Augmented Reality: A Boon for Digital CROs
Augmented reality in risk management: A sign of the future
Financial institutions use traditional data visualization tools in their risk management function. These tools lack multi-dimensional data analysis capabilities, which hamper real-time risk assessment and quick decision-making during crisis situations. Adopting augmented reality (AR) technologies can substantially improve data visualization by providing instant data access and real-time view of changing risk exposures. Using AR devices enables simultaneous consultation with multiple executives and provides contextual insights making it easier for CROs to discharge their duties.
There are several areas in the risk function that can benefit from AR adoption. However, before going ahead with adopting AR, banks will need to take some preparatory steps:
- Identify the digital programs required to transform complex legacy IT infrastructure and make underlying risk processes AR-ready
- Run a pilot to identify implementation challenges and arrive at ways to resolve them