Gone are the days when customers had to visit brick and mortar banking facilities and stand in queues to process a transaction. The banking industry is revolutionizing the new-age financial services for the next generation to make them flexible, acce...read more
Gone are the days when customers had to visit brick and mortar banking facilities and stand in queues to process a transaction. The banking industry is revolutionizing the new-age financial services for the next generation to make them flexible, accessible and easier.
Augmented Reality allows customers to familiarise themselves in an imaginative, immersive environment wherein the reality is "augmented" and enhanced with computer-generated information, illustrations, and sounds. At the heart of banking and financial services, customer service is of the utmost importance. Businesses are thriving to achieve that by delivering unparalleled service by the advanced means of AR/VR technology.
Here’s listing the top applications of AR/VR in the banking and financial sector;
Through this method, payments are done through e-wallets, links and digital cards. It makes the checkout processes on digital platforms hassle-free and universal. It is secure and protected by two-way authentication, it also offers exceptional convenience as customers do not have to visit banks for every monetary transaction.
Visualising an enormous amount of data
Every day, traders have to stay current with the latest trends in the market and assess all the historical data as well. AR/VR technology lets you analyse a gigantic amount of data and form patterns to derive meaningful insights from them. Oculus Rift and Fidelity Labs allow you to indulge in an immersive 3D environment where you can read in the data and make informed decisions.
Locating ATMs and banks
VR/AR simulations and projections are deployed for customers so that they can find the location, distance and services available in a bank and the ATMs.
Financial training and education
In today’s hyper-informative world, it is critical for both customers and bankers to understand the details about how a financial institution works, the various schemes, plans, insurance and more. It keeps them updated with the changes in the financial system while educating customers about various banking products and services.
With the help of VR/AR, banking chains can create a digital banking experience through virtual banks. It will help to make the services faster, easier while also saving the expenses of renting a property, hiring staff to run it and overheads.
To appeal to the millennials and Gen-Z customers, banking institutions need to evolve themselves with the shifting trends in AR/VR technology. This way, they will be able to do customer acquisition, offer sound connectivity and better services powered by automation.