Augmented and virtual reality represents the cutting edge of innovation in banking. To make the digital banking experience more customer-friendly and streamlined, some of the biggest banks in the world - including Citibank,
One of the major ways that augmented and virtual reality (AR and VR, respectively) have dramatically changed the banking industry is by increasing accessibility to banking with remote options. Instead of customers having to shuffle in slow queues waiting to deposit their checks or transfer money between accounts, they can now do those things and more completely remotely.
The innovations are not just in favor of the customer experience, though. Professionals in the banking industry are seeing massive changes to their working environment, resulting in faster, more efficient service. The applications of AR and VR in banking are endless, below are just a handful of examples of what is surely the future of the banking and finance industries.
Applications of Augmented and Virtual Reality in Banking
There is a wide variety of applications for AR and VR, all of which are aimed to ease the process of banking, not only for customers but for banking professionals as well. As mentioned above, some of the most well-known banks in the world, such as Citibank,
Citibank's holographic workstation is a strong testament to what AR can do for the work environment of banking professionals. The development illustrates that this technology can accomplish much more than improving user experience. In the holographic workstation, AR is used for data visualization for financial traders.
It is a 2D-3D integrated system that increases the productivity of financial traders by allowing them to visualize financial data using holograms in real-time. They will also be able to monitor trends of stock indices, rapidly and continuously informing their decision-making process. For virtual teams, the holographic workstation can be shared in interactive data visualizations, allowing for a highly efficient remote working dynamic.
Virtual Reality in Banking
The uses of virtual reality in banking are no less diverse. In another iteration of streamlining the process of making digital transactions,
For most banks, customer service is a high-priority aspect for which innovations are always welcome. To improve the experience of both professionals and customers, many banks have integrated both AR and VR into mobile apps to assist customers in locating branches nearby for in-person services. If there isn't a need for in-person service, virtual branches will become available as well. In the future, it is expected that some banks will become exclusively digital while providing all the same service that a physical branch offers.
Once in effect, VR branches will reduce service costs for banks by eliminating the necessity of investment into a physical location. This will also be invaluable to customers who have difficulty accessing physical locations, increasing the reach and appeal of the bank using the technology.
According to
Disclaimer: The author of this text,
About
Headquartered in The
Media Contact
Company
Contact Person: Media Manager
Email: rtrehan@deltecial.com
Phone: 242 302 4100
Country:
Website: https://www.deltecbank.com/
Source: www.abnewswire.com
.
(C) 2020 M2 COMMUNICATIONS, source