Digital trophies for paying mortgages. Apps that overlay ATM locations with reality. Virtual retirement experiences. While these technologies may seem far-fetched, they may, in fact, be the future of banking. On a recent podcast, I sat down with Brian Day, TMG’s director of digital strategy, to discuss emerging technologies that may transform how consumers bank.
Brian highlighted several up-and-coming technologies, including augmented reality. With the advent of Pokémon Go, augmented reality is getting its time in the spotlight. For community financial institutions (FIs), augmented reality has the power to pull consumers into a new, more exciting and more immersive world. I certainly think it’s cool that some FIs are offering apps with interfaces consumers can use to point their cameras and find ATM locations.
Beyond augmented reality, the gamification aspect of Pokémon Go presents a unique opportunity for consumers to engage with their FIs. Brian noted how offering consumers digital perks—such as virtual trophies, badges or Pokémon—can trigger certain behaviors. In the financial services industry, gamification rewards consumers for completing specific banking activities, such as making loan payments or deposits.
Although still largely used in the gaming world, virtual reality is quickly gaining ground in a variety of other fields. Brian pointed to surgeons and pilots who use the technology to practice their skills before putting them to use in the real world. Others are using virtual reality to provide virtual game coverage and 360-degree tours. Perhaps, one day soon, my FI will even use virtual reality to help me visualize my retirement based on my current level of savings.
To hear more from Brian, take 15 minutes to listen to “Next Gen Banking: Augmented Reality, Gamification & Other Cool Tech.”
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