Benefits and Use Cases of Augmented & Virtual Reality in Banking and Financial Services

As expectations and customer demands are always increasing, banks need to find ways of keeping up to meet their clients’ needs. This is why the banking sector is undergoing a lot of changes to take its services and product offerings to the next level. Both AR and VR banking will play an ever-greater role in providing better and immersive customer experiences, thus leading to better engagement and enhanced brand communication. Let’s look at how an AR and VR bank experience can benefit the customers and the banks themselves. 

Creating a Virtual Reality Banking App

Monitoring your bank statements or account activities online can be tedious and, since there is so much information, it can be easy to miss an important detail. BNP Paribas created a much better way of checking your account history by developing a virtual reality banking app that allows you to access your transaction history in VR. If you are applying for a mortgage or a loan, the app offered a much more immersive and interactive experience of walking you through all of the various steps. This way, the consumer is more informed about the terms and conditions, which also helps the bank with all kinds of compliance legislation. 

Virtual Reality in Banking Compliance

Speaking of compliance, there are always rules added or updated, and it can be difficult for employees to stay on top of all the changes. This is a great situation where using virtual reality in banks will be of excellent service to everybody. For example, instead of sifting through employee emails or chat messages, VR technology can allow compliance officers to simply click through a 3D environment of this data, making the process a lot more interactive than the traditional approach. 

Using Virtual Reality for Finance

One of the most interesting applications of virtual reality in financial services is what GTE Financial is doing, which is one of the largest credit unions in Florida. Basically, the user can create an avatar and explore all of the credit union’s financial services. This is something that can be particularly useful in today’s business landscape, where people are to avoid physical contact as much as possible. Therefore, this is a great way of providing customers with a personalized experience from the comfort of their own homes or anywhere else they may be located.

Creating the Branch of the Future

We are starting to see banks using virtual reality in some very creative ways, one of which includes designing new branch locations. This is something the Bank of Kuwait is doing, and it really helped them convey their thoughts and ideas in terms of what they would like to be built. The big benefit of such virtual reality solutions development is the ability to virtually walk around in the proposed design to see whether your ideas can be realistically implemented. This is something that would be impossible when using traditional 2D blueprints. Moreover, if some changes need to be made, those can be done in real-time with a click of a button, without having the designer do some complex work. 

Augmented Reality in Financial Services

So far, we have looked at using virtual reality in finance, so let’s switch gears and look at some augmented reality financial applications. One of the most interesting use cases is what Axis Bank bank is doing, which is one of the leading banks in India. They have created an AR app that shows users ATM locations nearby and provides them with directions as well. A lot of augmented reality banks have used this technology to improve financial literacy. For example, the traditional way of applying for a student loan would be to read a contract with lots of fine print. On the other hand, an augmented reality bank would make this information a lot more interactive and visualize all of the numbers to allow the borrower to make more informed decisions. This includes things like augmented reality financial predictions to show future payments, interest charges, and repayment plans. 

Start Using AR and VR in Your Financial Organization 

While both AR and VR solutions offer a lot of benefits to both financial institutions and their customers, you need a reliable development partner to create them for you. Skywell Software has extensive experience in financial software development and creates a custom solution to meet your needs and those of your customers. Our industry skills and expertise allows us to make even the most complex and innovative solutions on time and budget.