Augmented Reality (AR) in Banking – Thematic Research

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The global augmented reality (AR) market was worth nearly $7 billion in 2020. The market is expected to grow at a CAGR of more than 35% during the forecast period.  AR is a technology that allows the user to see the real world overlaid with digital data. Financial institutions that keep up with technological advancements can extract the benefits of this new technology to become the leaders of digital banking.

As banking continues to transform rapidly in the face of disruptive fintech companies and the COVID-19 pandemic, banks must be proactive in adapting their strategies and processes to remain competitive and desirable to consumers. The integration of augmented reality into financial services offers the potential for banks to enhance the customer experience through innovative marketing, virtual payments, virtual training, and different types of rich remote advisory support and home working arrangements.

Global AR market overview

Global AR market overview

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What is the impact of AR on the banking industry?

AR and virtual reality (VR) help the challenge of personalization by providing new and innovative ways to engage with customers. Many financial institutions have developed AR and VR apps to improve the customer experience. AR can also be used for robot advisors to have a more intuitive visual of cash flow forecasts, or what-if analysis when running through investment options. For example, Westpac Banking Corporation and Current provide financial data visualization and budgeting through smartphone-based AR.

COVID-19 has forced customers to switch to digital banking as many in-person branches have closed, reduced their working hours, or are at reduced capacity. The fact that COVID-19 shut down many high-street banks and call centers has meant that banks have had to find alternative means of providing customer service. Banks have started to adopt AR technology to provide customer service and respond to queries with ease, without the need to escalate such cases to humans.

The role of AR in training is already well established, and the metaverse will provide an interactive platform for this to continue. Banks in South Korea (such as Hana Bank and KB Kookmin Bank) have already launched financial centers where staff can virtually walk around office locations, chat with each other by the watercooler, and deepen social bonds between geographically dispersed teams. These options can be particularly helpful for new joiners, who otherwise might struggle to understand company culture, norms, and expectations.

What are the different value chains of AR?

The value chains of AR can be divided into five segments: semiconductors, components, devices, platforms, and apps & content.


Semiconductors are one of the key battlegrounds in AR today. Chipmakers are now striving to improve their existing capabilities to suit the evolving requirements of AR, mostly around screen resolution, frame rates, processing speed, and connectivity.


Much of the major action in AR components is around 3D sensors, cameras, audio, displays, and batteries. These components come together for positional tracking, motion tracking, gesture recognition, and machine vision.


AR-enabling hardware comes in various forms, including smartphones, eyewear (AR smart glasses), and AR headsets. For consumer AR applications, smartphones are the most used platform, while enterprises typically prefer AR headsets and AR smart glasses, which offer a broader range of functions.


Building an AR ecosystem by incorporating both hardware and software is essential for the long-term success of any company in this market. The five prerequisites for a successful AR ecosystem are APIs & SDKs, AR engines – games, AR engines – enterprise, AI, and application delivery networks (ADNs) & content delivery networks (CDNs).

Apps & Content

Content is a major area of concern for AR companies. Snap, Meta, Tencent, and ByteDance have merged AR and eCommerce into their social media platforms, offering users the ability to try on products virtually. The ease of viewing products online, coupled with the ability to interact with those products, gives users a novel and immersive shopping experience.

Which are the key banking companies associated with the AR theme?

The key banking companies associated with the AR theme are Axis Bank, BBVA, BNP Paribas, Citibank, CommBank, Desjardins Group, Deutsche Bank, Mastercard, Visa, and Westpac Banking.

Who are the specialist AR vendors in the banking industry?

The specialist AR vendors in the banking industry are 3rockAR, Blippar, Plain Concepts, Sharebox, Strivr, and VisionLabs.

Market Report Scope

Market size (Year – 2020) Nearly $7 billion
CAGR >35%
Forecast period 2020-2030
Value chains Semiconductors, Components, Devices, Platforms, and Apps & Content.
Key banking companies Axis Bank, BBVA, BNP Paribas, Citibank, CommBank, Desjardins Group, Deutsche Bank, Mastercard, Visa, and Westpac Banking
Specialist AR vendors 3rockAR, Blippar, Plain Concepts, Sharebox, Strivr, and VisionLabs

Reasons to Buy

  • Understand AR and its current and future impact on the industry.
  • Discover how AR is addressing key challenges that the banking sector is facing.
  • Identify the leading AR adopters and specialist vendors.

Alphabet (Google)
Axis Bank
Bank of America
BBK Electronics
BNP Paribas
Deutsche Bank
J.P. Morgan
Magic Leap
Plain Concepts
Samsung Electronics
Seiko Epson

Table of Contents

Executive Summary

Augmented Reality Value Chain

Banking Challenges

The Impact of Augmented Reality on Banking

Case Studies

Data Analysis


Sector Scorecard


Further Reading

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