InfrasoftTech’s mixed reality solution to help banks accelerate customer verification

InfrasoftTech’s mixed reality solution to help banks accelerate customer verification
Photo Credit: Reuters
28 Nov, 2019

Mumbai-based fintech digital solution provider, Infrasoft Technologies (InfrasoftTech) has launched mixed reality (MR) channel, which it says will help banks reduce customer authentication process to three minutes.

This “Made in India” solution can complete background checks in under three minutes, a process that usually takes around 4-5 days.

“The MR-enabled eye gears will simulate the bank branch experience wherein banking executives will be able to scan the face of a customer and after authentication, get access to their banking portfolio in one sight,” the company said in a statement.

InfrasoftTech also introduced other solutions with the launch of its mixed reality channel within its Kiya.ai omnichannel and open banking solution. The solutions enable users to access information in 3D view with the use of touch, speech, or hand gestures.

The company claims that these solutions will help financial institutions use artificial intelligence, IoT and analytics to improve security and curb fraud.

“We are extremely thrilled to introduce our ‘Made in India’ futuristic Mixed Reality channel for banks and financial institutions worldwide. The world of omnichannel will move beyond mobiles, tablets and desktops to wearables where one wouldn’t need to carry devices to click and browse,” said Rajesh Mirjankar, managing director and CEO, InfrasoftTech.

The global fintech market was at about $127.66 billion in 2018 and is expected to grow to $309.98 billion at an annual growth rate of 24.8% through 2022, according to data from market research firm, The Business Research Company, in its report FinTech Global Market Report 2019.

Traditional banks and financial institutions are now looking at emerging technology to meet rising customer expectations and demand.

Apart from AI, financial institutions are investing in blockchain, robotic process automation (RPA), big data and cloud computing to streamline services.

What is Mixed Reality?

Mixed reality is an umbrella term for technology that combines aspects of augmented reality (AR) and virtual reality (VR). The technology, still in its early stages, has found its way into enterprises’ digital journey roadmap. About 68% of respondents in a Harvard Business Review survey said MR is important in meeting their strategic goals.

IT giant Microsoft recently spoke about its Holoportation, a technology that allows people with MR devices to interact with coworkers in remote locations.