While virtual reality, or VR, is still in its infancy, it is slowly making its way through the financial sector. However, what implications are associated with this disruption? The following are five ways VR technology will affect financial services.
Increased Customer Engagement
As in any service-related business, taking steps to drive your customers to action is vital if you want to encourage engagement. VR technology has the potential to increase this engagement by presenting more interaction opportunities through an enveloping experience that relies on visual components. For example, financial service companies can provide advice via virtual reality headsets that allow the customer to feel more involved than traditional telephone conferences or even linear cloud-enabled VoIP services.
Customers can feel like they are in the office with VR capabilities that simulate office furniture and other elements. This technology can also allow the customer to feel more comfortable discussing important financial matters, such as deciding on which home loan or retirement plan is the right one for them to choose. This interactive form of engagement will let you build a rapport with your customer and can serve as an ultimate gateway to building trust.
Enhanced Customer Experiences
Retaining customers is easier to accomplish when you provide them with valuable experiences. VR technology will enable financial services to provide your customers with enhanced experiences by replacing complex language with digestible financial content that is immersive. This decreases the distance between your business and the customer by humanizing their experience in a digital world.
The disruption of mobile banking and online-only financial services have caused traditional brick-and-mortar financial institutions to think beyond simply mirroring mobile financial services to stay competitive. For instance, while technology-savvy customers often opt for these online financial services for accessibility, VR technology augments this convenience by giving financial services businesses the chance to interact with customers easily in their homes almost any time of the day through virtual offices. This action places control in the customers' hands and improves their experiences. When you enhance your customers' experiences, you can lead them to engagement.
Time and resources are constraints that every business must consider when devising operational goals. Businesses in the financial industry are no different and often face the issue of efficient operations. However, tight budgets can be relieved when costs are reduced with integrated VR technology. Just think of how much money can be saved when employees work from home, but use the three-dimensional environment created from a VR headset to mimic the look and feel of the office. Employees can get to work in moments and avoid any missed sales opportunities. Less overhead costs mean fewer expenses that might hinder your profits.
VR technology has the potential to enhance security through fraud detection functions. For example, your financial services company can reduce fraud risks through transaction-mapping services. Tracking transactions using VR technology can empower customers by giving them the ability to visualize the physical location of a transaction. This insight can help them recognize a purchase they made at a faster rate than having to remember if they made the purchase. Additionally, the technology can be used for verification purposes by identifying users by tracking their eyes.
Businesses that provide financial services have the potential to develop better operational efforts when integrating VR technology in their business strategies. For example, you can manage trading stocks and other securities with a widescreen view rather than having multiple physical monitors in front of you. You can also increase productivity by expanding your workspace to simultaneously manage various tasks.
VR technology is no longer a games-oriented technology. It is an advanced technology that will disrupt the way companies operation in the finance industry. VR technology integration will ultimately provide better service for customers through immersive, optical experiences.