Overview
Banks and financial service firms have recently begun testing the waters by adopting
immersive technologies in their daily operations. AR and VR are opening up many
opportunities through 3D environments and digital assets as part of the virtual digital
economy.
As stakeholders prepare for the future of immersive and seamless banking, offering a
personalized and superior customer experience will be crucial to stay relevant in the
digital era. AR VR in Banking provides a golden opportunity for financial institutions to
shift to digital environments.
Novac Immerz is a pioneer in understanding the importance of AR VR in Banking and Financial
Services . Our tailor-made solutions optimize efficiency, ensure seamless
interaction between banks and customers, and enhance employee training initiatives.
Explore Top Use Cases of AR and VR in Banking
Financial institutions can introduce virtual branches to offer
customers a contactless banking experience. With physical bank branch closures
increasing worldwide, financial service firms can attract users with services in an
immersive environment.
Virtual Reality in banking is handy for creating simulations of bank
branches. Virtual avatars will assist customers by acting as representatives or
relationship managers enabling 24x7 access to services for account holders without
geographical constraints.
Convenience is ensured as basic services like account opening,
deposits and withdrawals, checking account balances, loan processing, and issuance
of debit and credit cards are available in a virtual branch.
Banks can explain different finance options to customers through AR overlays, infographics,
interactive videos, and VR presentations. Cutting-edge visuals of stock trading and
investment performance enable users to make the right financial decisions in a controlled
environment. Our Virtual Reality Solutions have the
power to bring financial products to life by underpinning them with customers' purchasing
journeys.
Workforce training is one of the important use cases of AR and VR in
banking. Financial institutions can realistically train their staff on critical
banking procedures like risk management, conduct product knowledge transfer
sessions, and spread awareness about regulatory changes.
Immersive Technologies powered by interactive environments enable
employees to offer better services, leading to increasing customer loyalty and
satisfaction. For instance, Bank of America used VR for onboarding 2000 people. The
financial institution used a combination of virtual worlds and interaction with live
avatars.
- AR for Financial Advisors
Augmented Reality in banking is a force to reckon with through
data-driven and immersive advisory services. Financial advisors can use immersive
technologies to present data via interactive charts, graphs, and simulations of
various scenarios.
They will benefit from accurate future predictions, deeper
assessments, and successful fund management through solid financial planning and
investment simulations.
The benefits of Augmented Reality in banking can also extend to risk
management, protecting customers and their assets from scams. AR can assist in
document verification, identify suspicious transactions, detect identity theft, and
create safeguards against potential security breaches.
Virtual Reality in banking is beneficial as it enhances the loan
application process. As a reputed AR VR
Development Company, our Immersive Solutions can create personalized finance
offerings, simulate loan repayment experiences, and overlay documents with
explanations.
In the coming years, Virtual Reality will bring exciting times for
the banking and financial services industry through interactive loan calculators,
property tours, virtual loan officers, and risk assessment for determining
collateral quality. Remote loan processing using VR will also serve a wider audience
and make banking services global.
The Transformative Power of AR VR in Financial Services
- Enhanced Customer Engagement
Our AR VR Solutions for
Banking and Financial Services improve customer engagement by changing how customers
interact with financial products. Highly personalized and data-driven customer experiences
build trust and loyalty.
- Comfort and Accessibility
Novac Immerz’s Augmented Reality
Solutions empowers banks to make their financial services more accessible for
customers. Real-time sharing of information and differently-abled friendly services for
users go a long way to make the banking industry more inclusive.
With infrastructure maintenance costs skyrocketing for brick-and-mortar bank
branches, AR VR in banking and financial services helps reduce operational costs through
remote loan processing. This increases borrower satisfaction as resource investments are
less.
- Interactive Advertising and Marketing
Banks can conduct promotional campaigns using AR and VR and offer memorable
experiences to customers. Immersive Technologies tick the right boxes in personalized
recommendations, 360-degree videos, and reengagement with the target audience through
interactive content.
Why AR and VR Represent the Future of Banking and Financial
Services
According to a report by Maximize Market Research, total Augmented Reality Revenue in BFSI
will grow at an impressive annual rate of 24.6% from 2024 to 2030. On the other hand, Allied
Market Research has analyzed that Virtual Reality in BFSI market will reach a whopping $3.7
billion by 2031. In the coming years, the world will witness the future of digitized banking
with a surge in demand for immersive technologies.
Final Words:
Financial service firms can reimagine customer interaction by showcasing
their offerings via AR and VR. With many changes expected to occur in the banking industry,
businesses must create an integrated virtual environment.
Success will depend on incorporating features into their products and offerings to
enhance user experience. Discover how Novac Immerz can help you integrate AR/VR into your
banking services. Contact us today to schedule a call and explore tailored solutions for
your organization.
S F Shanavaz, AVP
Having ignited minds in the golden age of eLearning transformed myself into a forerunner
in the Metaverse's uncharted territory. From the democratizing power of eLearning to the
boundless frontiers of the Metaverse, I have donned many hats – inspiring trainer, a
meticulous designer, a savvy marketer, and an ingenious builder. Not long ago, with a
developer's spirit, introduced and brought AR/VR business (Immerz) to life at Novac.
Now, I lead a team of innovators, wielding the magic of Augmented and Virtual Reality to
craft solutions that not only solve business challenges but redefine the very fabric of
how we interact with the virtual worlds.
