Top 5 Misconceptions about AR and VR in eLearning

In this tech-savvy era, computer-based realities are a new way to perceive a surrounding. Two of the most trending reality technologies are Augmented Reality (AR) and Virtual Reality (VR). Over the last few years, AR and VR have taken strides to become the most prominent consumer technologies. With developments in technology and broader accessibility, we started to discover more ways AR and VR can benefit various industries such as entertainment, automotive, transportation, oil & gas, aircraft, etc. AR and VR have helped many industries since their onset. Both technologies have a massive potential in immersive learning. The COVID-19 pandemic forced physical classrooms to go virtual globally. Since then, the education sector is witnessing the extensive application of reality technologies such as AR and VR to promote immersive learning. 

Read more: How Virtual Reality Improves the Standards of Medical Education and Training

What is immersive learning?

Immersive learning refers to a learning strategy – a future training method – that uses an artificial or simulated environment that puts learners in a highly interactive learning environment. Augmented and virtual reality technologies play a crucial role in today’s immersive learning scenario by offering a new way of using an eLearning screen.

Role of AR and VR in eLearning

Augmented Reality or AR is an interactive experience that enhances or augments real-world objects and projects computer-generated images and animations into it – like Snapchat lenses, Pokémon Go (game), and so on. It overlays or adds digital elements or imagery –in the form of text, graphics, audio, and other visual extensions – to a live view. On the other hand, Virtual Reality or VR is a ‘computer generated’ experience created inside a simulated environment. It immerses the user in a replicated/imagined world using a head-mounted device (HMD), shutting down the physical world. With the help of special manipulators, users gain the potential of intuitive and multifunctional interaction with virtual elements in VR.

Read more: Top 7 Ways AR and VR Can Impact Employee Safety Training

Both the technologies create new and interactive experiences for users through their immersive environment and accessibility in 3-dimension. Especially in the eLearning industry – which is all about using advanced technologies to enhance the learning experience – the alternate reality technologies AR and VR have been warmly accepted by modern learners because of the diverse benefits they offer. Few benefits include:

• Makes the learning more engaging and exciting
• Better online training mock-ups
• Makes learning a practical experience
• Customizes learning paths in courses
• Provides visual feedback in assessments with advanced learning analytics

Though AR and VR are trending immersive learning strategies, they are new in the Learning and Development space, and therefore, several myths are revolving around the topic. This blog will debunk five common AR and VR myths in eLearning.

Myth #1: AR and VR are the same

Many people believe that AR and VR are the same and can be used interchangeably. People often get confused between these two computer-based realities. Though both AR and VR play a massive role in immersive learning, the fact is that both these technologies have two entirely different concepts. Virtual Reality (VR) entails a complete immersion experience that displays a virtual environment to a person that blocks out the physical world by using a virtual opaque headset. At the same time, Augmented Reality (AR) adds digital elements or animations to the user’s real world using the camera on a smartphone.

Myth #2: AR and VR based apps are difficult to use

Even with an increasing number of users worldwide, some organizations still believe that AR/VR apps are more difficult to use than any other apps. This doesn’t seem right because such applications mainly meant for learning use high-end technology, making them more user-friendly. Skilled augmented/virtual reality developers ensure that the user interface is simply leading to the applications’ success perspective.

Read more: Accelerating AR/VR Adoption Among Customers

Myth #3: AR and VR are very expensive

Many organizations consider other training methods, as they believe learning through AR and VR is too expensive. When used right, AR and VR techniques can reduce costs and provide organizations with a high ROI in the long run. Many believe that VR apps can only be used with expensive gears and headsets. There are many affordable options and multiple authoring tools that businesses can consider to make AR and VR learning easy at a relatively low cost.

Myth #4: AR and VR are mainly for gaming and entertainment purposes

Because of the popularity gained by AR and VR with its practical use in the entertainment and gaming industry, people tend to think that AR and VR are primarily focused on these industries for entertainment purposes. But the fact is that AR and VR are not just limited to games. Though gaming and entertainment are the most prominent applications for computer-based realities, many industries embrace AR and VR in their marketing and advertising efforts, with widespread success. 

Usage of AR/VR is trending in diverse sectors such as Manufacturing, Education, Event Management, Tourism, Automotive, Real Estate, Healthcare, Retail and E-commerce, Media and Entertainment, Defense and Military, and more. For instance, a global leader in medical imaging solutions, AccuVein uses AR to project an image of veins over skin for all medical imaging purposes.

Read more: Impact Of Augmented Reality In Education Industry

Myth #5: AR and VR may not stay for long

Many people say that AR and VR are just fads. The truth is that, as AR and VR offer many innovative ways to interact with the data around us and visualize it, reality technologies are expected to enrich users in the future years too. 

Research & Markets reports that the global AR and VR market is projected to reach $1,274.4 billion in 2030, rising from $37.0 billion in 2019, and is predicted to progress at a robust CAGR of 42.9% during the forecast period (2020-2030). Key factors leading to the AR and VR market’s growth include the rising penetration of smartphones and tablet computers, increasing technology adoption among enterprises, and vendors’ surging focus on price reduction. 

AR and VR lead among the emerging technologies and are being updated continuously. AR/VR development is a highly appreciated career today. 

So, AR and VR are not fads and are going to stay for a long time.

Misconceptions are lifted for about every potential revolutionary technology, just like myths about AR and VR are prevalent in the mainstream now. AR and VR are emerging as crucial reality tech in 2021. Especially during this COVID-19 pandemic, which has turned our lives upside down, organizations need innovative eLearning techniques now more than ever. These computer-based realities can help enhance the learning experience more safely, engagingly, and productively.

Watch Video: How AR can be a powerful learning tool in the future

Fingent’s AR/ VR development team allows you to leverage the power of immersive learning with AR and VR and enjoy the experience! Contact us to know more. 

Medical Virtual Reality offers excellent opportunities for healthcare providers, practitioners, researchers, residents, patients, and chemists. Here’s a brief overview. 

Virtual Reality: Increasing success rate and establishing trust in medical education

In 2013, the World Health Organization (WHO) estimated a shortage of approximately 7.2 million health care professionals worldwide. The report also stated that this shortage is expected to reach 12.9 million by 2035. Besides the deficiency and disproportionate distribution of healthcare workers, the inadequacy of training programs also affects the delivery of uniform healthcare services worldwide. Leading healthcare organizations have been focusing on developing strategies that can increase the number of healthcare workers and enhance the quality and relevance of medical training.  

In recent years, several modes of eLearning have been used to disseminate information and impart training to medical students, out of which Virtual Reality Applications deserve a special mention. Virtual Reality Environments (VREs) allow users to experience real-life scenarios via simulated counterparts and gain practical knowledge that would otherwise be difficult to comprehend in a real environment. 

