Banks Reinvent Customer Convenience With Virtual And Augmented Reality

Banks Reinvent Customer Convenience With Virtual And Augmented Reality

I recently put on a head-mounted device (HMD) at the recent SAP Financial Services Innovation Summit held at the SAP Leonardo Center in New York where I experienced a mesmerizing example of AR that could turn banks into real estate brokers and customers into people who can’t wait to visit their local branch. “We’re co-innovating to develop solutions that provide a seamless and immersive experience for home buyers.” Developed through a partnership between the SAP Co-innovation Lab and a global bank, the Live-immersive banking for real estate application is on the SAP Cloud Platform. It consists of an iPhone app customers use it to search for a new home and mortgage, and is connected to a banker with a 360-degree view of the customer’s finances on their iPad. In no way does this buying process resemble how people currently troll through online property listings, or even attend open houses. When someone finds a home that looks interesting, they simply point their phone at the property, and can immediately see important information like the current price, when and what it last sold for, and relevant neighborhood data such as comparable properties, schools, hospitals and shopping nearby. Putting on my HMD, I experienced what future home buyers could encounter at their local banking branch. “The goal is to provide consumers with an unforgettable experience,” said Gugnani. “They can use AR or VR to take a complete virtual tour of floor plans for property that’s under construction or located in another country. Banks can partner with architectural firms to make this information available.” Gugnani thinks banks can use VR and AR to create new business models, partnering with real estate companies to sell more mortgages to qualified buyers. She added that “it could also eliminate the need to pay broker fees which are significant in a place like Dubai, opening up opportunities for expanded banking services,” Gartner research predicted sales of HMDs will reach almost $19 million by 2021, and has also found that 40 percent of organizations using or piloting AR discover the technology exceeds their expectations.

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Virtual and augmented reality are poised to disrupt modern banking, offering customers an immersive experience in ultra-personalized convenience. I recently put on a head-mounted device (HMD) at the recent SAP Financial Services Innovation Summit held at the SAP Leonardo Center in New York where I experienced a mesmerizing example of AR that could turn banks into real estate brokers and customers into people who can’t wait to visit their local branch.

“Finding a property in crowded cities like New York or London is often very difficult,” said Vidya Gugnani, Partner Innovation and Engagement at SAP. “We’re co-innovating to develop solutions that provide a seamless and immersive experience for home buyers.”

Developed through a partnership between the SAP Co-innovation Lab and a global bank, the Live-immersive banking for real estate application is on the SAP Cloud Platform. It consists of an iPhone app customers use it to search for a new home and mortgage, and is connected to a banker with a 360-degree view of the customer’s finances on their iPad. In no way does this buying process resemble how people currently troll through online property listings, or even attend open houses.

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The author gets a first-hand experience of AR designed to help consumers explore properties for sale through local bank branches.

When someone finds a home that looks interesting, they simply point their phone at the property, and can immediately see important information like the current price, when and…

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