One look at the banking structure of today, and you know the world has traveled a far distance to accommodate and then to make technology an integral part of their lives. Today, you won’t expect people to not identify with a world where technology does not exist. The traditional ways of getting to know the balance in your account changed with the arrival of SMS technology, and with banking apps and finance technology, there are numerous ways of getting your work done while sitting in the closed confines of your home. Advantages being, no long queues, and no more asking people about the procedures and the processes. 

We have traveled this far and yet we are ready for more. Today, we are going beyond mobile app development and accepting virtual technology that makes banks appear neared; in fact, the banks and the finance institutions are almost there, in your house. Now, does that sound incredible. Well Augmented Reality technology combined with Virtual Reality technology is now the future of the finance and banking industry. Let’s see why they should be part of this industry. 

Need for VR & AR in Finance & Banking

Virtual Reality or Augmented Reality has moved beyond gaming and entertainment. It has entered the conventional sectors in order to reinvent them and make them convenient. 

1. Processing the data: One of the major uses of VR or AR in the finance or banking industry would be to process the data. Yes, you create information in the exponential format in a matter of milliseconds. None of this data is transferred to the key decision makers, helping them take informed decisions in the nick of time. With VR, the data visualization is more powerful, and the decision makers would know the exact situation. If you use the data effectively, you would be able to identify the financial trends and patterns and incorporate them into your processes.
    
2. Interaction made better: When you are in the financial or banking industry, there is a growing need for quality and speed in the interaction. When you are part of the virtual environment, this becomes easy for you, and you have a real-time communication, which enables you to partake in the decisions. Innovation and improvements are made with ease and you are able to surge ahead of the competition as a result. You get the 360-degree view of the data available in your environment, which also helps you understand what you need to do. This way, VR aims to improve the workplace productivity.
    
3. With the growing nature of fintech, you will see that most people are opting for the fintech startups and companies to gain advice on investments. With VR and AR, you can visualize the portfolio better, and know about the offers available in the market with respect to financial investments. With VR, you can break down the complex information available in the finance industry, in order to simplify it for the audience and help them understand the need for investment. The fintech industry will benefit largely with VR.

How AR will improve Banking?

Augmented Reality will help the bank branches retain their presence in the digital era. When banking has become convenient with the growing digital channels, AR will also extend support the physical branches of these banks. These branches will be able to establish a deeper relationship with the customer and will exist from the bonding perspective, rather than the sales need. 

The use of technologies such as Virtual Reality and Augmented Reality will help them with improving their relations with the customers. With AR, the banks can work on getting more information about the customers, and make their conversations more interactive. With QR codes at the branch, the users can open up a range of AR apps. These apps will give out tools, and information including video tutorials on how they can use their smartphone-wearable combination to keep up with the latest trends and improve their decision-making processes. 

Banks near me is the AR feature that helps the customers keep a track of the banks they can visit. They also offer real-time information into the bank’s opening and closing hours. The apps are also responsible for offering personalized financial advice. 

Combine this with iBeacon, and you have real-time bank information, access to customer records, and even other data access. This way, the banking professionals can improve their offering and make it more personalized for the user in concern.

Moving Ahead with VR

Virtual Reality is setting the pace for future innovations. There are various applications for this technology in the banking and finance sector. Here we will discuss a few of the applications, which have caught our eyes.

• Creating the virtual branch, where you can interact with the customers and solve all their queries. It is almost akin to the real branch, just that your customers won’t need to leave the comforts of their home to visit the branch. This also allows them a way to live interaction with the customers using the mobile apps.
   
• The real-time analytics available as a result of their presence on the virtually available reality will help banks personalize the offering and even show them the portfolio that they believe would be useful to them.
   
• If the users are assessing their financial situation in the Virtual Reality, then you can be present there at that time, and offer them advice and consultation.
   
• The banks can use the VR in collaboration with mobile app development to showcase the new products they have launched and demonstrate how it can be used. The VR will prove to be a better platform when it comes to showcasing and live streaming the videos.
   
• The VR technology can be used to collaborate all the digital and physical channels of financial services and the banking structure in order to improve the customer experience.

Summing up

Virtual Reality technology, when combined with Augmented Reality technology, can boost user experience and improve the world for the customers of the banks. It will also help the banks improve their portfolio and offering. It is time for the next level of technology acceptance for the customers and the banks. Are you ready for yet another technology revolution?