Read more: Is Mixed Reality the Future of the Healthcare Industry? 

Here are a few examples of how VR improves medical education standards and how it enables novice medical personnel to learn concepts in environments that replicate real-life scenarios.

1. Reduce stress and anxiety among medical students

Medical and traumatic emergencies can be daunting and stressful, especially for the early-career medical personnel. Preparing novice doctors to respond effectively to medical emergencies before being confronted with a real scenario is challenging. Unnatural or high-cost training modalities fail to replicate the stress and gravity of real-world trauma management realistically. Immersive virtual reality (IVR) may provide a unique training solution.

VR-based medical training recipients report better learning of anatomical positions, reduction in surgery time in the real environment, increase in the safety of both physician and patient, positive psychological effects on learners, reduction in training costs and efforts, and overall improvement. 68% of nursing and 58% of medical interns reported that VR-based training has significantly reduced their anxiety about occupational needlestick or sharp injuries (NSI) prevention.

2. Ensure uninterrupted in-hospital training

During April-July 2020, when most countries went to stringent lockdown measures to curb the spread of the coronavirus, several medical colleges and universities adopted virtual reality to supplement the traditional in-hospital medical training. Due to in-hospital access bans, the training providers offered students virtual patient-based training, debriefing, and simulated clinical scenarios on a case-by-case basis, all via virtual reality environments. 

A recent report on students’ perception of VR-based medical training found that:

• 77% of medical students considered VR training to be a trustworthy platform for initial clinical assessments   
• 94% remarked that VR is ideal for diagnostic activity, and 81% appreciated its usefulness in treatment options
• Furthermore, 84% of students felt that the scope of VR training would move beyond apprenticeship at a patient’s bedside

3. Immersive VR environments help develop empathy

The most significant advantage of virtual reality is that it allows users to experience any situation from any perspective. In that way, it can be called the “ultimate empathy machine.” Patients suffering from traumas such as memory loss, physical or mental abuse, age-related health issues, Alzheimer’s disease, drug addiction, and other ordeals need a soothing atmosphere and reassuring words to recover quickly. Immersive VR training is an effective teaching method to help medical students develop empathy towards such patients.

An educational project conducted by the University of New England (UNE) successfully used VR to teach empathy to medical and health profession students. The project used a VR tool called “Alfred Lab app” – to teach students about macular degeneration and hearing loss from a 74-year-old African American man’s perspective. Realizing an aged and ailing patient’s thoughts and concerns enables the residents to develop empathy towards such patients.   

4. Improve practitioners’ skills, speed, and mobility in operating rooms

From rote memorization of theories, the modern medical training practice has evolved to imparting skills in life-like environments using virtual reality simulations. Even in the absence of faculty, VR systems enable students to learn practical surgical concepts when faced with a given patient. VR systems make medical training access more broad-based and flexible. Medical professionals can use VR to visualize the human body’s interior and learn better about human anatomy.

According to a study published by the Journal of Advances in Medical Education & Professionalism, the American Board of Internal Medicine (ABIM) has proclaimed that residents need to be trained by simulation tools before attempting any patient interventions in real life. The board also finds immersive VR training to be effective in mechanical ventilation and invasive hemodynamic monitoring. 

Dr. Dimitris Stefanidis, professor and research scholar at Indiana University School of Medicine, concluded in a study that surgical residents who underwent training in laparoscopic suture using video simulators had reported improved operative performance, speed, and mobility at the end of the practice. Performing surgeries that require vast experience and sensitivity, such as an osteotomy (bone-cut surgery), can be simplified for surgeons through virtual simulations. Immersive simulations along with tactical feedback are safer and cost-effective than traditional teaching methods. 

5. Impart health education and awareness among patients

In addition to practitioners, patients also can gain awareness of their medical conditions and treatment principles using VR. Clinical professionals can use simulated environments to communicate the impact of unpleasant lifestyle practices such as noxious drug usage, metabolic dysfunctions, obesity, growth of certain tumors, the effect of smoking and drinking on lung and liver functions, etc.  

Chronically ailing and hospitalized patients can use VR goggles or headsets to experience their home in an immersive environment and chat with their family members. By installing a 360-degree camera in their home, the patient’s family can make sure that the patient experiences the interaction just like how he/she used to feel it while at home. During the COVID-19 pandemic, VR was highly applied in remote sites to facilitate telemedicine, control the spread of infection, plan, treat, and provide proper awareness to people regarding this disease.  

Read more: The Application and Impact of Information Technology in Healthcare 

Getting started with VR

Medical VR is no more a sci-fiction. VR-trained surgeons report a 230% boost in their overall performance compared to their traditionally-trained counterparts. 

VR can help you conduct engaging medical conferences, help women get through labor pain, train surgeons and medical residents, reduce pain and anxiety among patients, and expedite recovery in physical therapy by tailoring exercises to patients’ therapeutic needs. 

If your next question is how to start with VR, Fingent helps you develop these virtual simulators:

• ACLS (Advanced Cardiac Life Support System)
• Accident Trauma Care Standard Operating Procedures
• Orthopedic or Cardiac surgical procedure that involves using complex tools
• Neo-Natal Resuscitation Simulator (GOLDEN MINUTE PROTOCOL)

Would you like to discuss that with our expert? Drop us a line, and a member of our team will get back to you shortly. 

How AR and VR augment employee safety training programs in industries

Employee Safety has taken on a new meaning as the world totters and tries to wrap its head around COVID-19. The pandemic spared no prisoners as it touched every aspect of our life, including our work and our businesses. It has changed the way people work and accomplish their jobs and altered the way employers look at employee safety training.

For starters, traditional employee safety training usually takes one of two forms: on-the-job and classroom learning, which might be a problem at this time. Fortunately, the latest training methods that feature immersive technologies such as Augmented Reality (AR) and Virtual Reality (VR) demonstrate their ability to close the current gaps in employee safety training. This blog discusses the impact AR/VR has on employee safety training. Before we discuss that, it is crucial to understand why businesses require augmented and virtual realities now.

Read more: How Augmented Reality Can Simplify Equipment Maintenance 

The increasing significance of AR and VR in employee safety training  

Adapting to the new normal, most employees will continue to work from home. Others will face new measures and procedures when they return to workplaces. It can pose a challenge to employers as they struggle to find new methods to train new employees while following physical constraints like social distancing. 

Before we look at the solution, let’s have a look at a few drawbacks of the traditional classroom training: 

Drawbacks of the conventional classroom training

– Ineffective training procedures

Usually, safety procedures are taught with a combination of computer testing and classroom exercises. These methods do not allow repetition training. It is good but not good enough because it lacks effectiveness and does not encourage knowledge retention. Besides, social distancing norms make it difficult to arrange for classroom training.

