Virtual reality has emerged as a hot topic in banking with the rise of artificial intelligence, innovation labs, and the eath of the physical bank branch. There’s a way to tap into the mind of the customer through VR, but how it should fit into the business is still a mystery for most.
Venture capital funding in VR totaled $2 billion from 2015-2016, according to Digi-Capital and revenue from VR is expected to hit $162 billion or more by 2020 from $5.2 billion in 2016, according to IDC Research.
It’s still early for banks interested in bringing VR into their business. And like any new technology, VR is going to face some opposition before it’s more widely adopted across financial services. Just because banks can use it, doesn’t mean they should use it everywhere, or at all. Banks are experimenting with how to use it, when it’s appropriate, and who their partners will be. One thing is for certain, though: if customer like it, banks will want it.
“Banking customers have rarely seen a channel or a way to interact with a bank that they didn’t like,” said Raja Bose, global retail banking consulting leader at Genpact. “Branches, contact centers, online, mobile; banks are now letting customers interact with them via social media. The more ways you get consumers to touch their banks the better and there are always going to be some consumers that like it and wanna do it.”
However, some banks have dabbled in the technology already. Below are examples of three banks’ brushes with VR.
Why one agency is drawing inspiration from Jesus and avocados for Super Bowl marketing
Lerma's founder and CEO talks about the relevance of a multicultural marketing approach, the growing influence of Hispanic culture and more.
Google-Meta duopoly continues to creak in their ‘heightened maturity’ as Amazon, Apple ascend
The shadow both Apple and Amazon have cast over advertising dollars is getting longer by the quarter.
Why advertisers are still making space for experimental budgets even with economic uncertainty
Even in the midst of economic uncertainty, advertisers are bullish on experimental ad spend.
SponsoredWhy Best Buy Ads sees retail media as integral to its customer-centric purpose
Sponsored by Best Buy Ads Retail media networks have become critical for marketers, with retailers investing in ways that enable advertisers to engage consumers across online and offline channels. Given the wealth of retailers’ first-party customer data and measurement capabilities, retail media networks have become a natural fit for augmenting performance marketing programs. Alongside the […]
Marketers move beyond the basics of ChatGPT with new tools
Companies are setting their sights past OpenAI's free version and integrating their own data sets for new ads, bots and idea generators.
How the recession could impact brands’ metaverse spending
Digiday reached out to four experts to figure out how brands’ spending in the metaverse might change as they tighten the purse straps in preparation for a recession. Here are some of the biggest takeaways.