Credit Union Technology Watch: Augmented and virtual reality (AR/VR)

With the introduction and expansion of 5G networks, the possibilities for credit unions and their technology will also grow. 5G technology is rolling out across the country and should be widespread by 2022 but in the meantime, credit unions can prepare for the new capabilities the technology will bring. Among other areas that 5G will improve, it will increase speeds while using less bandwidth, make contactless payments widespread, and enhance security & detect fraud.

Aided by research from the Financial Health Network and Members Development Company (MDC), the Foundation has been able to learn more about the emergence of 5G technologyand share these valuable insights with the credit union movement. Another area of technology that 5G capabilities will enhance is augmented reality (AR) and virtual reality (VR). AR/VR is an area that has not been explored in depth by financial services but will allow support resources, training modules and more to be used more frequently by members in the coming years.

What can credit unions learn from this research?

Both AR and VR will have a positive impact on the member experience while also helping employees grow in their capabilities and roles. AR is less expensive and easier to develop than VR since it still uses the real world and “superimposes information and artificial objects” over it. This makes AR a good entry point for credit unions looking to build their digital offerings. VR creates a virtual space and fully immerses individuals, which could be used to create an entirely virtual branch for members to visit 24/7.

 

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