– Doesn’t engage employees

As traditional learning techniques are not imparted in a realistic environment, they do not simulate the hands-on experience in scenarios that are tough to be recreated. Classroom learning is often not a useful or engaging teaching style for workers who are in highly mechanical roles. With such training, employers cannot risk a technician to perform their jobs effectively and safely on day one.

– Classroom trainings are expensive

According to the 2019 training industry report, on average, companies spent 1,286 dollars in 2019. The same report also mentions that, on average, employees received 42.1 hours of training. It proves that traditional training methods and materials are a significant expense for financials and lost work time. Employers must look for newer ways to train their employees. Thankfully, AR and VR technologies help support employee safety training. 

Read more: How Augmented Reality Is All Set to Transform the Workplace 

Top 7 ways AR and VR impact employee safety training

Workplace injuries cost businesses more than 59 billion dollars per year. However, companies cannot cut back on employee safety training under any circumstances. In professions where inadequate safety procedures are a huge risk to the employee, employers must ensure that safety training is practical and accessible.

1. No more trial and error

Specific jobs, such as working in power plants or manufacturing units, require that employees be trained before assuming full responsibility. Augmented and virtual reality help make simulations that allow for training that is safe and free of consequences. Employers can create an exact simulation of their operations and enable new employees to practice repeatedly. Such training allows them to see and correct their mistakes before they start using the actual equipment. 

2. Risk-free immersive training

AR and VR technologies allow instructional designers, animation engines, and game designers to combine fun with practical learning. It raises levels of engagement in trainees. Besides attractive and fun components, AR and VR appeal to learners because of the risk-free training element. It eliminates the need for employees and trainees to be in the same location during the training session. 

3. Increased retention and skill acquisition

Practice is the best way employees can sharpen their skills. It is a well-known fact that we retain much more information when we combine learning with “doing.” Compared to discussions, reading, lectures, or even audio-visual learning, hands-on-practice is the best way to retain information. AR and VR technologies allow for such training that increases knowledge retention and skill acquisition. These technologies enable employees to practice the concepts they have learned immediately.

4. Allows self-paced learning

Each employee is different with varying levels of learning abilities. AR and VR allow each person to learn at their own pace. It means they can work on the same concept multiple times without the risk of injury to themselves or the machinery. This risk-free approach allows for self-paced learning and the ability to take the training until they master a particular concept. 

5. Enhance the effectiveness of learning

Most employers have deemed it unsafe for their workers to share headsets to receive safety training in the current situation. Augmented and virtual reality allows employers to develop solutions where an employee can point his phone camera to a portion of the training manual that opens up additional materials or resources on his screen. This technique allows companies to train their employees about specific products, solutions, or services. 

Read more: Impact Of Augmented Reality In Education Industry 

6. Prepare employees for emergencies

Augmented and virtual reality are ideal for training employees to handle real-life situations. This technology is apt for safety training. It can minimize damage to the equipment and the cost of training. AR and VR allow firms to train employees to handle emergencies or real-time threats such as controlling a shooting situation. 

7. Easy to customize training

Each organization and its requirements are different. Employees may encounter unique challenges and problems because of location, weather, or just the project’s complexity. AR and VR provide a considerable advantage in terms of flexibility and costs to offer company-specific training. It can accommodate a more tailored training experience. 

The future of AR and VR in employee safety training

The safety risk is a real challenge that all industries face. Whether it is theft or operating potentially dangerous machinery, employees face risks, including physical hazards. Besides, the pandemic has necessitated a transition to a new way of life. There is currently a desperate need for new solutions that allow businesses to continue with some semblance of normalcy. AR and VR technologies provide organizations effective ways to train their employees while still preserving physical distancing norms. The use of augmented and virtual reality in employee safety training will become the new normal! 

Case Study: A unique mixed reality application for a leading university that enables users to identify people using facial recognition

Want to explore how you can start with Augmented Reality and Virtual Reality technologies? Talk to us right away. 

Manufacturing technologies set to hold the reins in 2021

From big data analytics to advanced robotics to computer vision in warehouses, manufacturing technologies bring unprecedented transformation. Many manufacturers are already leveraging sophisticated technologies for manufacturing such as the internet of things(IoT), 3D printing, Artificial Intelligence, etc., to improve operations’ speed, reduce human intervention, and minimize errors.

As 2021 rapidly approaches, manufacturers will have to move away from Industry 4.0 and embrace Industry 5.0. The latter is all about connecting humans and machines (smart systems). Interestingly, Industry 5.0 may already be here. The ongoing COVID-19 pandemic only accelerates its arrival.

Read more: Digital Transformation in Manufacturing

Here are the top 10 technologies that positively impact the manufacturing industry.

1. Robotics

With advances in robotics technology, robots are more likely to become cheaper, smarter, and more efficient. Robots can be used for numerous manufacturing roles and can help automate repetitive tasks, enhance accuracy, reduce errors, and help manufacturers focus on more productive areas.

Benefits of Using Robotics in Manufacturing:

• They improve efficiency right from handling raw material to finished product packing
• You can program robots to work 24/7, which is excellent for continuous production
• Robots and their equipment are highly flexible and can be customized to perform complex jobs
• They are highly cost-effective even for small manufacturing units

Collaborative assembly, painting, and sealing, inspection, welding, drilling, and fastening are a few examples of the jobs done by robots. Today, robots work in several industries, including rubber and plastic processing, semiconductor manufacturing, and research. While they are mainly used in high-volume production, robots make their presence felt in small to medium-sized organizations.

Read more: What Are Cobots and How Can They Benefit Industries? 

2. Nanotechnology

Nanotechnology has grown to a great extent in the last few years. It involves the manipulation of nanoscopic materials and technology. Though its widespread use is relatively new, it will be indispensable to every manufacturing industry soon. Further research and experimental designs suggest that nanotechnology can be highly effective in the manufacturing industry.

Applications of Nanotechnology in Manufacturing: 

• Create stable and effective lubricants that are useful in many industrial applications
• Car manufacturing
• Tire manufacturers are using polymer nanocomposites in high-end tires to improve their durability and make them wear resistance
• Nanomachines, though not used widely in manufacturing now, are, for the most part, future-tech

3. 3D Printing

Post its tremendous success in the product design field, 3D printing is set to take the manufacturing world by storm. The 3D printing industry was worth USD 13.7 billion in 2019 and is projected to reach USD 63.46 billion by 2025. Also known as additive manufacturing, 3D Printing is a production technology that is innovative, faster, and agile.

