How Immersive Education Is Enhancing Banking Services
From augmented reality games to virtual reality mobile applications, financial institutions the world over are increasingly implementing engaging and interactive technologies to equip customers with the knowledge to understand their finances
Global financial services organizations are leveraging cognitive intelligence tools and other technologies to improve customers’ end-to-end banking experiences as well as help clients better understand their own finances on their own terms, giving them more independence and agency to manage their accounts.
In particular, financial services companies are using augmented and virtual reality technology to create interactive visualizations and environments that encourage a hands-on approach to learning about an individual’s finances. Here’s how four financial institutions are marshaling the latest technologies to inform and thereby empower their customers:
Online-only bank Ally Bank has created Ally Big Save, an augmented reality game to help customers visualize and think about saving goals in tangible way. The banking app nudges customers to save in an interactive way by challenging customers to drag falling bills superimposed on their home environment into a digital piggybank, and based on their performance, they can accumulate points. Customers can win cash prizes, but the main purpose of the activity is to help customers think of their personal finances in a different way and inform them about finances and budgeting.
French retail bank BNP Paribas has introduced a virtual reality app that assists customers with their account management and decision-making. The VR-based app allows users to access their bank activity and transaction records, as well as move through all the many steps of a real estate purchase. In addition to the app, the real estate arm of BNP Paribas partnered with a French startup to develop “the POD,” a VR ‘teleportation’ capsule, which enables prospective purchasers to transport themselves inside a new apartment or building under construction or for sale and view it in 3D and 360°.
Personal finance app MoneyLion implemented augmented reality into their mobile application to give customers a tangible visual to watch their savings grow. When a consumer opens up Grow Your Stack, they can activate the service anywhere and have it display the pile of digital money on any surface. Customers can choose to see their account balance or their savings that they have linked with the MoneyLion application. A customer can receive daily updates of their finances with snapshots of their pile growing. Over time, customers receive personalized recommendations on how to best add to their savings based on their spending habits and cash flow.
UnionBank has opened a fully-digital bank branch in the Philippines that uses digital tablets and virtual reality technology to transform the banking experience. Inside the branch, called The Ark, there are padded, bright-colored benches, free flowing coffee and VR headsets that loan-seeking customers can use to preview their dream home or car. The bank does not have bank tellers, lines or even slips of paper; instead, customers are greeted by a Bank Ambassador, who lends them an iPad upon entering, where customers are able to transfer funds or apply for a loan digitally on their own.
According to Edwin Bautista, President and CEO of Union Bank, “Most people don’t go into a bank to inquire about a loan. Instead, they want to figure out how to achieve their life goals,” which is exactly why now financial institutions are focusing on enabling customers themselves to best manage their own finances by equipping them with the knowledge to do so. For more information on innovation and trends taking place within the world of financial services, see PSFK’s report “Enhancing The Banking Experience With Digital Tools.“