How VR and AR Technologies are Redefining Business

By CIOReview | Wednesday, April 25, 2018
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Virtual Reality (VR) and Augmented Reality (AR) play an instrumental role in improving purchasing experiences through enhanced self-service capabilities. By integrating the speech enablement with the natural language processing (NLP) engines, the buying experience gets even better. The customers can use the mobile app of a retail e-commerce business and chat with their chatbot to personalize their experiences. The virtual technologies can also be used by apparel brands to drive customer engagement.

While AR and VR have been a revelation in the retail industry, the finance industry too is tapping the potential of these inventive technologies. For instance, Banks use AR in personalizing a customer’s experience by providing them the required information. Likewise, banks and real estate companies can collaborate to explore different ways to fast-track the mortgage processes by influencing VR solutions.   

National Bank of Oman uses AR that helps customers in locating nearby ATMs or branches and also helps find deals and offers when walking down a shopping mall or anywhere in the streets of Oman. Likewise, the Halifax in the UK and Commonwealth Bank of Australia helps customers to find homes using apps that use AR technology allowing users to look for data about the houses that are for sale when they pass by them.

The VR technology, in particular, has found strong business case in the real estate sector. The prospective buyers can log into the mobile app of a real estate agent and interact with a bot. All the details related to real estate properties can be enquired here. Once this is done, the customer can wear a VR headset to get a virtual experience of exploring property.

While the customer views properties, the sales executive can approve the final approval using the AI-driven robotic procedure to recover the credit score and customer financial details to find the mortgage amount. The VR headset displays the mortgage limits and property details which the customer can view. The customers can use hand controls to browse information on properties and get additional information. With AR and VR finding more acceptances exciting times lie ahead for financial service sector and real estates.