Innovate Customer Experience with XR

Understanding and adapting to customer needs and emerging technologies is key to elevating your institution from others. Immersive technologies offer exciting opportunities to transform financial institutions. 

How can financial businesses effectively adopt new technology solutions? With a focus on users and data. 

Financial Industry At A Glance

The finance industry is complex, and its different sectors need a thorough understanding of how users interact. To effectively use XR solutions, we need to understand the challenges and opportunities in this dynamic field.

User-Centric Approach: Understanding the core audience's expectations and workflows across various roles is essential in the financial sector. This knowledge informs how they will engage with and respond to emerging technologies like AR and VR.

Customer Experience

Customer experience (CX) is a critical factor for success in the financial industry. Providing personalized and seamless experiences across channels is key to satisfying customers and fostering long-term relationships. In today's digital age, personalization is key to delivering exceptional CX, and social media plays a significant role in shaping customer perceptions and expectations.

CX in the United States has become increasingly important as customers expect personalized interactions and convenient solutions. By implementing XR technologies like AR and VR, financial institutions can enhance the customer experience and differentiate themselves in a highly competitive market. Virtual reality allows customers to explore banking products and services in an immersive manner. This improves customer satisfaction and helps to build an emotional connection with the brand.

By collecting and analyzing customer data, financial institutions can gain insights into customer behaviors, preferences, and pain points. You can use data to create personalized solutions and recommendations. This ensures that customers feel seen and valued by their financial institution. Meeting and exceeding customer expectations through personalization can significantly contribute to customer satisfaction and long-term loyalty.

Cost & Implementation

Evaluating AR/VR in finance means weighing costs and benefits. This involves considering initial and ongoing expenses, as well as potential features and maintenance. A gradual introduction, beginning with important uses, helps control expenses and difficulties while demonstrating the technology's worth to the organization. Producing working concept prototypes is essential in this process.

Data & Security

Protecting Customer Data: Data security in AR/VR financial applications requires strong encryption, access controls, and continuous threat monitoring. Aligning with data management best practices and regional regulations ensures customer data integrity while leveraging AR/VR capabilities.

Experience & Value

Focus on User Experience: To maximize customer experience. Identify the most frequent use cases, and invest in user experience design, user testing, and iterating. Effective training, along with iterative user testing and feedback, ensures both smooth adoption and optimized value across the organization.

For financial institutions, understanding the core audience's expectations is crucial. This knowledge informs how they will engage with and respond to emerging technologies like AR and VR. By answering questions like:

• How can AR/VR enhance efficiency and decision-making?
• What support might users need to adopt AR/VR effectively?
• How to continuously incorporate user feedback to refine the experience?

AR solutions have a wide range of applications in the finance sector. For example: data visualization, where augmented reality can be used to present complex financial data intuitively and interactively. AR can also enhance customer service by providing virtual avatars or overlays that guide customers through banking processes or answer their queries.

In terms of bank account management, AR can enable users to visualize their financial transactions and account information more engagingly. Online payment experiences can be enhanced through AR by allowing users to scan physical objects or environments to initiate transactions. For virtual trading, AR can provide a more immersive and realistic trading environment by overlaying market data and analysis on top of real-world objects.

Furthermore, AR can be used to enhance asset security by overlaying real-time information on physical assets, aiding in fraud detection and prevention. These are just a few examples highlighting the versatility and potential of AR solutions in the finance industry.

Let's see a real case:

An innovative AR solution we created for financial institutions assists tellers in fixing common problems with ATMs. Watch video:

By equipping tellers with smart glasses or mobile devices, your team can access real-time, step-by-step guides directly in their view.

This innovative technology enables tellers to quickly identify and troubleshoot issues with ATMs, reducing downtime and improving efficiency. With AR, tellers can receive instant visual guidance, such as highlighting malfunctioning components and displaying repair instructions, ensuring accurate and timely problem resolution. This AR solution empowers tellers with the necessary tools to address common ATM problems effectively, ultimately enhancing the customer experience and streamlining banking operations.

• Users can locate the problem by mapping out the ATM with a tablet and/or phone.
• Users can preview proper ATM configuration and digitally access the machine.
• Users can access a manual while configuring the ATM.

In Conclusion

In the fast-paced world of finance, adapting to user expectations and leveraging emerging technologies is essential. AR and VR provide unique opportunities to transform financial institutions and provide value to customers.

Creating lasting impressions and a strong emotional connection with your brand through XR experiences is key. XR technology assists businesses in distinctively showcasing their products and services. This creates a memorable impact and establishes an emotional bond with the brand.

Start today:

• Use Virtual Reality to create virtual branches for your bank. This will allow customers to access services from home. You will also empower your digital transformation. 
• Reimagine Banking Events with Augmented Reality: Utilize web-based Augmented Reality to transform banking events and conferences. Provide attendees with an innovative and engaging way to explore financial products and services. 
• Improve customer interaction in banking using XR: Utilize Extended Reality (XR) to engage customers in the banking sector. XR solutions offer a unique, imaginative, and immersive banking experience that fosters lasting connections with your brand.

Check out how you can innovate in the financial industry here.

About Us

Innovation through understanding how people work is the foundation of all we do. Connecting humans is our passion, and doing it digitally is our specialty. The outcome is profit, efficiency, learning, delight, and so much more - but the core of success is connecting humans. Our story began in 1996. At Tonic3, we're not just early adopters; we're pioneers in adopting, executing, and harnessing new technology. We know the banking industry and work with companies such as Citibank, Santander Bank, Evesnet, ePay, and more.

Our dedication to UX and data-based solutions runs in our DNA.

In the last 25 years, we have progressed from simple websites to advanced platforms and virtual reality experiences to solve complex financial problems. We create custom solutions that simplify customer experiences, transforming the financial landscape.

Discover how our innovative partnership with Citi is reshaping the future of finance. 

The digital revolution in finance is here, let's embark on this journey.

Check out our Creative Services for the Finance Industry