VR and your Money
Ever had the issue where you wanted to visit a bank but you had no idea where the closest branch around you was located, or even worse, you are too far away to make it on time before they close their doors for the day may be due to traffic or you are just too far away, well, you are not the only one.
Would it not be great to just put on a pair of headset and login to a virtual bank and perform all your transactions, talk to customer care, authorize payment and maybe send in a few documents without having to look for a physical branch.
Take it one step further and perform all this from the comfort of your home or maybe from your living room couch.
Welcome to the world of Virtual Reality Banking
Where you bank is never far from you and can be accessed 24/7 with no fuss and all you need is a pair of VR glasses or headset and whatever authentication method you have set up. Obviously, you will need an internet connection but that’s already a given in this day and age.
This is the possibility that AR and VR technology offer to the Banking and Finance industry. Yet some of you are thinking, “Hey, what about security”, well VR can actually help increase the security of your transaction with voice recognition and other biometric authentications (Iris scanning for example).
The banks and financial institutions also heavily benefit by offering virtual branches, virtual customer services, and virtual training and customer acquisition. After all, as long as they can reach more customers and as a result generate more revenue, having VR and AR incorporated into banking processes will only make shareholders happy.
Apart from this, VR and AR technology allows the financial institutions to showcase a certain aspect of their operations to new and existing customers that would have otherwise been not as prominent using traditional means. Plus aspects like financial training and advisory can all be carried out in virtual space.
See your data in a whole new light
Then you have data visualization which lets the institution get a visual representation of their information and make decisions accordingly, this can be taken one step further by performing virtual trading. Some companies are making trading a virtual experience by creating virtual reality workstations for trading.
Citi Bank uses Microsoft HoloLens to give traders Holographic Workstations. This type of workstation offers 2D and 3D elements that add to the bank’s existing processes.
Comarch uses virtual reality in their wealth management software to give users better access to algorithms and trading tools. The mobile app prototype combines financial planning and investment advisory into a single tool. It lets well-off bank clients control and multiply their assets, often scattered throughout the world, with no more than a few taps – and a little help from a personal advisor.
It should also be noted that artificial intelligence plays a large part in VR and AR implementations for this sector and its use here is essential for further development.
Prepare your employees for the upcoming experience with our studio or just take a peek at other possibilities of using VR for banking.