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Redefining Banking With Augmented Reality and Virtual Reality

Banking industry is going through a massive transition and transformation to get the next generation of tech-savvy individuals on their platforms through various means.

Emerging technologies such as Augmented Reality (AR) /Virtual Reality (VR) have been a boon, and a significant contributor to the future of banking by letting banks to create immersive customer experiences, platforms and applications; that lead to higher user engagement, seamless banking solutions and positive brand communication. Using augmented reality in banking can not only increase the efficiency of certain operations but also enhance the overall user experience.

AR/VR - a path opener  

Banking

AR/VR can create a virtual digital bank branch where customers can be engaged and provided a much insights, and a more personalized attention with virtual assistance. It can enable customers with a 360 degree view of their current position, various status of their requests, new offerings and many more. Some of the key functions where VR will be forming an impact is the documentation (filling of forms). Customers will have a personalized chat with any bank personal for any service.

Payments:

Contactless virtual cards, digital wallets, pockets, has increased the payment experience seamless and will solve the problem of absence of instant checkout experiences. Debit and Credit cards will be truly universal. They have also gain protection against theft and loss by enabling smarter authentication processes. Like the self-service mechanisms, these has also reduced the physical visits to any bank branch.

Information can be easily visualized. This provides a user friendly, easier payment options to customers. These payments are also benefitted from instant tracking, user identification and instant bank balance checks.

The augmented reality finance apps may also encourage payments by recognizing the specifications and price of an item and covering the data on the customer’s experience from the real world. The virtual reality will enable by providing the image based product overview, as well as may enable the customers to locate the product location inside the store.

Account payments and management will also get simpler. Today customers use the digital methods of online payments from accounts, debit/credit card, digital wallets. Mobile Apps will soon allow purchase to occur with the flick of a wrist, a blink of an eye or even the sound of your voice. 

Insurance:

Insurance companies can utilize AR technology, when it comes to investigation. The environment that an insurance professional is a part of can easily be analysed, collected and recorded on a real-time basis. Hence, making the work more comfortable, efficient and better result oriented.

With the introduction of devices and complex equipment being insured in industrial settings and the need to make quick assessments of weather-related damage – the insurance industry is definitely in need of solutions to overcome such challenges.

Trading of Data:

Data play a vital and significant role in the financial industry. The decision made from the data are very much crucial for the customers. The data visualization applications created by AR technology can provide access to financial professionals to understand the underlying intricacies and correlations that lies in the data with accuracy.

Mobility:

Augmented reality and Virtual Reality will create a disruption in the digital mobile apps sector with an intention to create super apps. These super apps will be enabled and capable of executing multiple functions from a single base. Consumer will be inclined to use these Super apps for Banking, Insurance, Retail, Restaurants, Hospitality, Tourism, Legality, Medicine, Gamming, Fashion, e-Commerce and many more.

Banking and Financial Institutions will eye to integrate the augmented reality and virtual reality to create the disruption in the Banking business and provide a personalized customer experience.

 

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Saurabha Sahu

Saurabha Sahu

Senior Solution Consultant

Wipro Limited

Member since

11 Feb 2016

Location

Bangalore

Blog posts

7

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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