Future Banks of Augmented Reality

Dated:25 Feburary 2020.

Banking industry is trying to revolutionising from over past decade; small changes have not received any big transformation such as smart banking or smart branch. The technology had find its way to revolutionise banks, the technology which is used in games and application is revolving banking industry. The augmented reality and virtual reality is revolving banks into branch less banking with AR and VR.
Augmented reality
Augmented reality (AR) is a view of the real, physical world in which users find elements enhanced by computer generated input. Designers create inputs ranging from sound to video, to graphics to GPS overlays and more, in digital content that responds in real time to changes in the user’s environment, usually movement.
Virtual Reality
Virtualisation describes a technology in which an application, guest operating system or data storage is abstracted away from the true underlying hardware or software. A key use of virtualisation technology is server virtualisation, which uses a software layer called a hypervisor to emulate the underlying hardware.
Software hypervisors separate the physical resources from the virtual environments the things that need those resources. Hypervisors can sit on top of an operating system (like on a laptop) or be installed directly onto hardware (like a server), which is how most enterprises virtualize. Hypervisors take your physical resources and divide them up so that virtual environments can use them.
AR versus VR (Mixed Technology)
Augmented reality has science-fiction roots dating to 1901, but it was 1990 before Boeing’s Thomas Caudell described the term as a technology. Augmented reality differs from virtual reality. The latter involves isolating users in simulated environments, for example wearing fully immersive headsets while moving to interact within pre programmed settings. Conversely, augmented reality involves designing to add layers of digital elements over real-world views for specific purposes for example, using GPS filters or overlays on smartphone screens to find directions from street views. As increasingly advanced technology becomes more accessible, designers can offer more lifelike 3D experiences where users interact directly with their surroundings. The term augmented reality is sometimes used interchangeably with mixed reality and there is an ongoing debate about what is covered by each term. A common understanding is that augmented reality bridges reality and virtual reality. However, with AR, digital content is overlaid on real world views, not directly anchored to them (the computer-generated content cannot interact with the real world elements shown). MR (mixed reality) is a more sophisticated AR form enhanced content is anchored, and elements can interact with each other; Microsoft’s HoloLens, for instance, interprets the space in a room, thereby combining digital objects with the user’s physical environment. AR designs should interpret and respond to users’ head movements and body gestures dynamically, so users can act intuitively and freely without giving commands.
Mixed Technology in Banking
Mixed technology is a transformational process which help AR to add layers in a hypervisors application. For example designing an application on virtual technology hypervisor and adding digital layers. In a banking application a person can wear headset to experience the reality in front of his desktop or can design an application directly into the headset with HoloLens.
Customising application
This is a complex process the bank needs to tell relevant controls of retail banking or investment banking or corporate sector to design application.
For example
Cash management (withdrawal or deposit)
Although the ATM machines is effectively controlling the withdrawals and deposits but mixed with reality can draw more efficient way. The professionals who cannot visit branch due to busy schedule can use this feature for making huge payments or organising bank accounts and other features can be added through analysing day to day operations.
Investment banking
This feature can enable investment banking onto exceptional level, the equity trading can be done virtually (which is used by citi bank), foreign currency exchange, Access financial market, and other investment types.

Realtor can create Property, Machines, landscapes in VR picture and upload on the application to show the client who cannot visit the place. Letter of Credit or Bank guarantees
Bank can uses this function internally to analyse the products or machinery or equipments by visuals in VR, simply bank can educate the client to make a video or picture with their specialise camera.
Bank products
The mobile vans can be installed to operate the bank retail product applying fo credit cards, opening of bank account. Moreover loans application can be done through VR.
Bank can establish insurance in VR to promote and keep a exceptional track with a client.
The VR feature can enables initials to be e signatures by a customised feature added. These all features can be enable through mixed reality for example headsets with Hololens can be used which is approximately 3000 USD to 4000 USD and Desktop applications can be developed, so clients can experience new and easy banking in the world. The bank can interpret the application that can be developed for daily clients or corporate clients. This feature will ease the banking operation and in this case bank will be dealing more closely with state bank of clients than clients. The policies laid by SBP must amend and laid new policies by deciding upon.
Features can be added with VR and AR
Conference calling
Sound effects
Authorised personal login
Cloud computing