9 ways Wowsome can help FinServs to innovate

Explore 9 Immersive experience ideas by WOWSOME which can help FinServs to innovate

With a number of existing legacy banking companies and even a higher number of FinTechs coming up, the need for differentiation in the financial sector is higher than ever. To top that, customers always see banking or related activities as a tedious process; let alone the risk they associate with investments. 

In the past decade, Extended Reality has become much more than just gaming. XR, infused with cutting edge AI for providing immersive experiences has been adopted by leading firms in retail, ecommerce and other sectors in their business processes. 

As Immersive Technology enters the financial sector, let’s discuss 9 ways in which WOWSOME can help Finservs innovate:

1. Drive Customer Engagements on Debit and Credit Cards

Interactive card is a regular debit or credit card powered by Augmented Reality technology to make it interactive. The objective is to empower your customers to do more with their cards in addition to just withdrawing money or paying online/offline.

Customers get information on their cards in an interactive manner, find shopping outlets and restaurants giving discounts on the card reward points, nearest location of ATMs, access customer support, and much more. All they need to do is to scan the physical debit/credit card with their smartphone and access all relevant information from the card.

Click here to know more about Interactive cards

2. Understand your customer through Immersive Data Visualization

Visualising the data is a key factor in understanding any kind of customer data. It can be difficult to comprehend variables on a computer screen, but through AR, it’s very easy. Using immersive visualizations, you can see multiple dimensions in the data at the same time, change the variables to change the data you see and compare multiple data set visualizations side by side or superimposed.

Thus the AR and VR solutions make it extremely easy and fast for the people in analytics to organize and visualise large amounts of customer data, making analytics a more precise and coherent process.

3. Generate customer leads and build loyalty by fun games

Gamification seems to get people interested in learning about money, thus games can be used to increase user time on the app. After a consumer makes a transaction, a link pops up on their screen. This link takes the consumer to their smartphone browser where they can play your customized game. They get rewarded by wallet money and can also share score/challenge friends on the game. These games may be domain neutral or specialised games. While domain neutral games are more generic and used to engage existing and new customers by giving freebies, specialised ones gamify finance-related transactions like investment decisions, managing personal finances, choosing insurance policy options etc 

Games seem fun and thereby influence the customer behaviour in a non-intrusive way. However, the most powerful use of gamification is in collecting customer data. This not only puts a huge number in your leads pipeline, but also lets you study insights related to your target audience and performance of your campaigns.

4. Make your customer accounts more secure applying multiple layers of Security

Internet Fraud and password leak is any customer’s living nightmare. Augmented Reality can apply tiers of security on the transactions of your customer. So when a customer tries to make a transaction online or through a branch, the system not only asks them for a password, but also scans their face, and if required, retina as additional layers of security. Many banks have already started using Retinal Scan and facial recognition as means of authorisation for transactions. On the basis of past saved data, Deep learning AI can also identify if the person is the real account holder or an imposter.

5. Train your employees effectively and efficiently

To provide quality services and products to the customer, every institution must have the best workforce providing for these. With augmented training, recruitment and training has become easier than ever. 

Extended Reality can create exact simulations of the training environment so that employees can be live trained without the risk of mistakes. Such simulations are proven to shorten the learning curve and increase retention.

6. Risk Assessment and Damage Estimation

Financial institutions are heavily dependent on one or the other models for risk assessment and damage estimation. However, it’s rare that any two people involved in the decision making process see the model in the same way. Augmented reality helps indicate the weak spots of risk which may need closer physical inspection.

In case of damage assessment, AR overlays information and identities damaged areas of the building. Using drones, AR makes it possible to measure the dimensions of the property for damage estimation remotely. Also, insurers can use the captured images to create 3D-image models. This helps the adjuster perform a 360-degree assessment without being physically present at the location.

7. Revolutionise Employee Workstations

The heftiest investment any bank makes is it’s big spacious branches. A humongous variable amount also goes as operating expenses of these branches. VR can help banks make their branches virtual. This means a customer can visit your branch sitting on their recliners sipping tea! 

Your workforce no longer needs to be restricted to the size of their computer screens to view data. The augmented workstation concept allows bank employees to visualize holographic 3D models of data, interact with them and have more confidence in decision making.

8. Make your customers more aware more confident

For a country where most of the population prefers to stick to a savings account for the risk of losses, immersion through XR is a boon. It provides solutions for educating your customer about various investment options so that they have a clear view of the benefits these options provide. 

Your customers can also get regular updates about their portfolio, new and old investment options and associated profits and risk making it easier for them to comprehend and take decisions. 

9. Enhanced Customer experience and service

Every customer hates standing in long lines or waiting for a service executive to answer their phone call. Even after the response, most of the time, the customer query goes unresolved resulting in a grumpy memory. 

Virtual Customer Service solutions helps you give a one-to-one assistance to every customer so that you understand and solve customer issues in a much personalised and simplified manner. The customers can set up an appointment and virtually talk to one of your agents using their mobile phones.

As technology keeps evolving and immersive experiences become more and more prevalent,  financial institutions are matching the pace to both acquire customers and retain them. Extended Reality is revolutionizing how these institutions have been interacting with their customers and employees. Moving ahead still, the finance industry will have to continue innovating to keep up with technological advancements and stay relevant. Having said that, many of these applications are based on established technology platforms that are ready to be implemented and scaled to enterprise level. All you need is a dependable expert in the field.

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