Augmented banking is the next step on the journey of digital transformation. It involves leveraging exponential technologies to enhance the relationship between the bank and its customers by delivering a richer experience through new services and new ways of interacting with traditional services. For example, this can involve using gestures in augmented reality.
Augmented banking, however, is much more than augmented reality as such. Other exponential technologies enabling the vision of augmented banking include computer vision, artificial intelligence, natural language processing, machine learning, virtual and mixed reality, internet of things, data visualisation and biometrics.
Used together, these technologies enable a whole new banking experience that is:
- Adaptive, evolving to meet users’ changing physical needs, such as automatically displaying information in larger fonts depending on the age of customers
- Engaging, encouraging customers to interact and make decisions based on real information that’s familiar and right in front of them on their phones
- Instantaneous, responding to today’s customer desires for instant gratification with up-to-date, relevant information
- Personalised according to every customer’s individual circumstances and particular situation, offering tailored solutions for unmet needs