Augmented and virtual reality represents the cutting edge of innovation in banking. To make the digital banking experience more customer-friendly and streamlined, some of the biggest banks in the world – including Citibank, Capital One, and Visa, just to name a few – are making the new technology a standard part of the customer experience.
One of the major ways that augmented and virtual reality (AR and VR, respectively) have dramatically changed the banking industry is by increasing accessibility to banking with remote options. Instead of customers having to shuffle in slow queues waiting to deposit their checks or transfer money between accounts, they can now do those things and more completely remotely.
The innovations are not just in favor of the customer experience, though. Professionals in the banking industry are seeing massive changes to their working environment, resulting in faster, more efficient service. The applications of AR and VR in banking are endless, below are just a handful of examples of what is surely the future of the banking and finance industries.
Applications of Augmented and Virtual Reality in Banking
There is a wide variety of applications for AR and VR, all of which are aimed to ease the process of banking, not only for customers but for banking professionals as well. As mentioned above, some of the most well-known banks in the world, such as Citibank, Capital One, and Visa have been using this technology for longer than a decade.
Citibank’s holographic workstation is a strong testament to what AR can do for the work environment of banking professionals. The development illustrates that this technology can accomplish much more than improving user experience. In the holographic workstation, AR is used for data visualization for financial traders.
It is a 2D-3D integrated system that increases the productivity of financial traders by allowing them to visualize financial data using holograms in real-time. They will also be able to monitor trends of stock indices, rapidly and continuously informing their decision-making process. For virtual teams, the holographic workstation can be shared in interactive data visualizations, allowing for a highly efficient remote working dynamic.
Capital One uses AR technology to optimize user experience when shopping for cars or managing auto loans. Their app, Auto Navigator, allows users to remotely browse through showrooms or, even better, aim their camera at any car they pass by on the street to obtain information on the make, model, year, and specs of the vehicle. Once their car is chosen, they can be pre-qualified for an auto loan and get customized information on their pricing based on their unique financial circumstances.
Visa put a very creative twist on the process of performing digital transactions. Their development can be integrated with any service – including food delivery! – to provide seamless, immersive payments. What’s more is the app doesn’t just provide payment methods, but an interactive simulated map of the surrounding area.
Virtual Reality in Banking
The uses of virtual reality in banking are no less diverse. In another iteration of streamlining the process of making digital transactions, MasterCard and Wearality teamed up to give customers a virtual world in which, in addition to making payments, they can also play games and buy virtual trinkets and accessories.
For most banks, customer service is a high-priority aspect for which innovations are always welcome. To improve the experience of both professionals and customers, many banks have integrated both AR and VR into mobile apps to assist customers in locating branches nearby for in-person services. If there isn’t a need for in-person service, virtual branches will become available as well. In the future, it is expected that some banks will become exclusively digital while providing all the same service that a physical branch offers.
Once in effect, VR branches will reduce service costs for banks by eliminating the necessity of investment into a physical location. This will also be invaluable to customers who have difficulty accessing physical locations, increasing the reach and appeal of the bank using the technology.
According to Deltec Bank & Trust, the Bahamas “The continued growth in popularity of the use of AR and VR technology in banking is rooted in its ability to significantly improve the public’s and professionals’ experience in the industry.” Banking professionals will be able to complete work much more rapidly and with higher accuracy, while customers experience faster, more streamlined service. Fintech has already been dramatically strengthened by the incorporation of AR and VR into everyday banking – it will be exciting to see what more innovation can be accomplished.
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.
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