FINANCIAL PRODUCT

Product: Augmented reality app Offerer: Westpac Offer dates: Launching next month How it works: Reality can be a little dull at times. Some find engaging with money even worse. But Westpac believes it has found a way to better engage customers with both. The bank is on the verge of releasing an ‘‘augmented reality’’ app for smartphones. Users will be able to point their smartphone at their debit or credit card, which will activate the phone’s camera function. Information such as account balances, transaction history and recent spending will be displayed on screen in faux 3D. The app is being launched as part of Westpac’s new online banking platform. What we like: The app looks fun, and it looks like technology that makes life easier. As a tool, this promises to make keeping tabs on accounts simpler. Banks have been criticised frequently for their excessive default fees. But services like this should enable people to manage their money more mindfully, so stuff-ups that result in those hefty, muchcriticised default fees should become rarer. Westpac says it will be the world’s first augmented reality banking app. What we don’t like: Rising use of technology means fewer branches and bank staff will be needed, and many of the staffwho remain can be based overseas, where labour is cheaper. Every year the big banks’ profits rise from these trends, but when will consumers get cheaper banking? Conclusion: The last 20 years have seen remarkable changes in the technology of banking and finance. The next 20 years will bring much more.