Augmented reality (AR) and virtual reality (VR) are used in the finance industry for a variety of cases, among them are data visualization, online payments, virtual branchs, customer support, training, and more.
Data Visualization
Viewing complex data from multiple sources on traditional screens can be difficult and limited. Augmented reality (AR) technology allows users to view data on virtual screens and in 3D, overcoming limitations.
This improves efficiency in financial trading through collaborative 3D data analysis and also enhances customer understanding of spending patterns through AR visualization of credit card charges. In the future, AR data visualization can even replace traditional trading floor screens with immersive 3D visualizations.
Salesforce created a data analysis tool based on the Oculus Rift headset. The result is an immersive 3D augmented environment that enables users to interact with data streams intuitively.
Online Payments
Virtual reality (VR) payment systems aer becoming a thing. Traditional payment systems interrupt immersive VR experiences (gaming, virtual shopping) with inconvenient prompts. Integrating payment interfaces directly into VR applications creates seamless experiences.
VR payment systems offer no interruptions, with users being able to continue their virtual activity without leaving the app. It also increases convenience by making purchases directly within the VR environment. It even improves VR immersion , since payment processes become a natural part of the experience.
For example, gamers can buy additional credit points within VR games, and virtual mall shoppers can purchase items directly from shops. MasterCard and other financial services companies are actively developing VR payment solutions.
VISA Europe and Blippar developed an AR shopping and payment experience for customers visiting House of Holland retail store.
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Virtual Branch Offices
Brick and mortar banks suffer from high costs for property, staff, and expertise, and create inconvenience for customers, such as long travel time, and limited working hours.
Virtual branch offices offer many benefits such as:
Accessibility: Customers can visit anytime, anywhere
Reduced Costs: Lower overhead for banks
Enhanced Convenience: Multimodal interaction with avatars
Remote Support: Audio/video calls with customer service
Partnerships and Promotions: Showcase joint services and offers
Virtual branches can showcase car and house loan offers for customers, without them leaving their homes.
Customer Service and Communication
Augmented and virtual Reality offer a number of ways to revolutionize the financial sector. VR Gamification can be used engage customers with interactive experiences to learn about finances. Enhanced customer connection can be make by building stronger relationships and loyalty through immersive experiences. Cross-selling and retention can be improved by increasing product adoption using AR & VR. Even new business opportunities can arise by exploring innovative marketing channels and revenue streams in 3D experience like massive online games.
National Bank of Oman already uses AR to help customers locate nearby branches and ATMs. Westpac New Zealandalso integrates augmented reality into customers’ bank account management through its Westpac app.
Staff Training
AR and VR can be used for virtual simulations, providing realistic training environments for financial services workers. It can enhanced financial literacy among the staff and customers by educate them on important financial topics. These 3D training experiences can be done anytime and anywhere, thereby eliminating dependence on expert availability. On-demand learning can be made easily available to train employees at their own pace, conveniently.
Augmented and virtual Reality can even improve the hiring of better staff by offering unique recruitment experiences to attract top talent with immersive VR tours, as well as AR/VR remote onboardings that streamline and enhances onboarding processes.
Already Citigroup’s virtual trading desk (with Microsoft HoloLens) allows staff to set up a digital workstation that can be viewed in AR.
What Does the Future Hold for Augmented and Virtual Reality in Finances?
In the future, AR and VR will even be used in the finance industry for actual bank account management, virtual trading, and even asset security. We are excited to see how 3D/AR/VR technologies will revolutionize the finance industry. 3D/AR/VR have amazing potential to transform the landscape of banking and finances. As technology continues to change and research advances, these kind of 3D-based experiences will likely become more prevalent.
Written by Angela Yu.
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