Extended Realities (XR)

Augmented Reality (AR)

Virtual Reality (VR)

Mixed Reality (MR)

2. 'Home Finder' Mobile Apps

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 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
  1. Data Visualization

2. Virtual Branches and Advisors

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

2. Wealth Management VR

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?

  • Picture an avatar controlled by your personal banker to present advice, offers and complex financial data in a single, visualized setting
  • Face-to-face at the comfort of one's own home via a video link on a laptop, desktop or a tablet computer

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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

How is it being used?

  • Comprehend information quickly
  • Identify relationships and patterns
  • Pinpoint emerging trends
  • Communicate the story to others

What is it?

  • For customers who cannot visit their branch due to travelling or simply need more privacy
  • Video banking face-to-face
  • Multimedia content presented directly on client's screen

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

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

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

1. AR Mobile Apps

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

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

What is it ?

  • App has already implemented information such as offers and deals to attract customers regardless of their location

How it Works?

  • App pulls up data on houses for sale when walking down the street
  • Customers who pass by shops get real time information presented in front of their eyes at point of purchase

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

Disadvantages of XR

  • Hampers interaction with real world
  • Invasion of privacy
  • Not suitable for non-tech savvy customers