Benefits of Using 3D Printing in Manufacturing:

• Reduces design to production times significantly
• Offers greater flexibility in production
• Reduces manufacturing lead times drastically
• Simplifies production of individual and small-lot products from machine parts to prototypes
• Minimizes waste
• Highly cost-effective

Major car manufacturers use 3D printing to produce gear sticks and safety gloves.

Read more: 3D Printing: Fueling the Next Industrial Revolution 

4. The Internet of Things (IoT)

IoT in manufacturing employs a network of sensors to collect essential production data and turn it into valuable insights that throw light into manufacturing operational efficiency using cloud software. This connectivity had brought machines and humans closer together than ever before and led to better communication, faster response times, and greater efficiency.

Benefits of Using IoT in Manufacturing

• Internet of Things (IoT) reduces operational costs and creates new sources of revenue
• Faster and more efficient manufacturing and supply chain operations ensure a shorter time-to-market. For instance, Harley- Davidson leveraged IoT in its manufacturing facility and managed to reduce the time taken to produce a motorbike from 21 hours to six hours.
• IoT facilitates mass customization by providing real-time data essential for forecasting, shop floor scheduling, and routing.
• When paired with wearable devices, IoT allows monitoring workers’ health and risky activities and making workplaces safer.

The ongoing pandemic has expanded the focus on IoT due to its predictive maintenance and remote monitoring capabilities. Social distancing makes it difficult for field service technicians to show up on short notices. IoT-enabled devices allow manufacturers to monitor equipment’s performance from a distance and identify any potential risks even before a malfunction occurs. Additionally, IoT has enabled technicians to understand a problem at hand and come up with solutions even before arriving at the job site so that they can get in and get out faster.   

Read more: Upcoming IoT trends that can shape the business landscape

5. Cloud Computing

After making its presence felt in other industries, cloud computing is now causing ripples in manufacturing. From how a plant operates, integrating to supply chains, designing and making products to how your customers use the products, cloud computing is transforming virtually every facet of manufacturing. It is helping manufacturers reduce costs, innovate, and increase competitiveness.

IoT helps improve connectivity within a single plant, while cloud computing improves connectivity across various plants. It allows organizations across the globe to share data within seconds and reduce both costs and production times. The shared data also helps improve the product quality and reliability between plants.

Read more: Why It’s Time to Embrace Cloud and Mobility Trends To Recession-Proof Your Business? 

6. Big Data

The manufacturing industry is complicated in terms of the variety and depth of the product. As far as opening new factories in new locations and transferring production to other countries is concerned, companies can leverage big data to tackle it. 

As the process of capturing and storing data is changing, new standards in sharing, updating, transferring, searching, querying, visualizing, and information privacy are arising. Think of manufacturing software like MES, ERP, CMMS, manufacturing analytics, etc. When integrated with big data, these can help find patterns and solve any problems. 

Benefits of Using Big Data:

• Improve manufacturing
• Ensure better quality assurance
• Customize product design
• Manage supply chain
• Identify any potential risk

Explore our use case: Adding New Dimensions to Equipment Maintenance with IIoT, AR, and Big Data

7. Augmented Reality

In manufacturing, we can use AR to identify unsafe working conditions, measure various changes, and even envision a finished product. Augmented Reality can help a worker view a piece of equipment and see its running temperature, revealing that it is hot and unsafe to touch with bare hands. An employee can know what’s happening around them, like what machinery is breaking down, a co-worker’s location, or even a factory’s restricted sites. Simply put, AR applications can help inexperienced employees to be informed, trained, and protected at all times without wasting significant resources.

AR has made it possible for technicians to provide remote assistance by sending customers AR and VR enabled devices and helping them with basic troubleshooting and repairs during the COVID-19 crisis. Also, more and more customers are open to allowing manufacturers to implement AR with the long-term goal of creating permanent solutions. After all, it helps both the customers and field technicians by reducing the risk of exposure. 

Read more: How Augmented Reality Can Simplify Equipment Maintenance 

8. 5G 

5G will have a tremendous impact on the manufacturing industry. It will be more transformational for devices that drive automated industrial processes.

The amazing low-latency and connectivity of 5G will power sensors on industrial machines. It will help generate a lot of data that will open new avenues of cost savings and efficiency when combined with machine learning. Currently, China and South Korea are leveraging 5G this way. Soon the US and the UK are expected to compete with them.

Read more: From Remote Work to Virtual Work, 5G is Reinventing the Way We Work 

9. Artificial Intelligence(AI)

Manufacturers are already employing automation on the plant floor and in the front office. In the future, AI-powered demand planning and forecasting will continue to develop that will help manufacturers align their supply chain with demand projections to get data that were not possible previously.

A study from IFS shows that 40% of manufacturers plan to implement AI for inventory planning and logistics and 36% for production scheduling and customer relationship management. 60% of the respondents are said to focus on productivity improvements with these investments.

Read more: The Future of Artificial Intelligence – A Game Changer for Industries

10. Cybersecurity

Moving manufacturing operations to the cloud and building and integrating systems using IoT will equally create opportunities and challenges. In an increasingly insecure digital era, there is a pressing need for heightened security. 

Manufacturing experts are investing in secure cloud-based ERP like SAP and Odoo to resolve the security challenges. Enterprises-big or small- will soon increase their dependence on cloud-based ERP systems to address security glitches and save costs by paying for usage. 

Read more: Top 6 Reasons Why You Should Move to a Cloud-Hosted ERP 

White Paper: What difference does RPA bring to your business? How can you embrace this disruptive technology to remain competitive? Download to learn more! 

Conclusion

Technologies for manufacturing will decrease labor costs, improve efficiency, and reduce waste, making future factories cheaper and more environment-friendly. Additionally, improved quality control will ensure superior products that will benefit both the consumers and the manufacturers.

COVID-19 has changed the way the manufacturing industry operates. If your business wants to remain competitive, you will have to embrace manufacturing technologies to shape your company’s future. To know more about the forward-thinking strategies that integrate the latest trends and technologies, please connect with us today.

How Technology is Transforming Classroom Learning

There’s no denying that technology has completely transformed the way we live and steadily it is becoming more and more predominant in the classroom as well. From improving the communication between teachers and students to enhancing presentations and lessons, to organizing curriculum calendars, there is no limit to the ways to use technology in classrooms to set up a successful life for students outside of school. 

Today, many educational institutions are offering courses that no longer need students to study in a traditional classroom. 92% of teachers said that the internet has a significant impact on a student’s ability to access resources, content, and materials, according to the Pew Research Center. 

Benefits of using technology in the classroom

Here are a few advantages of using technology in classrooms. 

1. Improves collaboration

Many technology-based tasks involve aspects that require students to seek help from their friends or teachers. Teachers have observed that when students are assigned to tasks, the students who are more technologically advanced assist those who are not.

