Commonwealth Bank Releases New Augmented Reality Application for the Australian Market

I first wrote about Augmented Reality applications back in October after I had returned from the Inman Technology conference in San Francisco, if you’d like to read that article, here’s the link to refresh your memory Augmented Reality What is it?

I’ve been patiently waiting for the technology to start to be implemented here in Australia and now its finally arriving with news the Commonwealth Bank have announced the release of their new Augmented Reality iPhone application.

Here’s the media release from the bank:

“Building on Commonwealth Bank’s vision of banking in 2013, the Group is announcing its next digital innovation with the release of its iPhone augmented reality application for anyone buying or selling a home, or simply looking to keep on top of the property market.

The new iPhone application will take property search to a new level, revolutionising the way home buyers search for a home allowing them to make smarter property decisions with virtual reality insight in to any Australian home anywhere, anytime.

The technology is supported by two industry leaders, the nation’s number one property portal and, Australia’s leading property information and analytics company.

The core functionality of the application utilises ‘augmented reality’ where rich data including past sales history (on more than 95 per cent of properties in Australia), current property listings and recent sales, is mapped on to a real world view through the iPhone’s camera.

Users can also switch to a list or bird’s eye view to pull in insights on properties matching their search criteria. Home hunters can then track their ‘dream house’ in their favourites, send to a friend and make informed decisions with access to detailed suburb profiles revealing demographics, median price, property hotspots and capital growth trends.

According to Mark Murray, General Manager Consumer Marketing, “We are leveraging new technology and continually innovating to deliver convenient, relevant and real-time services to make buying a home easier.

“As Australia’s biggest home lender we have teamed up with and, to help Australians make an informed decision when it comes to making their biggest financial commitment.

“The new iPhone application will be an industry first in Australia.  Home buyers and sellers can easily access a host of customised information, tools and insights on every home in Australia – for free.

“The application is a significant milestone in our 2013 vision of banking, bringing virtual reality property search to customers right here, right now,” added Mr Murray.

A video demo of the iPhone augmented reality application will be available next week with the application available for download from the Apple App Store, coming soon.”

If you can’t wait to see how the application will work, you can take a look at the video here.

As I mentioned in the opening paragraph I can’t wait to be able to download this application and start playing with it, this hopefully will be the start of more Augmented Reality applications like this, and I’d also like to see the use of GEO Fencing technology and location based applications being employed by business here as well, the use of this technology has many benefits to the end consumer.

Whilst this application is aimed at the real estate buyer, this opens up the potential of this technology to all types of businesses, imagine the impact this type of technology has for restaurants and tourism.

Being able to access prices, menus, consumer reviews and book a table or a room directly from your phone opens up a new world of opportunities for business in this country.

Well done Commonwealth Bank and I hope this is the start of more of these applications being widely adopted by both business and consumers.

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