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Metaverse: The Future of AR & VR

Metaverse isn’t merely a buzzword, trend or a wave for that matter. Many global business leaders refer to it as the future of the internet! As it is still evolving, we cannot say much about how it will change the world around us, but we can surely talk about the transformation it may bring about in AR & VR. Let’s delve into some of the aspects of Metaverse and how it could be termed ‘the future of AR & VR’.

What is Metaverse?

Metaverse first came into the spotlight when Facebook renamed itself, Meta. But what exactly is Metaverse? Simplistically speaking, it is a combination of mixed reality and virtual reality worlds, accessible via an internet browser or a visual headset, allowing users to witness real-time interactions and experiences across vast distances.

There is also an expanding speculation that Metaverse is an online world that allows human avatars to connect with each other via games, buying and selling various things, taking part in similar events, or merely being an audience of an event. On the other hand, some people consider it an extension of the internet world that allows communication through digital avatars.

But are these the only definitions of Metaverse? Probably not. There’s another school of thought that points out the lack of coherence while defining the Metaverse. As per them, the Metaverse is too new to have a fixed definition.

However, we believe Metaverse is evolving rapidly. It shouldn’t take long for experts to come up with a set logical definition for this term. Let’s therefore maintain a close eye on this area and observe how Metaverse technology progresses over the following years.

Why and How is Metaverse the Future of AR and VR?

Metaverse combines various aspects of AR and VR. The space and time on a Metaverse application would be close to reality. This technology will replicate physical exchanges in the digital world and enable meaningful virtual collaborations.

By 2030, it is predicted that the Metaverse will grow to such an extent that people will spend more time in artificially created worlds than in the real world. They will engage in meeting and socializing with friends, applying for jobs, shopping, etc.!

AR and VR would be the two indispensable & inseparable elements of Metaverse’s growth for the future. AR operates through real-time interaction, 3D object visualization and by blending real and virtual environments. One can use this technology on any camera-enabled device. Thus, AR apps have the edge over their VR counterparts. Users do not require extra wearables to enjoy an augmented reality experience.

On the other hand, virtual reality is an experience in a simulated artificial world. Users are given exposure to sensory experiences that are comparable to those of physical reality.

AR and VR combine together to become XR (Extended Reality). As the future of AR and VR, Metaverse applications will allow users to experience the magic of Extended Reality. It will revolutionize digital interactions and experiences, making them as lively and real as the physical world. Thus, human-to-human interactions and human-to-machine interactions will have a whole new meaning.

While the internet brought the world closer, Metaverse will further blur boundaries and bring physical and virtual experiences to almost the same level. Creatively speaking, Metaverse will leverage AR and VR to create a virtual planet that presents a host of exciting opportunities and an enticing future.

Are there any potential challenges with Metaverse adoption?

Metaverse is new, emerging and evolving. Being in its nascent stages, every discovery will prove to be a milestone and support the next.

Although many conglomerates have jumped into this space to gain early beginner’s advantage, there’s much yet to uncover.

Currently, Metaverse does not have any regulating body or authority to control things. But sooner or later, if someone volunteers to do it, the world will know more about the virtual identities and privacy mechanisms concerning Metaverse. After all, someone has to address security protocols as well, right?

Craft Premium Digital Experiences via AR and VR with Qodequay!

Qodequay’s three-stage and organized design thinking process involves systematic understanding of your needs. It involves strategizing, designing and delivering. It is a solution-oriented approach that helps us devise answers for the most complex and critical problems companies have. While creating solutions through design thinking, we challenge ourselves to create and present the most viable and promising solution made to succeed.

Our AR and VR solutions aren’t an exception to it! We have been integrating this technology for applications serving healthcare, education, hospitality, gaming and numerous such verticals, to create truly world-class digital experiences. While delivering these we focus on fostering meaningful interactions that help you derive tangible value for your business.

Transform your business with AR and VR solutions exclusively crafted for your users with Qodequay Technologies. Click here to connect with us and learn more.

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Digital Technology Transformation: 5 Biggest Challenges and Best Solutions

Digital transformation refers to integrating various digital technologies across multiple areas of business. It is part of the company’s strategy to help augment productivity, increase agility, and leverage digitization to enhance client service and experience.

The fast evolving industries across the globe has pushed business into ditial enterprise irrespective of their size.  Many consider digital transformation a disruption and have reservations against digitization. So, the process meets many challenges that impede the company’s progress. Some notions are valid. But they have solutions.

