RE-IMAGINING BANKING WITH MIXED REALITY

MR is no longer a myth or fictional story but a genuine technological advancement. Though it is still evolving, it has great potential in creating smart and personalized banking experience

- Rajesh Mirjankar

We are living in an economy where experience is at the heart of any business. Like it is with retail giants such as Amazon and Flipkart, where people judge everything by the quality and speed of experience, banks these days are facing the same challenge to live up to the expectations of the customers. It is vital for banks to invest in digital capabilities that will help them in improving the customer experience.

In the past, physical convenience mattered tremendously. Most consumers banked with financial institutions right down the street. As recently as a decade ago, it was the only way to deposit money or get a loan easily. However, with technology, financial institutions use customer data and behavioural insights to deepen customer relationships thereby offering customer convenience primarily rather than just pushing the products that advance the bank’s agenda. Technology is disrupting every aspect of the banking industry—be it customer onboarding, the process of undertaking a loan, bill payments, making investments, depositing money, amongst many other facets.