Applications of AR/VR in the Banking Sector

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The BFSI sector is among the quickest respondents when it comes to technology adoption. From electronic transactions to mobile app banking, the BFSI sector has always kept evolving, making banking, financial transactions, investments, etc., even more straightforward and tech-based for its customers.

What next, now? The banking sector is geared up to embrace the next tech revolution. And that’s AR/VR! They have been a boon to the future of banking Industry with immersive customer experiences leading to higher user engagement, seamless banking solutions and quicker expansion. This is evident from the many existing and potential applications of Augmented Reality and Virtual Reality. Let’s look at some.

7 Applications of AR/VR in the Banking Sector

From the inception of virtual branches to VR-based payments, AR/VR has a massive potential to revolutionize the banking and finance sector, which is steadily upgrading to AR/VR.

  1. Virtual Trading

Mobile applications have simplified online trading significantly. However, IT service providers are leveraging virtual reality in their wealth management software. One of the examples includes VR workstations for trading. Additionally, 2D and 3D banking experience is adding to the bank’s existing process and enhancing it further. Besides, enhanced banking algorithms would have their upcoming elements embed VR to the bank’s wealth management software to enhance the banking experience.

  1. VR-Based Payments

With new adjacent technologies coming into mainstream, financial institutions will have to continuously evolve. Imagine purchasing something without leaving the virtual world? It might seem a bit unusual right now, but that’s possible. A global credit card leader has collaborated with a VR company to facilitate payments without requiring users to leave the virtual environment. Another example is that of virtual world games where players can buy apparels and accessories from within the virtual environment.

  1. Customer Assistance

In addition to Google’s help where users find ATMs and banks near them, banks are offering a seamless experience to their customers by integrating AR in their apps to help locate banks. These apps can help users scan the area with their phones and get real-time insights about the services available at nearby banks, their location, distance, etc.

  1. Virtual Branches

Digital banking and mobile banking are every customer’s first choice. With fading physical banks near our localities, we are about to enter the revolutionary digital world of virtual banks. Here, customers unable to visit the bank physically will be able to avail banking services virtually. Customers can use a VR headset to enter the banking metaverse to see a real bank. Banking Metaverse will be able to create uninterrupted experience of helping customers avail all physical banking facilities more cost effectively.

  1. Reduced Documentation

Even today, banking requires a lot of documentation. However, the introduction of AR/VR tools will help minimize documentation, as all the documents can be accessed virtually. It will help expedite and make loan processing a more seamless experience.

  1. Customer Retention and Acquisition

For 21st-century banking customers, especially millennials, banking is about technology. However, these are also users who rely on multiple banks and applications. Banks will be able to thrive in the competitive environment only if they embrace the latest tools and technologies. If AR/VR is the need, so be it! AR/VR offerings of banks will help them retain the existing customer base and acquire new ones.

  1. Increased Transactional Security

AR/VR-based banking can make financial transactions even more secure with systems like voice recognition, biometric security, face recognition, retinal scans, etc. These authorizations will help prevent unauthorized access by bad actors who continuously look for vulnerabilities to enter a system.

Embrace AR/VR with Your Partner Company

AR/VR in banking is yet in its nascent stages. However, considering its potential to prove technically, commercial, and strategically beneficial, a more accelerated adoption can help the banking sector grow at an even higher pace. Qodequay Technologies works as your techno-strategic partner in adopting, leveraging, and optimizing AR/VR. We help the banking sector enhance user experiences and compete better at the local and global scale, fostering higher customer loyalty and quicker expansions.

We partner and consult banks to create their AR/VR strategy and plan their digital transformation roadmap. Our digital transformation strategies are crafted through unique design thinking approach. Write to us at contact@qodequay.com to craft your digital transformation journey.

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How is Blockchain Changing Education

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21st-century education isn’t only about making students learn concepts, preparing them for examination and life’s race. It has transformed into a competitive realm that demands educators to be competent across every aspect such as administration and strategy, apart from the academic one.

