Financial Services Industry VR Use Cases

VR in Action


Bank of America
Industry: Financial

Use Case: VR Employee Training

Implementing VR Technologies Will Enhance Employee Training

Bank of America announced that they will be working with Bay Area-based VR startup Strivr to bring more of their workplace training into virtual reality. The financial institution has already used the startup’s tech in a pilot effort with about 400 employees, but a wide-scale rollout would mean scaling the VR learning platform to more of the company’s 50,000 client-facing employees and potentially bringing thousands of VR headsets to its bank branches.

Bank of America executive John Jordan has plenty of ideas of where it will be able to implement the technology most effectively, but is open to experimenting early-on, noting that they have developed VR lessons for everything from notary services to fraud detection. Jordan also says that they are working on more ambitious tasks like helping employees practice empathy with customers dealing with sensitive matters like the death of a relative.

For Bank of America, VR offers a platform change to reexamine some of the pitfalls of conventional corporate learning.

Industry: Financial
Specific Industry: Banking
Use Case: Sales and Marketing (Service Enhancements)

AR Technologies Enables Quick and Easy Management of Bank Accounts

Embracing the power of Augmented Reality technology, Westpac Bank in New Zealand launched their Augmented Reality Mobile app in 2014 with many interactive features which changed the way customers manage their bank accounts. Their app allows the customers to scan their debit or credit card with their phone’s camera for managing their bank accounts.

Features of the Westpac Bank app included allowing customers to check their credit and debit card balances, seeing their last five transactions, spend locations, categories spending over a five – week period, be alerted when payments are due, making payments, check their hotpoints balances, and finding the closest Westpac NZ branch and ATM.

Overlaid on that card, customers can see their current balance, spending in the last two weeks, categories they have spent most on and future payments due on their credit cards. They can also complete their due payments through the Augmented Reality payment gateways seamlessly. The Westpac Bank’s banking app’s UI provides the customers useful analytics and transaction details through augmented reality data visualizations that help them understand their spending patterns over time. Their HotPoints catalogue is also integrated into the banking app which allows customers to shop using Augmented Reality.

Westpac Bank has also added an augmented reality navigation feature to help users get to their nearest ATMs in all of their international locations across the globe. The locator will also work internationally to find any ATM Global Alliance machine.

Industry: Financial
Specific Industry: Banking
Use Case: Sales and Marketing

Using AR Data Visualization to  Increase the Efficiency of Finacial Trades

While most AR solutions in the banking industry are focused on the end customers who use banking apps on their smartphones, Citi Bank came up with Holographic Workstation, a Proof of Concept that is focused on financial traders as end users.

Using Microsoft’s HoloLens technology, the Citi Bank staff created a 2D-3D integrated system that allows financial traders to visualize real time financial data and records through holograms and to monitor and track past trends of stock indexes so they can make financial decisions based on this data. Users can also share their interactive, augmented reality data visualizations with someone else in real-time to work in teams and analyze the markets. For real world usage, real time communication and visual data sharing is also facilitated by the Augmented Reality system that works on voice commands given by the users. In the end, users can finalize trades and investments through the interactive holographic system itself.

This Citi Bank setup is called the Holographic Workstation and it aims to increase the efficiency of financial trades. This example helps us in understanding how banks can engage segments of users that are not their direct customers, while using their banking and financial services in an interactive way.


Capital One
Industry: Financial
Specific Industry: Banking
Use Case: Sales and Marketing

AR Technologies Provides Customers to Research Cars for Potential Auto Loans

Capital One drew on a Wakefield Research survey of 1,000 nationally representative U.S. adults to learn how they approach the car shopping process. It found buying a car causes anxiety in many adults – 63% are not sure they got a great deal the last time they bought a car, 95% would consider not buying a car the same day they went to look at it at a dealership. “When it comes to big life decisions, half of people report researching and buying a car (50%) is more time consuming than deciding where to go to college (43%) and choosing a baby name (22%),” the survey found.

