Virtual Reality Banking: Where Technology Meets Personal Finance

Virtual reality banking is a game-changer for personal finance. It allows users to immerse themselves in a fully interactive and 3D environment to manage their money.

This technology is still in its early stages, but it's already showing promising results. For instance, a study found that users who used VR banking were more likely to stick to their budgets and make informed financial decisions.

Imagine being able to see a 3D model of your budget, with each expense and income clearly visible. This is what VR banking offers, making it easier to visualize and understand your financial situation.

Research suggests that VR banking can also increase user engagement and satisfaction with banking services.

Virtual reality banking features are revolutionizing the way we interact with our finances. Customers can now have face-to-face interaction with their financial service provider through a virtual or augmented reality environment.

With virtual reality, banks can offer an enhanced view of banking that bridges the gap between a banking branch and the potential or existing customer. This allows for smooth virtual conversations, giving an experience similar to the contact center experience.

Virtual reality banking features also include voice recognition for authenticating consumer conversations and transactions, adding to the security provisions. However, this requires strong security identification measures for widespread acceptance.

Banks can use virtual reality to demonstrate the features and pros of investment products, allowing customers to better understand the product and make an informed investment decision. This is just one of the many use cases for AR/VR in banking.

Some of the key benefits of virtual reality banking features include:

In addition to these benefits, virtual reality banking features can also provide customers with virtual product demonstrations, enabling them to explore and interact with financial products in a more immersive and engaging way.

Banks have a huge opportunity to provide a more immersive experience for their customers with virtual reality (VR) technology.

Approximately 2.69 billion gamers worldwide are already familiar with digital money, creating a market that Asian banks are eager to tap into.

In the metaverse, customers can engage with their banks in various ways, including visiting virtual bank branches, checking account balances, and making payments.

43 percent of consumers are comfortable using virtual reality for banking activities such as checking account balances or making payments.

Banks can offer differentiated customer experiences through the metaverse while preserving the security of financial data.

Here are some of the key areas where banks can unlock unlimited possibilities by investing in VR technology:

By investing in VR technology, banks can provide a more convenient and engaging experience for their customers, setting them ahead of the curve in the ever-evolving banking industry.

Virtual reality (VR) technology is revolutionizing the banking industry, offering a more immersive and engaging experience for customers. Approximately 2.69 billion gamers worldwide are already familiar with digital money, creating a significant opportunity for Asian banks to tap into this market.

Banks are using VR to provide a more realistic view of finances, making it easier for customers to manage their money. For example, HSBC has developed an app that allows customers to pay bills in VR. This immersive experience gives customers a more engaging way to interact with their bank.

VR technology is also enhancing customer service and engagement in the banking industry. Customers can now engage with their banks in a variety of ways, including visiting virtual bank branches, checking account balances, and making payments. A recent study found that 43 percent of consumers would be comfortable using virtual reality for banking activities.

The benefits of AR/VR in banking and finance include better customer service and engagement, financial literacy, customized experiences, remote collaboration, risk management and security, and seamless mobile payments. Here are some specific benefits:

Banks can also use VR to simplify data absorption and organization, allowing traders to visualize and track important data in an immersive and interactive environment. For example, Salesforce uses Oculus Rift to create an immersive 3D environment for data analytics, while Westpac Banking Corporation offers financial data visualization and budgeting using smartphone-based AR.

Virtual branches are the future of banking, enabling customers to access services from anywhere with VR headsets or other VR-powered devices.

This innovation will bring the bank to the customer, enhancing their experience and saving banks money on physical branch maintenance.

By adopting virtual branches, banks can reduce costs and increase accessibility, making banking services more convenient for customers.

Trading has become a more immersive and interactive experience with the help of augmented and virtual reality technologies.

Citibank traders have been testing Microsoft HoloLens as a virtual workstation that combines 2D and 3D elements to complement the bank's existing devices and workflows.

This augmented setting addresses traders' most painful experiences such as navigating through windows and tabs, prioritizing data, recognizing critical market changes, and collaborating with clients.

TD Ameritrade offers an electronic trading platform and a virtual experience, starting with a street view to teach users how to work the stock exchange space.

The app later introduces a helicopter view of live markets through holography and 3D charts to offer real-time guidance.

