Development of an Augmented Reality Banking Experience to Enhance Digital Customer Interactions

The client faces stagnation in digital banking adoption, with certain services such as loans and mortgages remaining difficult to provide online. Significant operational costs are associated with maintaining numerous physical branches worldwide, and there is a growing customer demand for seamless, personal, and comprehensive digital banking experiences that replicate face-to-face interactions without physical visits.

A large-scale global banking institution seeking to innovate its online banking platform by integrating immersive technologies to improve customer engagement and service delivery.

• Develop an augmented reality (AR) application that enables customers to interact with banking representatives in a virtual environment, simulating in-branch face-to-face conversations.
• Expand the range of banking services accessible through digital channels, including loans, mortgages, and retirement products.
• Reduce operational overhead by decreasing the need for physical branch locations through enhanced digital engagement.
• Improve customer satisfaction and experience by providing personalized, accessible, and innovative banking interactions.
• Increase online service usage metrics and customer retention rates.

• AR virtual branch environment where customers can select and navigate interactive banking elements
• Real-time face-to-face communication capability with bank representatives via AR interface
• Secure messaging and video chat functionalities within the AR experience
• Access to comprehensive banking services such as loan applications, mortgage processing, and account management
• Personalization features to tailor interactions based on customer preferences and history
• Multi-device support enabling access from smartphones, tablets, and web interfaces
• End-user authentication and data privacy compliance

• Customer relationship management (CRM) system for personalization
• Core banking systems for transaction processing and account management
• Authentication and identity verification services
• Video conferencing and messaging platforms for real-time communication

• Scalability to support concurrent user sessions exceeding 10,000 users
• Low latency communication with response times under 2 seconds
• High security standards compliant with relevant data protection regulations
• Reliable uptime with 99.9% system availability
• Data encryption both at rest and in transit

The implementation of an AR-enabled digital banking platform is expected to significantly enhance customer engagement, increase online service adoption by over 30%, reduce physical branch operational costs by up to 20%, and elevate overall customer satisfaction and retention through innovative, accessible banking experiences.