A few years ago, it seemed like augmented reality (AR) was poised to fundamentally change the way we interacted with the world. In 2016, the mobile game Pokemon Go exploded in popularity, allowing anyone with a smartphone to interact with their environment in fundamentally new ways – andit’s still making a lot of money. By 2018,brands like IKEA were dabbling in using AR to engage with customers directly, allowing them to visualize furniture placement before buying and experience ads in dynamic new environments.
But aside from occasional encounters with AR marketing stations and niche in-person uses, we haven’t truly seen AR “take off.”
Why is that the case, and what steps can we take to work past these barriers?
The Promise of AR Technology
First, we need to stress just how valuable AR technology can be. As Pokemon Go proved, an AR experience that provides people with something imaginative, novel, and engaging can be a total cash cow and dramatically improve brand awareness; millions of people scarcely aware of the Pokemon franchise suddenly found themselves talking about it.
Andthe applications of AR go far beyond gaming or immersive marketing. AR can be used as a training tool for new surgeons and other professionals in highly specialized occupations. It can be used to enhance traveling experiences and provide information for tourists in certain environments. It has incredible potential to assist with navigation, in major cities and big box stores alike. And it can even be used to improve safety in certain workplace environments.
Overall, the right AR solutions could save money, save time, keep customers more engaged, keep workers safer, and boost your brand reputation all at the same time.
So what’s stopping us?
The Obstacles in the Way
These are some of the biggest obstacles standing in the way.
Creativity/imagination. Part of the problem here is a simple lack of imagination. AR could hypothetically be used to enhance or dramatically change countless interactions in both professional and personal lives. And yet, we only see it used for a handful of niche functions. Companies and creative individuals just aren’t pushing the limits of what this technology can do.
Talent shortages.The tech talent gap is painfully large. There’s a shortage of qualified tech developers capable of working with complex new technologies like AR and VR – which means if you’re looking to hire a developer for something interesting and new, you’ll either spend months searching for the right candidate or you’ll end up overpaying (or both). Accordingly, many businesses simply stick to what they already know.
Device limitations. For a technology to catch on with a given population, it needs to be both convenient and accessible – and unfortunately, AR and VR aren’t known for their convenience or accessibility. Truly detailed and immersive experiences often require clunky headsets and/or expensive equipment – far beyond the simple smartphone that most consumers use as their all-in-one tech hub.
3D imagery consistency. Designing and implementing full-scale 3D worlds presents a number of challenges, even for the most skilled and experienced designers. It’s very easy for the immersive experience to be broken by an interface that doesn’t align quite right or a 3D object that flickers in and out of existence seemingly at random.
Controls and navigation. Adding to this is the challenge of designing controls and navigation functionality that users can learn quickly and easily. We don’t have intuitive models for gesture-based interactions – and consumers don’t have much of an intuition for how to handle an AR environment.
Unimpressive early encounters. Some people are quick to write off the potential of AR after an unimpressive first experience. An underwhelming application can easily make you feel like the tech simply “isn’t there yet,” even if it underrepresents what is possible in the field.
Refusal to invest. It’s estimated that the AR market couldgrow to $340.16 billion by 2028, but right now, companies just aren’t ready to make the investment. They don’t want to throw their R&D or software development budgets at a tech that may or may not grow to become more popular in the future.
Stagnated public acceptance. If AR hits a certain threshold of popularity, its momentum will be hard to stop. Once a handful of brands prove how valuable AR can be, and demand for AR increases, we’ll see an explosion of innovation, sales, and public acceptance. But until that threshold is reached, we’ll likely remain in this semi-stagnated purgatory, where AR is still used occasionally, but only for specific niches.
As a proponent of AR technology, I can’t help but push for more visibility for the technology and more ingenuity in the field. If you’re interested in an AR solution for your business, your best bet is to work with a solid custom development team who can help you design one from the ground up. With the right team, you have practically unlimited potential – and almost no competition.
Nate Nead
Nate Nead is the CEO & Managing Member of Nead, LLC, a consulting company that provides strategic advisory services across multiple disciplines including finance, marketing and software development. For over a decade Nate had provided strategic guidance on M&A, capital procurement, technology and marketing solutions for some of the most well-known online brands. He and his team advise Fortune 500 and SMB clients alike. The team is based in Seattle, Washington; El Paso, Texas and West Palm Beach, Florida.
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
Featured Image Credit: Photo from Kennek.io; Thank you!
Radek Zielinski
Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!
Deanna Ritchie
Managing Editor at ReadWrite
Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!
Deanna Ritchie
Managing Editor at ReadWrite
Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.
