How Can Virtual Reality Be Useful For Banking
- April 25, 2018
- Posted by: Vivek Shah
- Category: Virtual Reality
Changing Face of Finance with Virtual Reality:
If there are billions of conversations happening every minute, imagine how many times your bank must have been talked about while you finished reading this article. Each conversation is a business opportunity for you to create a memorable experience for your customers that they would want to share with others.
Envision a world’s future; from a smart-phone to a smarter-phone, from a car with a driver to a car without a driver. Future is the next present, where our imagination today can become a reality tomorrow. And that’s exactly what Augmented Reality & Virtual Reality technology are aiming to do with the Banking Sector.
The trend in banking has not changed much since its inception. It started out with a little passbook that bankers would note down Credit entries for each time you deposit money with the bank and when you take your money out, would be denoted as a Debit entry. And these Credits & Debits would sum up your balance, and that was sort of what banking was. Then in the intervening fifteen to twenty years, we got ‘telephone banking’, where you could phone up and hear a list of your credit and debit transactions, along with your sum total balance. And then we got internet banking where you could log on to a website and see the same list of credits and debits and your total balance. This form of banking also implemented a few more features like connecting you to Customer Service Representatives. It was still sort of out-of-date, making you feel the traditional banking experience – online.
Now we have mobile banking, you log on and can see a bunch of options that give you more services than before, but limit you to options that you need to visit a physical branch to conduct any major transactions. This to me seems like the innovation of banking has really not changed very much!
Something strange seems to have happened in banking recently and I think banking is on a brink of a revolution. Technology is dramatically changing how people bank. About 90% of the population does some of their banking online.
Imagine millions of customers for a bank like yours. The intelligence software enables you to continuously track millions of social media interactions that customers connect with to engage, interact and offer a futuristic banking experience to your valuable customers by connecting Systems, Processes, People& Things of your business. Re-invent your work-style with the new age of interactive banking systems using VR & AR technology integrated into banking apps.
This will take “personal” banking to a whole new level. Just pop-in to your virtual bank by putting on your VR headset and interact with augmented peers or even finance experts who can advise you on better investment plans completed with a whole interactive chart made easy for you to understand. Take a look at your expenditure habits and where your transactions have been spent. This virtual interface will be your helping guide to better your success rates by analyzing competitive stocks for your ease of investment.
AR technology integrated into your Virtual Reality headset will enable you to interact with a finance expert who is a client of the bank too, to guide you in your needs and can inform you about how you can transact better with the bank offers or corporate credit. Virtual Reality can help you by suggesting to you the difference of your current investing strategy to a more favorable and effective one, just by taking a look at simple graphs and charts that highlight your options. There’s more to gain here with the risk factor kept in check. Banks can use Geo-tag technology to instantly analyze your credit card spending pattern and can offer you the best deals on the go.
What this means is that all banks have to open up functionality like this to create a smarter environment for their customers.Although Virtual Banking is still in its infancy stage, hence many banks are on the forefront to test this new technology until it becomes a mass widespread trend. Still if you like having a personal relationship with your bank, “virtual banking” may not be for you. But what’s your opinion? Would you like to see banks in India use this form of technology to develop a smarter and well-integrated “virtual bank” or would you like to visit your nearest bank and wait in long-lines to answer your queries?
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