Digital transformation challenges aren’t merely technical. They also have to do much with resources, culture, and acceptance, people change management etc. So, let’s look at five digital transformation challenges and the best solutions to resolve them.

5 Digital Transformation Challenges and Solutions

Digital transformation demands people’s participation above technology, to achieve the company’s objectives. Hence, many decision-makers have to address a broader horizon of challenges before they embark or while they are on their way to achieving digital transformation. Here’s more to them.

  1. Employee Unacceptance

Did you know employee resistance and unacceptance cause over 65 percent of digital transformations to fail? Yes. The company may invest resources and chalk out an efficient digital transformation strategy. But the investment would go in vain if people on the ground were reluctant to accept the change.

So, how do you deal with such a challenge? The key is to have a solid change management strategy in place. Companies with one are five to six times more likely to succeed in their digital transformation endeavors!

A change management strategy involves project planning by identifying the root causes of an issue, in this case, unacceptance. It focuses on building relationships with all employees and stakeholders. Constant communication is the key.

Accordingly, one vital aspect could be communicating the practical benefits of digital transformation (for instance, before and after comparisons) early and constantly to drive the change. But planning and implementing the strategy could be complex. Thus, partnering with a digital transformation partner can help.

  1. Dearth of Resources

Companies often do not have adequate resources to achieve digital transformation. The number is indeed significant. Over 75 percent of companies consider a lack of digital skills a roadblock to digital transformation. Again, the strategies are bound fail if do not have the resources to achieve them.

Delays in realizing the inadequacy of resources can render the investments practically useless. In other words, can lead to wasting money. Thus, it is necessary to identify what’s one have and don’t  early in the journey.

The key is planning resources and onboarding talent and technology capable of devising innovations and driving them. Some key steps could include assessing existing resources, considering outsourcing to fill the talent or resource voids, and using efficient tools like CRM, ERP, etc., for insights and better resource visibility.

  1. Sophisticated Technology

Technology is useful but, simultaneously, a complex thing to deal with. Deploying new software and integrating it efficiently with the existing one could pose a significant challenge for companies. Inefficiencies could make investments go for a toss. Disconnected systems could affect and disrupt workflows, thus stopping the company from achieving the desired goals.

But the good news is one need not have to live with these concerns. Partnering with digital transformation companies can help assess various aspects of a digital software product or solution before onboard it. These companies can help test the viability in the organization’s context and business environment. Thus, it can help make an informed choice concerning a solution and deploy the right thing.

  1. Cybersecurity

Security concerns aren’t invalid, and companies aren’t paranoid about it. Dependence on technologies across every element of the system refers to a higher degree and number of cybersecurity concerns to deal with.

One of these concerns is digital transformation strategies involving shifting from on-premise to the cloud and bringing all the data to a central repository. Centralization of data offers convenience. But it also attracts bad actors. Having all the data at a centralized location and not requiring to travel across multiple ones simplifies the attack for cyber attackers.

But should that deter you from embracing digital transformation? No. The solution is not to run from these challenges but to tackle them. While no solution is fool-proof, strengthening cybersecurity is an effective solution to keep your IT environment immune from attacks. Consulting a cybersecurity company can help.

  1. No Clarity in Digital Transformation Budgets

Most companies are always tight on budgets. Very few would have a lavish budget for digital transformation! But practically, what matters is whether you invest adequately and wisely – neither more nor less.

Often, this is where most companies fail. Think they’ve invested enough and will invest more only if they see results. But instead, they must consult an expert to know the investment needed and how to use it prudently.

Digital transformation does not deliver results overnight. It takes time to realize the results. Hence, the key is to have a long-term and considerable budget.

Partnering with a digital transformation consultant can help you plan a flexible budget and cover everything from technology to training. The consultant can also help create a roadmap for budgeting and achieving a higher RoI.

Achieve Digital Transformation Successfully with Qodequay Technologies

Qodequay Technologies leverage the design thinking approach to help companies achieve digital transformation seamlessly and successfully. We empathize with the client’s needs and gain an in-depth understanding to identify what’s right and develop custom digital transformation solutions.

We believe successful digital transformation results from the collective effort across all aspects, from technology to budget and from people to culture. Thus, our consultants help you cover and excel across all these areas to achieve digital transformation steadily and in an organized way. Click here to learn more about how we can help you simplify your way to digital transformation.

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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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