AR Changing Customer Experience in Banking

Banking CIO Outlook | Wednesday, July 10, 2019

Apart from quick service and accuracy, AR adoption promises a great deal in accordance with the current and rising trends.

FREMONT, CA: The mass adoption of technologies, such as augmented reality (AR), has impacted multiple sectors. Banking and finance is one such industry that will see a tremendous transformation with the incorporation of AR.

Another major challenge for the banks is to prepare ahead in time as there is a steep rise in millennials becoming consumers with expectations and needs in stark contrast with those of their predecessors. The above two factors will determine the future approach in banking and finance sector.

Apart from quick service and accuracy, AR adoption promises a great deal in accordance with the current and rising trends.

Introducing AR into Banking

Banks from across the globe are already experimenting with technology and the latest applications for bettering their existing processes and enhancing customer experiences. For instance, The National Bank of Oman has rolled out its AR powered app that allows the consumers to pinpoint the nearest branch or ATM.  More such examples are reshaping the banking experience. The adaptations have been slow, but the prospects look good, especially with the banks partnering with AR development companies like lflexion.

Future Potential of AR Based Apps

Some of the technology enthusiasts are already posing questions such as - can AR solutions eliminate the requirement for concrete branches? As evident, offices are shrinking in size as the industry transition is getting pronounced. In 2017, around 1,700 bank branches in the U.S. were shut down. It was the greatest decline on record as per a Wall Street Journal report. The reason for such a shift was the reduction in customer use of tellers for general bank transactions. Statistics confirm that most of the bank customers prefer using a banking app than visiting a brick and mortar branch.

Virtual and Hybrid Branches

Hybrid bank branches are the next shift that makes use of AR to enable self-service, chatbots, or robots for the purpose of information and live video conferencing facilities and can even connect a customer to an actual bank representative, if necessary. Further virtual branches will equip the customers with tons of autonomy, minimizing the requirement of a physical branch.

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