2. Incorporates different learning styles

Each child is different and it can be challenging to adjust a study plan to fit every student in the classroom. Thanks to technology in education, it is possible to modify the lessons. For instance, kids who might want to draw during the class can create an infographic to demonstrate their capabilities and understanding of the concept which a teacher might not have previously seen or assessed.

3. Creates an engaging environment

While most people consider technology to be just a distraction, it is not so. When used correctly, it can help encourage active participation in the classroom. Using laptops, computers, tablets, etc., in the classroom can help bring more interaction and fun into learning, thus making lessons more interesting.

Read more: Impact Of Augmented Reality In Education Industry 

4. Students learn essential skills

Using technology in classrooms, students can gain the knowledge and skills essential for problem-solving, critical thinking, collaborating with others, and improving motivation and productivity. Technology can also help develop several practical skills such as creating presentations, writing emails, learning proper online etiquette, and understanding the difference between reliable and unreliable sources on the internet. These skills are very important and prepare the students for the future.

How to use technology in the classroom?

While traditional classroom learning is still prevalent, many educational institutions are willing to embrace technology. Here are nine creative ideas to use technology in classrooms to enhance learning.

1. Schedule your online classes

Google Calendar allows you to create and share a class calendar that will keep the students informed about the class, duration, announcements, and important dates. Teachers can easily email the class calendar link to the students. This will help both the teachers as well as the students to stay organized and come prepared for each class.

2. Use virtual manipulatives

While there are manipulatives such as blocks, ten blocks, coins, and tangrams to visualize mathematical concepts, virtual manipulatives are more effective.

Virtual manipulatives help students to comprehend complex concepts. So, incorporating virtual manipulatives in classrooms is not just going to benefit the students but also appealing to hands-on-learners.

3. Digital field tours 

One of the popular and cost-effective ways to use technology in classrooms is to take digital field tours. Apps such as Google Streetview allow you to virtually explore parks, forests, and even national and international landmarks from the comforts of the classroom. For instance, a virtual tour of the Grand Canyon can help students learn about the location or the subject and help them learn beyond books.

4. Use Social Media

Much of our time is spent on social media today. So integrating social media into the classroom is a great way to use technology in classrooms. For example, creating a WhatsApp or Facebook Group for a particular class allow students to post discussion topics. You can even consider developing interesting Twitter hashtags students can use to discuss lessons or ask questions.

5. Create digital content

Digital content related to what students are learning helps them display their individual creativity as well as showcase learning. Provide options like blogs, videos, eBooks, podcasts, flyers, or other digital means that will help students to express themselves.

6. Gamified learning

Make learning fun by incorporating gamified learning. Simply create a virtual scavenger hunt by giving the students a list of questions for students to search and find the correct answers. You can even consider forming groups or pairs of students to encourage teamwork and collaboration.

7. Include videos

Videos help students remember important concepts longer than reading. Teachers can record videos such as whiteboard explainers, peer presentations, classroom activities, etc., and share it with the class via Google Classroom, YouTube, or Gdrive.

Videos will help visual learners to learn at their own pace. Also, videos will help establish a better connection between teachers and students while comprehending clarity.

8. Podcasts

Motivational podcasts, interviews, and online courses can aid the teaching process in the long run.

Some examples of podcasts that teachers can include in the classroom are;

• Podcasts blogs
• Lectures from other teachers
• Researches on academic topics

Teachers can take it to the next level by asking the students to create their podcasts.

9. Multimedia lessons and presentations

By incorporating visual effects, music, videos in the presentations, they can be made more enriching for students. Teachers can consider inviting virtual guest speakers via Skype, Google Hangouts, and Facetime to engage their class during the slideshow or digital presentations. This will boost engagement with lessons.

Some of the future trends in the education industry

1. Student-centered learning

The future of education will be student-centric learning. Teachers need to adopt personalized teaching and learning practices. Flexibility in learning will result in imparting quality education to students. Flexible learning patterns will gain prominence in future classrooms. 

2. Edutainment

The concept of blending learning with entertainment is opening the doors to thinking forward. Technology can be used to focus on slide shows and online videos. Technology innovations like Augmented Reality (AR) are already replacing pens and chalk pieces in the field of education and will bring about significant changes soon. A study conducted by the University of Georgia has shown that the introduction of AR makes 72% of the students more likely to participate in classes. Building such participation is a critical aspect of education. 

Media learning is helping students to hone their creative skills and stay in touch with educational events that are happening across the globe. Videos, educational podcasts, simulations, and recorded audio-visual lessons are trends that transform traditional classroom learning and teaching. 

3. Adaptive learning

The adaptive learning curriculum is personalized learning that allows students to work on instant feedback given by their teachers and improves student engagement. 

In the future, students will be categorized and trained based on their inherent strengths and capabilities. Appropriate learning tools can be recommended to reveal students’ budding talents and bring them to the fore. The adaptive learning pattern will not only keep the fundamental interests in mind but also the individual needs of the students.

Fingent helps schools, universities, colleges, educational institutions, NGOs, and training centers to develop customized LMS platforms that come with aptitude-based smart learning tools. This makes sure that you can have a more interactive learning atmosphere. Customized LMS allows you to cultivate more transparency and communication between the instructor and the learner, which works to improve performance significantly.

Read more: E-Learning Taking A New Front: How Can LMS Technology Help 

Integrating technology into the classroom allows more effective communication between the teachers and students. It empowers students to take responsibility for their learning by participating in projects and learning activities, giving feedback on lessons, and understand how to use technology in classrooms creatively and safely. Get in touch with our experts today and know how we can help you bring technology in classrooms more effectively.

How we can expedite customers’ move to emerging tech like AR & VR

Many real-world scenarios have shown us the need to keep up with technology. The COVID-19 pandemic, for example, has proved to be an unanticipated catalyst in accelerating customers’ move to the new and emerging technologies and tools. As millions of consumers go into lockdown, they are forced to work from home that impacts their day to day habits of digital connectivity. 

Though COVID-19 has created a major drag on the world economy, it is playing an active role in accelerating the development and commercialization of several emerging technologies such as Augmented Reality (AR) and Virtual Reality (VR). This is especially true for innovations that automate processes, reduce human-to-human contact, and increase productivity during social distancing. This article examines how new technologies such as AR/VR can influence various industries.

Wholehearted Support for Virtual Health Care

In a survey conducted by Perkins Coie LLP, a vast majority of the respondents found healthcare and medical devices as one of the top potential growth areas for AR and VR technologies.

Telemedicine had previously not received enough support from healthcare providers, financers, and patients. But now, the need for virtual healthcare advice is accelerating the adoption of telemedicine. Various countries have authorized their healthcare professionals to expand telehealth consultations to make it easier for patients to speak with their healthcare providers.

