Virtual reality banking
So, how exactly can VR technology improve customer service in the banking sector? The potential uses of technology are obvious to anybody touring a home or vacation spot, but creative problem-solving may be required to bring it to the banking sector.
Nevertheless, virtual reality has the potential to make the often immaterial world of banking more understandable for consumers. As a potentially fruitful study area, visualization prompts banks to reevaluate how they best convey a range of banking ideas to customers.
The technology may be utilized this way, as virtual reality provides one of the most effective means of aiding vision through its near-total immersion. If banks are allowed to graphically depict complicated financial products, like investment or insurance products, customers will have a better grasp of the finance industry’s frequently nebulous concepts and be better equipped to choose among competing offers confidently.
Customers seeking investing or insurance assistance at a branch may find such solutions appealing, but what if virtual reality technology could replace the branch?
Virtual reality headsets would allow customers to “walk” into a branch virtually. Call center bank tellers may also use virtual reality headsets to interact with clients as if they were in a brick-and-mortar location. This capability could be a lifesaver for clients who would prefer to visit a branch in person but are unable to do so due to health issues or mobility issues.
One of the banking industry’s virtual reality apps lets homebuyers preview a property’s finished appearance while it’s still under development. Another is useful for explaining why cell phone insurance is a good investment.
Bank of Comerica
Comerica Bank’s chance to showcase its ideas rooted in virtual reality is now. But Comerica Bank isn’t planning to give customers virtual experiences directly; instead, they will train their in-branch employees to use the technology better.
Comerica Bank’s branch employees can get ready for anything with the help of virtual reality technology. Virtual reality provides a sophisticated alternative to time-consuming and resource-intensive roleplaying exercises and other antiquated training methods, making it ideal for a wide variety of training purposes, from educating clients on Comerica Bank’s full suite of products to preparing for more implausible scenarios like emergencies, criminal activity, or even terrorist attacks.
Given the idea’s immense popularity, Comerica Bank is among the nominees for the prestigious 2018 Gartner Eye on Innovation Award for the Americas.
“Retail Banking at Comerica partnered with its internal Innovation Team and a startup called Mursion to use virtual reality (VR) to simulate engagement with customers in virtual Retail Banking Promise Centers,” according to a release from Gartner. “The VR training experience focused on simulating ‘real-world’ situations that Comerica Retail Banking employees were likely to encounter in a Promise Center.”
It was noted that Comerica Bank workers could practice in risk-free environments.
“Training participants interacted with one to three emotive avatars controlled by a human actor with voice modulation capabilities using a video-enabled laptop or an HTC Vive VR headset, providing participants with the ability to simulate conversations with customers in a safe environment,” Gartner said. “As a result, participants were able to develop confidence in their abilities and knowledge without the fear of failure, the experience was immersive and engaging, and the outcomes were proven superior to traditional training methods.”
Last Remarks
Virtual reality technology will revolutionize the banking business, whether for teaching or providing customers with one-of-a-kind experiences. But we’ll have to watch whether online branches eventually supersede physical ones.
Virtual Reality’s Possibilities in the Financial Sector
By implementing VR technology, businesses in the banking and financial services industry can provide customers with more immersive virtual banking, payment, and trading experiences.
Virtual reality (VR) has skyrocketed, not just in the gaming and entertainment industries. The banking and financial services industries have quickly adopted virtual reality (VR) to provide customers with more immersive experiences. With virtual reality technology, complex financial data may be presented most straightforwardly. For the dynamic financial sector, virtual reality (VR) can consolidate and display complicated data in an immersive, visually beautiful way, potentially changing the game. Customers unfamiliar with managing their own or their business’s finances may find virtual reality apps and services particularly helpful.
Virtual Reality’s Advantages for the Banking and Financial Sector
It is common practice for banks and other financial service providers to provide customers and clients with complicated financial data. With virtual reality, businesses can make content and apps that visually and interactively display complex financial data. Banks can benefit from virtual reality by developing more engaging user experiences. For example, companies can use virtual reality (VR) apps to teach consumers about investing and the stock market. There are several ways in which banks and financial institutions better serve their customers. For example, PNB MetLife introduced Converse, a virtual reality (VR) platform for customer support that provides a 3D virtual environment. Customers can engage with a digital character named Khushi in this setting. When clients have issues or need help servicing their life insurance policies, they can contact Khushi, a customer support professional.
Virtual Reality’s Potential in the Banking and Financial Sectors
Among the many uses of virtual reality in the banking and finance industries are the following:
Trading Online
The financial sector has the opportunity to build virtual reality programs that provide clients with real-time stock market viewing and trading capabilities. For example, Swissquote has created a virtual reality app with a 360-degree trading wall that allows users to instantly trade while monitoring the stock market. Virtual reality can also help businesses educate their clients about trading and the stock market. In collaboration with Oculus Go, TD Ameritrade has created an immersive learning experience that teaches users about the stock market and helps them trade in real time.
Payment
Virtual reality (VR) shopping apps are becoming more common in the e-commerce industry, and MasterCard and Swarovski have joined forces to create one. The app lets users peruse Swarovski’s home décor catalog and make digital purchases using MasterCard’s payment service. Partners in banking and finance can also work together to develop cutting-edge virtual experiences that include payment processing.
Banks Branches
As a result of the epidemic, going to busy locations, such as banks, is now quite dangerous. Not only do some people prefer to do their banking online. Virtual bank branches are the way to go in this case. Virtual reality (VR) presents banks with an opportunity to design an easy-to-use and aesthetically pleasing user experience that would allow consumers to visit a branch virtually.
Virtual reality technology is still in its early stages in banking. Virtual reality (VR) is sure to gain popularity as more and more people can afford to buy and use wireless headsets. Virtual reality as a service (VRaaS) on the cloud has the potential to revolutionize the industry within the next few years. Once that happens, virtual reality will utterly upend the banking and financial services industries. However, to stay ahead of the competition, businesses should begin investing in virtual reality applications for banking and financial services as soon as possible.