Financial Application Uses Augmented Reality To Make Managing Money More Intuitive

Financial Application Uses Augmented Reality To Make Managing Money More Intuitive
Banks, Insurance & Financial Services

MoneyLion implemented augmented reality into their mobile application to give consumers a tangible visual to watch their savings grow

Zack Palm
  • 26 september 2017

The use of augmented reality makes a digital experience feel more realistic to the user and helps to expand their perspective. MoneyLion, a personal financial application, wanted to do this for their consumers and created an augmented reality experience called Grow Your Stack. The augmented reality experience provides a visual for consumers to use to go through their personal finances, rather than entirely relying on graphs of data. Grow Your Stack uses the ARKit technology Apple launched with their iOS 11 update, which was released on September 19.

When a consumer opens up Grow Your Stack, they can activate the service anywhere and have it display the pile of digital money on any surface. A consumer can choose to see their account balance or their savings that they have with linked with the MoneyLion application. A consumer can receive daily updates of their finances with snapshots of their pile growing. Overtime, a consumer receives customized recommendations on how to best add to their savings based on their spending habits and cash flow.

MoneyLion_Created_Augmented_Reality_Application.jpg

The developers of Grow Your Stack believe not all consumers connect to making financial decisions based on graphs or texts detailing their transactions. For example, if a consumer spends $300 on lunches at their favorite restaurant a traditional bank application would represent this information as a graph or a series of texts, however, with an augmented reality application displays this information by using a digital visual to show the weight of those transactions. When a consumer sees their financial activities represented as this visual, they could feel a larger obligation to lower the amount they spent on this particular activity and use their money elsewhere.

If other banking applications and services start to use augmented reality as a way to better represent a consumer’s account, they may want to explore ways for someone to customize what they see. While a large pile of money gets the point across, other consumers may prefer seeing physical graphs in front of them they can manipulate and play with. A good tool to add to an augmented reality experience allows a consumer to play the graphs to forecast their savings and overall balance months in advance.

Those who have an iPhone and use MoneyLion can open the Grow Your Stack augmented reality experience with the iOS 11 update installed.

MoneyLion

The use of augmented reality makes a digital experience feel more realistic to the user and helps to expand their perspective. MoneyLion, a personal financial application, wanted to do this for their consumers and created an augmented reality experience called Grow Your Stack. The augmented reality experience provides a visual for consumers to use to go through their personal finances, rather than entirely relying on graphs of data. Grow Your Stack uses the ARKit technology Apple launched with their iOS 11 update, which was released on September 19.

+Apple
+Augmented & Virtual Reality
+augmented reality
+financial services
+mobile
+technology

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