VR in the banking sector conceivable?
The financial world is no fun. It is number-driven, complicated and usually scares off consumers. Virtual reality is supposed to help and wake up the rather sleepy industry with fresh energy.
When you hear “virtual reality”, the first thing you might think of is video games that allow you to immerse yourself in their interactive 3D worlds – not banks. But can financial institutions use VR to create an unforgettable and captivating banking experience? One that truly engages people in their financial lives? VR could be used to create an enriching and meaningful experience out of uninspiring numbers and dry concepts by using vivid images that appeal to both the left and right side of the brain.
Some ideas and concepts of VR in banking are certainly still in their early stages and it is clear that certain applications still need time before they will become mainstream. Nevertheless, here are listed various methods that credit and financial institutions around the world are experimenting with in the field of virtual reality.
The Virtual Real Estate
The major French bank BNP Paribas has now been working for more than three years to improve customer dialogue and customer experience through the support of VR. The technologies are used to visualize, project and personalize processes and experiences. The fields of application are diverse, so that even simple processes such as bank transfers and account balance checks can be carried out via virtual reality. Every customer touchpoint, no matter how ordinary, should be provided with a unique experience. However, more spectacular activities are also being tinkered with: Customers will be offered the opportunity to go through the various steps of a real estate purchase in a virtual environment. Potential buyers are ported into a building or apartment that they can view in a 3D and 360° panoramic view.
Financial Trading
To make trading more efficient, a 2D-3D holographic workflow was developed for Citi that combines voice, gaze and gesture input with visual design using depth space and Z-axis. Augmented reality thus enables a more effective way to extrapolate insights from data. See the Trading Station in action in the following clip:
Use of VR in bank consultant training
Volksbank in Austria uses virtual reality in its academy and expects this to make the learning process more efficient, innovative and entertaining. The aim is to simulate consulting situations as realistically as possible in order to achieve maximum training success. The learning content is created as 360-degree photos/videos by recording typical consulting scenarios with real actors and combining them with gamification elements.
It is clear that virtual reality is used in many areas and can be of enormous help there. In addition, the technology offers a more entertaining added value through its gamification approach – a wake-up call for the banking industry?