According to an India Today article, India’s CBSE (Central Board of Secondary Education) has already started using blockchain for various purposes within the education ecosystem. Many might want to read it again. Blockchain in education? But that’s right. So far, you must have heard about blockchain making its way into the BFSI sector. However, what application could blockchain have in education? Where has it already found its place in the highly digitized (post-pandemic) and competitive education sector? Come, let’s find it out.

How Blockchain is affecting the Field of Education | What is Blockchain Technology in Education?

Apart from the competition, one of the most vital reasons for the rapid integration of technology is students and parents becoming more demanding. A significant part of the control has now shifted to the other side of the table, unlike yesteryears, wherein it remained with the educational institution. Here are some ways through which blockchain can make a potential difference in the rapidly evolving education sector

1. Student Record Management

Managing student records manually can prove quite a laborious task for the administrator of a large university, school, or college. Many have digitized and automated this task to quite an extent. However, the introduction of blockchain can further enhance it. It can help them in various areas and make it a blissful affair. How?
Blockchain can help seamlessly transfer records of students, who are on exchange programs or those leaving the institution midway. It can allow straightforward access to the records of various students and enable a quicker and better exchange of content across institutions. Additionally, when the institution stores information on a blockchain, it will receive a document confirmation in a matter of a few clicks.

2. Document Storage

The education sector has already stepped out of the conventional, manual recording of student records in files and folders. It has digitized it to a significant extent and therefore you cannot see large heaps of files anymore on the staff room shelves. However, now, it is time for institutions to upgrade and become more competent.
How do institutions do it? Many may say, they’ve already digitized the document storage aspect? What next? The fact is, in the case of many institutions, the capacity of the current digital storage isn’t adequate. On the other hand, scalability is also a crucial concern.
Blockchain proves an effective way of dealing with these issues. It is a large and open-access online ledger, the integration of which, with cloud, can enhance the process of document storage and expand the storage capacity to accommodate an even higher number of records, thus making document storage and management even simpler for educational institutions.

3. Prevention of Fraud in Education

Unfortunately, many people fake their educational qualifications and academic certificates. However, the education sector can avoid this to a considerable extent with the help of blockchain.
Blockchain provides a consistent and transparent ledger for all educational qualifications. Once updated, fidgeting with the information or hacking it (even for professional hackers) is highly challenging. Across various stages, you will require the administrator’s consent to manipulate information. Furthermore, universities can build a ledger with a custom blockchain protocol, which can help issue student certificates and transcripts.

4. Copyright Protection

Plagiarism is another prominent concern prevalent across the global education ecosystem. However, blockchain technology can help content developers curb the distribution of copyright educational content on the internet. It will help ensure the storage of information in a secure chain featuring advanced encryption and multi-factor authentication to access it. That will enable only authorized people to access the information and allow only the owners to provide others access to copyright content.

5. Course Evaluation

Course evaluation is another area where blockchain can help the education sector. Educational institutions can use blockchain for smart contracts, which can help an instructor create a smart contract that outlines the list of tasks required to complete a particular course. Whenever a student completes a task, a smart contract will evaluate and verify it. Once it is confirmed that the student has completed all the tasks, the educational institution will provide a certificate or credits for it.
Similarly, the use of smart contracts on the blockchain can enable instructors to create examination papers, along with the scoring pattern and the answer key. Students can attend the examination online and blockchain will grade each response. It can help enhance the response evaluation process and relieve teachers from the daunting task of checking answers, thus enabling them more time to focus on enhancing competence.
All said and done, educational institutions need efficient blockchain developers to optimize the benefits of blockchain across each of the above applications. Partner with Qodequay, one of the leading blockchain development companies for customized blockchain solutions. Qodequay’s extensive experience and evolved expertise across the blockchain sector enable educational institutions to enhance competence, increase productivity and strengthen the overall educational system.

To know more, write to contact@qodequay.com.

