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Extended Realities (XR) (Augmented Reality (AR) (2. 'Home Finder'…
Extended Realities (XR)
Augmented Reality (AR)
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1. AR Mobile Apps
What is it ?
- Using the concept of existing mobile banking apps
- Improves customer service offerings
- Personalized management app helps in visualising accounts
How is it being used?
- Access the app when searching for nearest ATM/bank branch
- Advance analytics is used to keep track of cash volume in the ATM machines
Virtual Reality (VR)
What is VR?
- Artificial environment created with software and presented to user suspends belief and accepts it as a real environment
- E.g. Google cardboard, Samsung GearVR
2. Wealth Management VR
How it Works?
- Smart watch will notify customer through iphone app
- Sender is customer's financial advisor who sends updates on market
- Grab phone, put into VR headset, connect the advisor, and ask to view on the market change and any other possible responses
What is it?
- Virtual reality investing
- Mobile app prototype combines financial planning and investment advisory into a single tool, and ties in with a smart watch
- 3D experience with personalized newsroom, meeting with advisor and portfolio overviews
1. VR Banking Apps
What is it?
- Virtual reality apps allows retail banking users to access their account activities and transaction records in a VR environment
- Internet based financial institution offering deposit and withdrawal facilities, and other banking services
- Includes real estate purchase as well
How it Works?
- Customer can access ATMs, or other devices for any banking transactions without the physical (brick and mortar) walk-in premises
- Use the 'experience capsule' to put prospective buyer into an apartment or home
Mixed Reality (MR)
What is MR?
- System merges real and virtual worlds to produce new environments and visualizations
- Physical and digital objects co exist and interact in real time
- Virtual objects to look believable, best combination or VR and AR
What is it?
Presenting data in pictorial and graphical format
- Drill down into graphs and charts for more details (3D)
- Helpful for large amount of complex data (wealth management)
- Predict more sales
- Clarify factors influencing customer behaviour
- Identify areas that need attention or improvement
How is it being used?
- Comprehend information quickly
- Identify relationships and patterns
- Pinpoint emerging trends
- Communicate the story to others
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Impact of XR
- Might result in branch replacement where technology overtakes traditional banking branches
Advantages of XR
- Reduces human intervention
- Interaction of methods are evolving
- Transforms financial data into customer's home (???)
- Saves costs
- Real time feedback taken to provide instant and results and analyse outcomes
Disadvantages of XR
- Hampers interaction with real world
- Invasion of privacy
- Not suitable for non-tech savvy customers
Future Potential
- Video conferencing between bank representatives to connect with customers regarding their relationship
- Leverage talent of specialized banking officers, handling 8-10 calls instead of 2-3
- Re-imagine customer interaction within money and across channels, to manage finances
Overview of Extended Reality
- Superset of all technologies ranging from entirely real to entirely virtual
- Overlay of real world with digital enhancements to extend human reality
- Removes physical distance between people, information and experiences
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What is AR?
- Computer-generated image on user's view of real world
- Stimulates artificial projects in a real world environment
- Provides a 3D view on camera
- E.g. Google Skymap