10 ways credit unions are using virtual reality

When you think of “virtual reality,” most people think of immersive, interactive 3D video games — not banking. But can financial institutions tap VR to create a memorable and engaging banking experience, one that truly immerse people in their financial lives? Virtual reality could be used to turn uninspiring numbers and dry concepts into a more rich and meaningful experience, using vivid imagery to engage both the left- and right sides of their brains.

A handful of banks and credit unions are already pioneering tests with this emerging technology. They are creating VR apps that showcase their digital banking solutions in artificial 3D environments. Some are creating tools to help people manage their finances. And others are using virtual reality as a marketing tool to generate PR buzz.

“Banking concepts and savings and saving for retirement — all this stuff is often very intangible,” explains Raja Bose, a Partner with Genpact. “You’re not buying anything, you’re not walking out of a branch holding something. To some extent VR becomes a way of helping customers get a little more tangibility. Virtualizing is a good tool for visualizing data. If you can come up with a way of showing how the $100 you save today turns into a big pile of money in 20 years it might make it easier for people to grasp the concept.”

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