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How Mixed Reality is Changing the Face of Education Industry

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How Mixed Reality is Changing the Face of the Education Industry?

Brett (37) is an educator who runs an educational institution that teaches many subjects, one of which is human anatomy. He’s been teaching the subject for the past ten years and has been successful at it.
However, Brett now looks forward to something innovative for the millennials. He knows conventional books won’t help as much now. The new tech-savvy generation needs something that transcends books and precisely, that refers to providing an interactive learning experience. Of course, Brett has heard about Mixed Reality (MR). He is considering integrating MR and enhancing the learning experience by helping his students learn something more effectively and engagingly. Let’s see how MR can help educators like Brett.

3 Ways How MR has Revolutionized Education

Education is rapidly switching from the conventional approach. It is experiencing exponential development on the technology front. The contemporary approach focuses more on the effectiveness of learning, yet in a manner students enjoy. Additionally, it emphasizes the experience that makes learning even more value-driven and efficient. Accordingly, let’s look at a few benefits of MR in the education sector.

 

1. Engaging and Interactive Learning Experience
MR involves the use of three-dimensional virtual models that provide a near-real learning experience to students. For instance, while studying the human brain, students can traverse the brain model. They can look at and penetrate various parts of the brain model and learn theory at the same time. They can enjoy the three-dimensional experience, create visual memories, understand things better and remember them for longer.
In other words, MR makes learning more straightforward, effective, and at the same time, an effortless experience. The idea is to understand concepts better. If MR does that, then integrating it into the existing education system becomes imperative for every educator.

2. Virtual Models of a Subject Matter

It isn’t that conventional books never made engineers, doctors, or architects. Also, one cannot deny their significance when it comes to shaping generations and the world so far. However, technology, as you know, is a disruptive phenomenon. MR in particular, reduces the learning effort and enhances understanding. As mentioned earlier, it focuses more on the productive learning part rather than having students spend more time imagining things and then grasp them according to their intellect.
But how is that? It is through virtual models of the subject matter, with which students can interact for as long as they want. They can repeat a particular part until they understand it comprehensively. For example, learning astronomy becomes fun and interactive when you have the virtual model of a particular star, galaxy, and planet. It is more intriguing than simply reading and imagining about them. Besides, students maneuver around the virtual models, check every minute detail relating to it and keep checking it until they fully understand it.

3. Blurring Geographical Boundaries

Classroom sessions do hold significance in the 21st century, otherwise dominated by virtual classrooms and online learning (especially the pandemic-affected couple of years). But physical classrooms have their limitations, especially for educators, who intend to broaden their outreach and have more students to enroll.  MR, which is part of digital learning, fades out geographical boundaries. It allows students to learn things online and yet experience the same kind of learning as folks onsite do. As a result, educators can sign up a higher number of students, make the learning content available to a larger audience and augment revenue.

Learning is Fun with Qodequay’s Customized MR Solutions for the Education Sector

Qodequay, with its proven expertise in Mixed Reality solutions for the education domain, makes learning more engaging, interactive, and fun. Lately, the company successfully completed a project for AR/MR with a reputed, new-age learning platform. Qodequay’s custom MR solutions have enabled the platform’s middle school learners to perform and practice science experiments in a playful setup from any remote location.

Additionally, Qodequay has enabled the platform to provide an MR interactive lab experience and integrate the magic and effectiveness of real and virtual spaces. The result is an enhanced educational experience and improved learning impact. Qodequay’s MR intellect and technology expertise has helped the learning platform upgrade its learning offering to a significant extent.

Qodequay works with a range of global educational institutions to help them integrate MR capabilities. The company’s MR expertise and solutions help create the learning impact that educators and students expect from these new-age digital learning experiences. It develops MR solutions not only based on the educator’s training needs but the learning needs of the target audience from primary school learners to university students.

Write to Qodequay at contact@qodequay.com to learn more about the company’s specific MR solutions.

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