This pandemic is also spurring the interest in asynchronous healthcare, a form of telemedicine that eliminates the need for face-to-face appointments in managing and monitoring chronic health conditions. New technologies in AR/VR allows a healthcare provider to remotely assess and diagnose a patient in an ambulance two miles away. 

Related Reading: Is Mixed Reality the Future of the Healthcare Industry?

Promising future for the Real Estate Industry

Though the present scenario has stirred unrest in certain industries, the real estate sector need not come to a standstill at this time. The use of AR/VR technologies can facilitate communication and collaboration within the industry. As a useful tool for design communication, AR/VR has the ability to ensure virtual co-location of the teams making it possible to transfer messages and work cultures.

The new tech line (AR and VR) allows all project stakeholders to take a ‘walk’ inside the project before it is built. Such an understanding of project data can reduce errors, facilitate faster and better decision-making, and achieve greater business and profitability. In this period when physical mock-ups and on-site prototyping are no longer viable, VR-enabled online libraries can add accuracy to design projects without additional cost.

Related Reading: Augmented Reality & Virtual Reality: Transforming The Real Estate Industry

Use Chatbots Instead of Human Punching Bags

The COVID-19 pandemic has induced changes in customer behavior and business models, which might persist well after the crisis abates. Meanwhile, chatbots can be used to reduce the surge in customer frustration. Various websites are using chatbots to answer general FAQs asked by the customers providing them a better customer experience. 

AI-powered chatbots can communicate with humans in real-time. Such personalized chatbots can be developed for your websites, social media profiles, and SMS services to generate automated responses using pre-defined keywords and categories. COVID-19 has complicated the role of the customer service representative. They have to lead the delicate dance of balancing policy and empathy with frustrated customers. 

Read our case study: Using Chatbots to Create an Enhanced and Engaging Learning Experience

Chatbots provide proactive customer service and help protect the emotional well-being of the agents. Onboarding and training new customer service representatives are not viable options when the work volume increases. Chatbots allow you to scale-up teams and multiply output within seconds. Additionally, now chatbots can be used effectively to sell products directly to users via WhatsApp (WhatsApp for Business). 

Powerful Cutting-Edge Technology: Face-Recognition 

In the span of a few weeks, COVID-19 has reshaped how the world works. This new paradigm has opened the door to the deployment of latest technologies such as facial recognition. During this period of social distancing, business and government agencies are increasingly turning to facial recognition technology. Also, face recognition payments are growing in popularity. 

Read our case study: The Future of Communication and Security Using Augmented Reality

Grand View Research, Inc. forecasts that by 2027, the worldwide facial recognition market will increase at a CAGR of 14.5 percent to reach 9.93 billion dollars.

Face recognition is already getting a lot of momentum since it avoids touching surfaces and potential infection. Another benefit to face recognition is that it can enable thermal scanning to check body temperatures, minimizing the risk of the sick infecting other workers.  

The Race To Keep Pace

Today the globalized economy is in fierce competition. Technology helps increase efficiency across industries especially during this pandemic. That is why AR/VR is emerging as a critical solution. From accelerating user collaboration to streamlining processes, the use cases of AR/VR technologies in business will only get stronger. And as IT infrastructure increases in complexity, these new technologies will deliver multiple benefits to businesses as a whole. 

Fingent helps accelerate your move to new and emerging technologies such as Augmented Reality, Virtual Reality, and Mixed Reality. Get in touch with us to find out how we help our clients deliver a compelling reality experience using these technologies. 

CX Solution to Improve Retail Growth

Nurturing communities and building loyalties is now more critical than ever for all retail brands. With instant access to the latest trends and technologies, customers demand better experiences in their interactions with retail brands across all touchpoints. Hence, Customer experience (CX) has become the most important facet of the retail marketing strategy. Retailers, therefore, have to focus on improving CX through every channel.

Importance of CX solutions

Companies can leverage authentic data and modern technology to transform customer experiences and positively impact their business’ future. While most organizations do have systems in place to track the performances of their CX strategies, few track the end-to-end customer journey. Using appropriate CX solutions, organizations can bridge the gap between expected and actual experiences. CX solutions help companies measure and understand the impact of their CX management strategies. 

By employing CX solutions, you can manage the interactions that current and potential customers can have with your brand, thus enabling you to meet or exceed their expectations. CX solutions leverage customer interactions to align the brand image according to the customer’s perceptions. This helps you foster strong and long term customer relationships.

Related Reading: 5 Ways to Enrich Customer Experience at Your Retail Store

Top Trends in CX

Staying abreast of the latest technologies and trends in Customer Experience will help you stay ahead of the competition. It’s time to hone your CX strategies by following these latest trends that rule the CX market.

• Omni-channel CX: Customer journeys have become more dynamic than ever. Based on convenience, customers constantly switch mediums. Since the line between physical and digital channels are blurring, customers expect seamless experiences in their interactions across all channels. It’s important for retailers to strike a proper balance between the “traditional” and “online” business models based on their customers’ preferences. Adopting omnichannel customer care strategies will help resolve complex issues quickly.

• Artificial Intelligence: CX enhancement requires comprehending vast amounts of chaotic and complex data in real-time at high speeds. This scenario is most suitable for AI-powered solutions. Using AI, you can replicate human-like engagements (chatbots for example), track customer-behavior and roll out customized campaigns on their preferred channel of operation. Thus you turn your data into valuable customer insights.

• Hyper personalization: Customers expect high levels of personalization and prefer to buy from brands that offer services/products that are fine-tuned according to their requirements. With a hyper-personalized approach, retailers can identify subtle customer traits and deliver highly targeted and relevant services. To develop this level of hyper-personalization, your data and analytics have to be aligned to paint a clear picture of your customers’ choices.   

• AR/VR: Augmented Reality (AR) and Virtual Reality (VR) technologies are touted as the “technologies of the future” since they provide highly immersive and engaging customer experiences. AR and VR provide customers with a hands-on experience which helps them make better choices. Many retailers are already reaping the benefits of implementing these futuristic technologies. For instance, Ikea allows customers to check how the furniture would look in their homes before buying using AR. Famous clothing brand Marks and Spencer uses virtual try-on mirrors to boost their store experiences.

• Virtual assistants and chatbots: Virtual assistants and chatbots enable companies to deliver faster and more efficient services at low costs. Some may argue that chatbots lack empathy and hence cannot replace human customer service representatives. However, you should not overlook the fact that advances in AI have given bots the ability to decipher human emotions. By combining the technologies of a virtual assistant and chatbots, you can provide your customers with personalized and empathetic experiences.