Comarch utilizes VR in its wealth management software to offer better algorithms and trading tools access to users.

By using virtual trading, multiple stakeholders can collaborate and enhance outcomes by collectively analyzing critical data.

Payments are becoming increasingly virtual, making our lives easier, especially during the pandemic when outdoor movement was restricted. Virtual payments have been made possible through augmented and virtual reality in banking and financial sectors.

MasterCard partnered with Wearality to create a virtual space where payments can be made along with purchases, like in a VR golf experience called 'Priceless'. This allows players to choose and buy clothing in a virtual environment.

Visa launched an AR app at the 2018 Mobile World Congress that displayed a food location heatmap over the user's environment. This allowed users to interface with the app to point to specific portions and buy meals.

Retailers that used AR technology during the COVID-19 pandemic saw a 19% increase in customer engagement, according to Meta's AR partner, Vertebrae.

Virtual branches are a game-changer in the banking world. They will allow customers to access banking services from anywhere, using VR headsets or other VR-powered devices.

With virtual branches, banks can save funds invested in physical branch building and maintenance. This cost savings can be significant, and it's an exciting development for the industry.

Imagine being able to meet with your personal banker remotely, through an avatar controlled by your banker. This can be especially helpful for those who can't visit their branch due to traveling or prefer more privacy.

Virtual branches and advisors will provide customers with personalized advice and complex financial data in a single, visualized setting.

Augmented reality and virtual reality in banking have made it possible for customers to access banking services remotely, making it a game-changer for those who prefer to stay at home.

Financial institutions have adopted virtual experiences where clients can seek help entirely in a virtual environment. Virtual assistants can answer nearly any question with informative visuals and interactive data, making it a valuable resource for customers.

Customers can use mobile applications to find banking branches, ATMs, and financial institutions using augmented reality's ability to overlay the world with important information. This has proven to be exceptionally valuable as the COVID-19 pandemic has accelerated today's digital-first movement.

With virtual reality, banks can offer customers a virtual product demonstration, allowing them to better understand investment products and make informed investment decisions.

Here are some benefits of improved services in banking:

By investing in virtual reality technology, banks can unlock unlimited possibilities and make the often dull world of finance more compelling for people.

Fidelity Investments has developed StockCity for Oculus Rift, a tool that combines virtual reality and data visualization to help investors manage their finances.

StockCity turns a portfolio into a virtual city, where each stock is a building with the height and footprint representing the price, trading volume, and outstanding shares.

This innovative approach aims to connect with younger generations and deliver a great customer experience.

Fidelity's Director of Product Management, Seth Brooks, notes that "if you want to deliver a great customer experience, you have to be in the same kinds of environments where they are."

By using virtual reality, Fidelity Investments is making complex financial information more engaging and interactive.

With StockCity, investors can explore their portfolio in a unique and immersive way, making it easier to understand and manage their finances.

Virtual reality banking offers numerous benefits and advantages. It allows emerging innovative banks to save time and capital by introducing VR banking instead of building traditional brick-and-mortar branches.

This approach provides consumers with the same banking experience, making it a convenient option for many. Traditional banks can also cut down on traveling for meetings and training, saving them time and resources.

VR technology enables employees to share insights virtually, making it easier to collaborate and communicate. This can lead to more efficient and effective decision-making within the organization.

By adopting VR banking, traditional banks can reduce their costs and improve their overall operations.

Augmented reality is making banking a more convenient experience. With AR apps, customers can find the closest bank branches and ATMs by scanning their outdoor environment with their smart devices.

Customers can view real-time information about nearby branch locations, distances, services, and more. This technology is being leveraged by many banking institutions, including Halifax and Commonwealth Bank.

Virtual experiences are also being offered to customers, allowing them to seek help and advice in a completely virtual environment. This is especially valuable during the pandemic, as it enables customers to get the advice they need without leaving their homes.

Virtual assistants are taking queries and making the information absorbable and engaging through informative visuals and interactive data. This helps customers educate themselves about financial services, investment, and saving plans.

The Bank of Oman has empowered its app with deal-finding algorithms, enabling users to find ATMs within malls and special deals in selected stores. This is just one example of how AR and VR are improving customer service and experience in banking.