AR/VR: The Next Frontier in Banking and Financial Services

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What are AR and VR, exactly?

7 Examples where AR/VR are boosting Banking and Financial Services

Exciting times ahead

Technological advancements continue at breakneck speeds, facilitating more convenient user, consumer, and customer experiences while providing businesses a significant edge against both incumbents and new market entrants. Augmented reality (AR) and virtual reality (VR) are pushing the banking and financial services sector into the future. In just the last five years, both AR and VR have gone mainstream in terms of many banking and financial services offerings, much to the delight of customers and C-suite executives alike.

 What are AR and VR, exactly?

Augmented reality utilizes advanced software and other technologies to provide users with an interactive and augmented or enhanced version of the perceived, real physical world to interact with through computers and mobile devices. On the other hand, virtual reality allows users to interact in a completely simulated world or environment, separate and distinct from the perceived real world and through the usage of physical hardware like VR headsets.

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7 Examples where AR/VR are boosting Banking and Financial Services

Let’s Explore some examples of AR and VR Lighting up the Banking and Financial Services Sector. Some applications are focused on improving businesses, while others provide consumer benefits.

1. Multiple banks worldwide are utilizing AR apps to help banking customers find ATM locations more easily and provide interactive directions.

• Virtual reality is making its mark in investment banking by providing educational resources for employees to enhance decision-making by projecting market simulations to help mitigate risk.

• Investors now have access to VR investment apps to answer equity-related questions and provide meaningful insights into a publicly traded company’s performance.

• As the “Metaverse” proliferates, virtual payments enable virtual users to make payments without ever leaving a simulated reality.

• Prospective real-estate customers can scan a house as they pass by and receive pertinent details regarding the property and, in some cases, a three-dimensional representation of the interior.

• Digital-only banks are in the process of enabling customers to interact with the bank virtually to perform any banking action typically offered at a physical banking location/branch.

• Loans-oriented AR and VR technology provides loan seekers a more intuitive and interactive experience when exploring loan options for education, housing, and others. This type of loan technology offers users visual information to more easily digest interest, repayments, and other critical financial projections based on a selected loan.

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Exciting times ahead

Augment reality and virtual reality are just starting to impact the banking and financial services sector significantly. Industry and consumers alike will continue to benefit from these technologies, making life easier and more intuitive, providing better insights, reducing risk, and improving performance. Exciting times ahead!

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References:

1. Augmented Reality (AR) Definition (investopedia.com)
2. 9 Applications of AR & VR in the Financial Industry (tjip.com)
3. Benefits and Use Cases of Augmented & Virtual Reality in Banking and Financial Services – Skywell Software
4. Top 6 Virtual Reality Examples in Financial Services (knowledgenile.com)
5. Virtual Reality: The Next Big Thing In… (seniorfinanceadvisor.com)