Capital One may ease some of that anxiety with its Auto Navigator app which will let users check out car pricing and financing information with the wave of a smartphone. No longer do car enthusiasts have to be tied to a laptop computer to research cars and prices. The Auto Navigator app is an augmented reality app using which users can go to retail showrooms of cars or just be on the street and point to any car to get view details superimposed on the car. Details such as year, model number and make of the car will appear on their screen to help them with their buying decision. Users can pre-qualify themselves for a car loan after which, the car-loan app will show them customized pricing based on their eligibility, preferences and financial health.

The intention behind such an augmented reality car-loan application was to bring the whole customer journey of buying a new car on a single app that takes the user from exploration or awareness to decision or buying stage through the mobile app itself, thereby creating a direct sales funnel for the bank. This offers a great opportunity for a bank to create augmented reality applications that facilitate loans through immersive interface.

Fidelity Labs
Industry: Financial
Specific Industry: Banking
Use Case: Sales and Marketing

VR Technologies Enables Financial Record Access Via Voice Commands

Fidelity Labs, one of the most popular developments and research divisions of Fidelity Investments, collaborated with Amazon to offer its clients a more comfortable, simpler, and safer way of managing their portfolio of shares and stocks. Users just have to put on the VR headset to access the virtual reality app, named Cora’s Virtual Chart Room.

This advanced app is developed on Amazon Sumerian and offers users a friendly environment for end-users. It is a helpful virtual adviser which provides customers with all the information about their portfolio and provides them with various opportunities to sell and buy any of the stocks depending on the latest market trends. This advanced AR and VR based platform was developed in May 2018. Cora serves as a virtual “financial agent” that can interact with a client’s vocal commands. Cora will furthermore greet users in a VR environment and pulls up charts based on spoken cues.

Cora is designed to help their users manage their stocks in an interactive and modern manner. VR enables a level of access and mobility not always available in the real world—making people feel closer and connected to others even if they happen to be miles and continents apart.


GTE Financial
Industry: Financial
Specific Industry: Credit Union
Use Case: Sales and Marketing 

VR Technologies Provides a Virtual Avatar for Investment Decisions

GTE Financial, which is one of Florida’s largest credit unions, introduced “GTE 3D” in 2015. GTE 3D allows users to experience and access GTE’s financial services and expert guides through a totally customized web experience via VR technologies.

It can allow its users to create their own avatar to explore different products and services offered by GTE such as insurance and finance literacy info, home loans, automobile loans, investments amongst many others. Visitors can open accounts, apply for the loan by becoming a member. They can also avail services like webinars, seminars, events, and other content, including on-demand content.

The 3D experience, which is similar to playing a computer game, is designed to appeal to all ages, but will likely be especially attractive to millennials, the young adults whom credit unions see as lucrative customers in the near and mid-term future because they are buying homes and cars and starting businesses. The company’s key objective is to  involve GTE Financial’s members to make their relationship more convenient, personal and informative.


BNP Paribas Real Estate
Industry: Financial
Specific Industry: Real Estate
Use Case: Sales and Marketing

VR Technologies Enables Viewing Real Estate Properties in a VR Environment

BNP Paribas Real Estate (BNP), in partnership with Mimesys, was the first company to experiment with a form of virtual reality known as holoportation. Property investors can don a virtual reality headset to meet with brokers and take a 3D tour of prospective house purchases. With holoportation, real estate agents could theoretically take their clients anywhere in the world using only a virtual reality headset and 3D cameras.

As well as offering buyers and investors the chance to explore a building remotely, VR allows users to explore far beyond the general vicinity, giving them the opportunity to see the outside of a building, its campus, and the city around it. These perspectives can help buyers understand how a property looks, feels and fits in with the surrounding architecture, its location in relation to the environment and how it is supported by local infrastructure.

The technology also enables an investor to meet his or her broker without travelling. Users donning the headset are transported to a meeting room where they can interact with a holographic image of their broker and pore over 3D models of the property plan before taking a virtual tour of the property in question.


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