Augmented Reality (AR) superimposes virtual elements in the physical world around us and provides rich visualizations and interactions. Virtual Reality (VR), on the other hand, creates a simulated environment that is totally outside of the physical world.
AR/VR technologies immediately remind us of gaming; or the way it is shaping our shopping experience. But these technologies can have a great impact on Banking. We can reimagine business processes, services, and customer experience by blending AR/VR technologies in banking services.
One of the prominent use cases is a rich data visualization. Fidelity has created a virtual world called “StockCity” – a virtual 3D city where investors can immerse themselves in information about their portfolios. Using Oculus Rift, Salesforce is delivering an immersive 3D experience for analyzing data. Some banks are using AR/VR powered mobile apps to drive their mortgage sales. They provide, in collaboration with real-estate firms, useful information about a property with a simple camera scan of the property. The information includes property details, similar properties, and mortgage offers. Some banks have built mobile apps powered by AR/VR that can help locate nearby branches, ATMs, service information etc.
Other use cases include Citi’s use of Microsoft Holographic Workstation in trading, VR payments by Mastercard and Swarovski using Masterpass. Simply imagine viewing 3D interactive Reports and Documents with AR/VR capabilities; or accessing all card and account related information in a virtual world by looking at your credit/debit card. They provide much deeper insights and immersive experience.
There are numerous other applications of VR/AR that improve employee productivity, sales effectiveness, and operational performance.
Humans are visual creatures; and application of AR/VR technologies provide that experience in a secured environment.