One of my favorite things about my research is talking to organizations about how technology will change the way things are done in the future, and working with teams to create proof-of-concept technologies. Consider where technology is heading and what it means for your organization today.
One of the most pressing issues in financial services is financial literacy. Financial literacy helps boost the economy by making employees more productive and making it harder to think of starting their own business. It also helps people make informed choices in their daily lives when it comes to saving, investing, borrowing, spending and managing their income.
According to the CBI, 67% of UK adults are rated as financially literate (the UK ranks 15th out of 29 OECD countries).
financial literacy).
Banks have a role to play in developing these life skills for their customers. Technology also has a role.
Some banks do very interesting things to teach people about money management. I have a bank in my home country, Hungary, and I use an app to teach my kids the basics of money management. While no real money is used to do this, a series of games teach children the basics of investing, saving and using virtual currencies.
This is a very useful tool not only for children. Apps like this keep people from fearing money and help them understand things like inflation and rising interest rates that affect us all. Helps you navigate financial risks. Most people use the real thing to learn about money. But technology can help people plan before spending real money. Some banks have introduced tools that use predictive technology to visualize potential returns on investments over time, changing the environment to show, for example, the impact of changes in interest rates on savings. increase.
Once you’ve used gamification to teach the basics of finance, you can take it to the next level and teach people about investment and savings plans. Visualizations help people understand the state of their money much better than a spreadsheet or simple bank statement.
Mobile applications are currently a great approach to offer such services, but if you want to go a step further, you can introduce VR and AR to help your customers plan different scenarios. . Easily view large documents and charts in a virtual environment where you can swipe through different options, compare returns from different investment types, and see live forecasts based on variable data inputs. An actual representative of the bank can do that for you by explaining these options, but it doesn’t cost him the infrastructure to use the bank’s branch.
From a bank’s perspective, for example, being able to visualize different mortgage and loan options side-by-side can help them make faster lending decisions.
Of course, people don’t make critical investment decisions based solely on AI and visualization tools. If you’re looking to buy a home, you probably want to talk to a real person. But technology could be the first step in giving you the information you need to talk to your advisor. Useful for research. Personally, I like to talk to chatbots and AI to get some basic information before talking to decision makers.
VR and AR have other interesting applications. A classic feature that banks are starting to use is to visualize locations so they can see, for example, which petrol stations have ATMs nearby.
Or, instead of logging into your virtual banking portal and opening a new page to send money, open multiple windows in an AR/VR environment to see all your balances in one place and drag and drop money between accounts. can.
It’s all about improving the user experience. All indicate that user experiences are moving towards VR and AR. Today, most people have smart TVs, but tomorrow most people will have her AR/VR glasses at home as well.
Technology is getting better and more accessible every day, and banks are starting to plan for it. The only limiting factor is your imagination.