Related Reading: Capitalizing on AI Chatbots Will Redefine Your Business: Here’s How

Future of CX

Customer Experience will continue to be crucial for brands to survive in a disruptive business environment. Retailers need to adopt agile models to retain customers and attract new ones. Going forward, CX will also depend on employee experiences. If your employees are empowered, they will in turn care for your customers. Your interactions, both with your customers as well as your employees across all channels need to be more meaningful and effective.

Smart Product Ordering System

Gartner states that 64% of consumers give more importance to their experiences with a brand than to the price of a product or service. Fingent helps you implement the latest technological advancements to make your CX strategies fruitful. Contact us to know more. 

How AR and AI work together to build unique mobile experiences?

The intriguing partnership of Augmented Reality (AR) and Artificial Intelligence (AI) is a match made in the digital heaven. An AR application can become more beneficial when AI is incorporated into it. The natural bridging of AR and AI enables mobile app developers to build more interactive and intriguing apps. This article explores a few practical ways in which AR and AI can be combined to build incredible mobile experiences.

Awesome Ways AI and AR Complement Each Other

The partnership between AR and AI is likely to have a profound impact on customer experience. Companies are developing next-generation applications for mobiles that employ AR and AI technologies. In fact, AI is the heart of AR platforms.

Related Reading: How Top Brands Embrace Augmented Reality for Immersive Customer Experiences

Though Artificial Intelligence and Augmented Reality have distinct technologies, they can sync with one another on a variety of applications. They can leverage each other’s best features and aspects building incredible mobile experiences. AI enables AR to have a multidimensional interaction with the physical environment. It allows you to manipulate 2D and 3D virtual objects with your words, eyes, and hands. 

It is anticipated that the demand for AR apps is bound to soar in the next four to five years. Hence, the search for appropriate software development kits (SDK) and application program interfaces (API) for AI and AR is on.

Current State of SDKs and APIs For AR and AI

As the capabilities of current SDKs (Software Development Kits) and APIs (Application Programming Interfaces) rapidly expand, the number of commercial opportunities increase exponentially. Consider a few examples:

• • Vuforia: It is an Augmented Reality SDK that enables app developers to build mobile-centric, immersive AR experiences. It is capable of supporting both IOS and Android, allowing brands to develop apps with minimal commercial and technical risks. 
  • ARCore: It is Google’s proprietary AR SDK. It enables developers to get their AR apps up and running on mobile devices. ARCore supports IOS devices and allows developers to build rich and immersive AR experiences supported by mobile devices.  
  • Core ML: It is a Machine Learning framework used across Apple devices. This API allows you to perform real-time predictions of live images on your device. Its low latency and near real-time results are its biggest advantages. Core ML is an application that can be run without network connections. 
  • TensorFlow Lite: It is an open-source deep learning framework focused on mobile device inference. TensorFlow Lite enables developers to insert their own custom models.

Practical Ways to Combine AR and AI

The marriage of AR and AI opens up endless opportunities. Here are a few ways in which this combination is working to create digital miracles.

1. Speech recognition: As an AI model listens to what you say, AR effects appear in front of you. For example, if you say ‘pizza,’ a virtual pizza slice appears in front of your mouth. 

2. Image recognition and image tracking: It allows customers to see how an object would look and fit in a given space. Combining AR with AI technology allows users to move still photos of items into a still image of a room and assists them in making a decision. Example: IKEA Place. 

3. Human pose estimation: It is a technique that detects human figures and poses. It predicts the positions of a person’s joints in an image or video. This can be used in controlling AR content. Yopuppet.com is one example. 

4. Education: It allows students to have new perspectives through interaction with virtual reality. For example, it enables them to visualize and interact with a 3D life-size version of the human body. 

Related Reading: Impact Of Augmented Reality In Education Industry

5. Recognizing and labeling: When the camera is pointed to a scene or an image, the AR app displays a label that indicates the object or the item when it recognizes it. 

6. Car recognition: Using a smartphone camera, it allows its customers to sit inside the car and explore the car’s interiors. There isn’t even a need to download the application. 

7. Object detection: AR-AI combination can be applied to automatically learn and detect the position and extent of the objects within an image or a video. This mobile-friendly model facilitates interaction between physical and digital objects. 

Take Away

The bridging of AR and AI is offering businesses an opportunity to empower their customers more than ever before with information shared in captivating ways. Together, AR and AI continue to enhance mobile experiences.  It enables developers to design richer and more intuitive, relevant experiences for their diverse consumers. As we noted earlier, the applications of AR and AI are numerous. 

To know more about how Fingent can help you build incredible mobile experiences by combining AR and AI, get in touch with our experts today!

How Extended Reality Is Transforming Business Environments?

Picture yourself diving into crystal-clear Grecian waters or taking a walk on the moon, all the while sitting in the comfort of your home.  As fantastical as this may seem now, Extended Reality is making this possible as we speak. What is Extended reality and what are its powerful real-world applications? Let’s check.

Understanding What Extended Reality Is

Extended Reality is a blanket term that encompasses all virtual and real environments generated by computer technology. This includes components such as Virtual Reality, Augmented Reality, and Mixed Reality. Extended Reality is poised to completely revamp the way businesses interact with the media and has the potential to allow seamless interaction between the real and virtual worlds allowing its users to have a completely immersive experience. 

Three Remarkable Components of Extended Reality

These components fall under the category of immersive technologies that can affect our perceptions. Here is a little bit about them:

Virtual reality: Virtual reality transposes its users to a different setting through a simulated digital experience. It makes use of a head-mounted display (HMD) to create an immersive experience by simulating as many experiences as possible.  Industries such as healthcare and real estate have started using virtual reality significantly. 

Augmented reality: As the word suggests, augmented reality takes the existing reality and overlays it with various types of information, enhancing the digital experience. It could be categorized as marker-based, marker-less, and location-based. It has proven useful in medical training, design, modeling and numerous other areas.

Mixed reality: Being the most recent advancement among reality technologies, mixed reality is experienced through mixed reality glasses or headsets where you can interact with physical and digital objects in real-time. 

Related Reading: Augmented Reality Vs. Virtual Reality – The Future Technology

The implementation of these technologies through extended reality is enabling businesses to create innovative solutions and increase customer engagement, reduce human error and improve time efficiency. 

5 Powerful Real-World Applications 

“The market for Extended Reality is expected to have a compound annual growth rate of more than 65% during the forecast period of 2019-2024,” says Mordor Intelligence. 

Check out these five real-world applications of extended reality:

1. Entertainment and Gaming

The entertainment and video games industries are the foremost users of Extended Reality. Camera tracking and real-time rendering are combined to create an immersive virtual environment, allowing actors to get the real feel of the scene, thereby improving their performance. The extended reality also allows for multipurpose studio environments, thus reducing the cost of an elaborate movie set.

