have understood the business benefits of incorporating AR in all phases of a customer journey – pre-sales, the point of sale, and post sales. The examples mentioned in the blog are a small sample of the caliber of AR to deliver enhanced customer experience.

Today augmented reality has surpassed all the frontiers of the digitized ecosystem and soon it is expected to witness this technology in various fields like gaming, healthcare, banking, education, retail, sports, insurance, and live entertainment.

(Image Source: https://www.statista.com/statistics/610126/worldwide-forecast-augmented-and-mixed-reality-software-users-by-segment/ )

Author Bio:

I am Alyssa Wolfe, I am a versatile writer, who brings to the table a quantum of knowledge and informative writing skills. Having an immense experience as an app development specialist, I have a passion to experiment and write about the latest mobile technology trends, website designing & development, and many more.

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