Augmented Reality in Banking - Thematic Research
Summary
Augmented reality (AR) is a technology that allows the user to see the real world overlaid with digital data. Smartphones are the primary device for AR applications today. While Big Tech is developing new AR headsets and smart glasses, smartphones are gaining AR capabilities like advanced spatial awareness, precise positional tracking, and artificial intelligence (AI) tools. This promises to bring more realistic and immersive experiences to mobile AR in the next couple of years. According to GlobalData forecasts, the AR market will be worth $100 billion by 2030, up from $22 billion in 2022. AR software will generate most of this revenue, with limited spending on AR headsets and AR smart glasses.
This report takes an in-depth look at look at the impact of AR in the banking industry. These data analysis section provides market size and growth forecasts, followed by M&A activity, an AR timeline, and insight into company filing, hiring, and patent trends. An impact assessment details the areas of AR where banking companies should focus their investments and outlines how challenges faced by the industry have accelerated the adoption of AR. The value chain section offers a detailed description of each segment of the AR technology stack. The report also discusses the specialist vendors and leading adopters of AR in the banking industry, including case study analysis.
Scope
- Banks should focus their investments on the edge of the AR value chain, seeking to create experiences through platforms and applications.
- AR content is a key investment area for banking and payments companies. Usually, banks partner with specialist vendors to create AR content centered on specific use cases, such as marketing or visualizing information.
- Tech-forward banking and payments companies have explored the potential applications of AR across several stages of customer and product lifecycles. This ranges from marketing new products to onboarding new customers and boosting the subsequent customer experience.
- Total AR-related patent publications across the banking sector increased from 68 in 2010 to over 2,100 in 2023.
- Access market size and growth forecasts for AR in banking.
- Identify leaders and laggards in AR across payments and retail banking.
- Understand the key challenges facing the banking industry, and how AR addresses these challenges.
- Access primary research case study examples of AR vendors and investments in the banking industry.
- Executive Summary
- Players
- Banking and Payments Challenges
- Impact Assessment
- The impact of augmented reality in banking and payments
- Marketing
- Onboarding
- Utility
- In-house
- The impact of AR on banking and payments challenges
- How AR helps tackle the challenges of embedded finance and personalization
- How AR helps tackle the challenge of ESG
- How AR exacerbates the challenge of cybersecurity and fraud risks
- How AR helps tackle the challenge of financial inclusion
- How AR helps tackle the challenge of demographics
- Case Studies
- JPMorgan Chase Asset Management’s Guide to Markets using AR
- mBank targets Gen Z using Snapchat Ads
- Revolut uses AR to promote Ultra, its luxury credit card
- Augmented Reality Timeline
- Market Size and Growth Forecasts
- AR software
- AR hardware
- Signals
- M&A trends
- Patent trends
- Company filing trends
- Hiring trends
- Augmented Reality Value Chain
- Semiconductors
- Central processing units
- Graphics processing units
- Vision processing units
- Image processors
- Communication chips
- Micro-electromechanical systems (MEMS)
- Memory chips
- Components
- Motion tracking
- Batteries
- Displays
- Cameras and 3D lenses
- Audio component
- Machine vision
- Devices
- Smartphones
- AR smart glasses
- AR headsets
- Platforms
- Artificial intelligence
- The impact of generative AI
- Apps and content
- Companies
- Leading augmented reality adopters in banking and payments
- Leading augmented reality vendors
- Specialist augmented reality vendors in banking and payments
- Sector Scorecards
- Payments sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Retail banking sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Glossary
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Key challenges currently facing the banking and payments sector.
- Table 2: M&A trends
- Table 3: Leading augmented reality adopters in banking and payments
- Table 4: Leading augmented reality vendors
- Table 5: Specialist augmented reality vendors in banking and payments
- Table 6: Glossary
- Table 7: GlobalData reports
- List of Figures
- Figure 1: Key players in augmented reality
- Figure 2: Over half of poll respondents believe that AR is hyped but has uses
- Figure 3: Thematic investment matrix
- Figure 4: Banks have explored AR use cases across several aspects of product and customer life cycles
- Figure 5: AR has uses in banking and payments across marketing, onboarding, utility, and in-house integration
- Figure 6: Capital One added an AR feature to its Auto Navigator app
- Figure 7: ABN AMRO’s AR-based financial education game sees users prevent a financial meltdown
- Figure 8: JPMorgan Chase’s AR-based Guide to Markets
- Figure 9: mBank uses Snapchat Ads to engage prospective Gen Z customers
- Figure 10: Revolut used an AR experience to display the benefits of its Ultra card
- Figure 11: The augmented reality story
- Figure 12: AR will become a $100 billion market by 2030
- Figure 13: Enterprise AR will continue to be more lucrative than the consumer market by 2030
- Figure 14: AR software will dominate the market over the forecast period
- Figure 15: The AR software market will generate $82 billion in revenue by 2030
- Figure 16: The AR hardware market will be worth $18 billion by 2030
- Figure 17: AR headsets will lead the AR hardware market
- Figure 18: AR-related patents in the banking sector have grown steadily between 2003 and 2023
- Figure 19: Paymens processors and wealth management companies lead in AR-related patents
- Figure 20: AR-related mentions across the banking sector steadily increased between 2016 and 2021
- Figure 21: AR-related job vacancies across the banking sector exhibit no consistent trend
- Figure 22: The augmented reality value chain
- Figure 23: AR value chain – Semiconductors
- Figure 24: AR value chain – Components
- Figure 25: AR value chain – Devices
- Figure 26: AR value chain – Platforms
- Figure 27: AR value chain – Platforms - AI
- Figure 28: AR value chain – Apps and content
- Figure 29: Who does what in the payments space?
- Figure 30: Thematic screen - Payments sector scorecard
- Figure 31: Valuation screen - Payments sector scorecard
- Figure 32: Risk screen - Payments sector scorecard
- Figure 33: Who does what in the retail banking space?
- Figure 34: Thematic screen - Retail banking sector scorecard
- Figure 35: Valuation screen - Retail banking sector scorecard
- Figure 36: Risk screen - Retail banking sector scorecard
- Figure 37: Our five-step approach for generating a sector scorecard
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