Video gaming is enhanced by the ability of Extended Reality to create a comprehensive participation effect. This allows users to dive into a completely different reality. Other entertainment events such as exhibitions and live music can also be enhanced by the capabilities of Extended Reality. 

2. Employees and Consumers

• Training: Extended Reality allows employees to be trained and educated in low-risk, virtual environments. Medical students, surgeons, firefighters, pilots, and chemists can closely simulate risky scenarios with minimal risk and less expense. The experience they gain will prove invaluable when they handle real-life situations.
• Information: Replacing physical manuals, Extended Reality can enable technicians to focus on the task without having to flip the pages of a manual. It can even connect an expert remotely to the real-time issue for his expert advice. This would save organizations a whole lot of money, and more importantly save them valuable downtime as they wouldn’t need to wait for experts.
• Improve customer perspective: Simulating virtual experience brought on by specific diseases and impairments can help doctors and caregivers receive empathy training. 

Related Reading: How Top Brands Embrace Augmented Reality for Immersive Customer Experiences

3. Healthcare

Extended Reality is improving healthcare by streamlining medical procedures while enhancing patient care. Allowing surgeons to visualize the complexities of the organs in 3D, it is enabling them to plan each step of a complicated surgery well in advance. Essentially, it is ensuring that surgeons can perform surgeries in a more safe, effective and precise way.

4. Real Estate

Extended Reality makes it easier for real estate agents and managers to close a deal by enabling prospective homebuyers to get a real feel of the property. The layout scenarios that are enabled by Extended Reality enhance customer experience while providing strong business opportunities. 

Related Reading: AR and VR- Game Changers of Real Estate Industry

5. Marketing

Extended Reality enables marketers to give their consumers a ‘try before you buy’ experience. It allows consumers to be transported to a place, immerses them in that world and motivates them to explore it. As an example, Cathay Pacific used a 360◦ video with hotspots to help potential customers experience the brand firsthand. That increased customer awareness by 29% and brand favorability by 25%. 

Face the Future with Extended Reality

There are many more advancements and applications to be discovered with Extended Reality, and it is soon going to be imperative to competitive advantage. Make sure your business isn’t left behind. Talk to our expert today. 

How to Solve Accounting Challenges in Business with Augmented Intelligence

The challenges faced by finance and accounting teams are like the underwater icebergs that can crash a huge ship. The Titanic sank because of poor decision-making. Likewise, weak financial decisions can affect your business. This blog will help your finance and accounting teams to identify the hidden challenges and provide insights on how to use Augmented Intelligence to overcome complex business challenges effectively. 

5 Reasons Why Augmented Intelligence Is Gaining Importance 

Many businesses are embracing Augmented Intelligence because;

• Enormous volumes of data can be processed quickly and efficiently with Augmented Intelligence.
• Accounting tasks such as audits, payrolls, taxes, and banking can be automated using Augmented Intelligence.
• Due to its ability to continuously learn, Augmented Intelligence can constantly improve efficiency while eliminating the risk of human error.
• It enables humans to make crucial decisions without bias by providing fair information and recommendations.
• Tedious tasks such as bookkeeping can be automated and streamlined.

Top 4 Solutions Offered by Augmented Intelligence 

Challenge 1: Protecting the business from fraud

According to the 2018 global fraud and identity report, 63% of businesses still continue to experience the same number or more fraud losses than the preceding year. And only 54% are ‘somewhat confident’ in their ability to detect fraudulent activity. The wide variety of fraud types and the enormity of the work involved in reviewing the data manually or by rule-based systems can make the detection and prevention of fraud a huge challenge.

Solution: 

With the help of Augmented Intelligence, large transactions can be analyzed in real-time which helps in detecting fraud. Since Augmented Intelligence can even categorize the score of fraudulent activity, investigators are able to prioritize their work effectively. Once the fraud is detected, Augmented Intelligence allows you to reject the transaction outright. Since Augmented Intelligence continues to learn from past data, it can learn from investigators’ reviews and understand how to discern patterns that lead to fraudulent activities.

Related Reading: Artificial Intelligence and Machine Learning: The Cyber Security Heroes Of FinTech

Challenge 2: Risk Assessment

While evaluating potential risks in lending money or providing credit, businesses could end up denying credit without assessing their current situation using traditional methods. Worse yet, they could end up approving credit to churners who could affect profits. The organization might also face the challenge of explaining to the consumer the reason for denying them credit.  

Solution: 

Augmented Intelligence helps you assess your customers’ current income and recent credit history based on the enormous data that is available at hand. This allows for a more realistic and accurate assessment of each borrower. Such kind of assessment allows financial firms to make more individualized decisions. Besides, Augmented Intelligence can provide reason codes which would explain the important aspects involved in credit decisions, making it easier to provide reasons why credit is being denied.

Challenge 3: Trading and Investment

According to a 2018 survey conducted in the US, 70% of millennials use mobile banking in the US alone. And this figure is steadily increasing all over the world. Businesses cannot function without mobile applications. It has become a channel of interaction with customers who would like to review transactions, pay bills and find customer service. Failed interactions would translate into increased customer churn, lost transactions and even lost revenues.

Solution: 

Augmented Intelligence can assist your business in detecting anomalies in transaction volume by identifying the triggers for such anomalies. Based on previous data patterns, the system can look at expected data volumes which can then be compared with real-time transaction values. This will help in your decision-making process because it clearly and quickly indicates the highs and lows of a transaction by suggesting solutions that meet each individual demand.

Challenge 4: Combating Money Laundering

It is estimated that the amount of money laundered globally in one year is 2 – 5% of the global GDP! And this seems to be increasing at an alarming rate. To combat money laundering, extensive investigations must be performed by the finance and accounting teams. 

Solution: 

Augmented Intelligence can detect suspicious and complex transactions and raise a red flag on such transactions so investigators can further examine them. Augmented Intelligence can learn from each experience and more effectively safeguard your firm.

Related Reading: The Future Of Communication and Security Using Augmented Reality

Discover New Growth Opportunities by Applying Augmented Intelligence

Augmented Intelligence can help finance and accounting teams reduce costs, improve operations, increase consumer satisfaction and reduce the time taken for various processes by 80-90%. It can also reshape your entire organization from internal operations to treasury services. It can assess the available unstructured content and help your business unlock valuable insights from them. This enables smarter decision making, which in turn helps in the growth of your business. 

When your business adopts Augmented Intelligence as part of your methodology, it gives your customers benefits that will lead to loyalty and growth. Fingent has been helping many clients achieve this, and we can help you too. Give us a call and let’s discuss.