AR/VR for Customer Engagement Models

Goals

Identify and explain how the evolution of the AR/VR/AI/XR technology will impact the way businesses, brands, and banks interact with consumers and drive both online/offline commerce (engagement models). Additionally, provide information on key trends and facts related to but not limited to: how 5G creates opportunities for AR/VR, headsets, mobile AR/VR adoption, benefits, success metrics, use cases, and how it may affect bank engagement models. This information will be used to help construct a white paper that will discuss this topic in detail.

Early Findings

General Business Case Studies

  • TopRank Marketing created an engagement model that utilized VR goggles that could be taken to an event and used by attendees to interact with influencer content in the form of an adventure to learn about an available product.
  • B2B software company Kaon Interactive uses both AR and VR technology to produce a 3D interactive product catalog for trade shows.
  • CenturyLink utilizes a VR experiencing produced by Kaon Interactive that helps to visualize cloud and security solutions for consumers, and as a result, has helped the company to increase their qualified lead generation by 4.5x the previous year.

Use Cases

  • In the medical field, XR and VR technology is being used to improve and speed up the training process for doctors and surgeons in both medical schools and hospitals. This is largely done through virtual surgeries that can help to visualize and go through all possible problems before experiencing them in a real-life situation, so as to be better prepared.
  • Oculus VR glasses help to engage customers in a non-gaming VR experience with the use of avatars that help provide a personalized experience, which is very popular across social media.
  • In the retail segment, AR/VR/AI tech is used to create virtual showrooms that help customers view available inventory, customize products, and provide their sentiment about their shopping experience all from within a dressing room. Data from this process is analyzed using big data and AI and smartphones.
  • AI, AR, and VR alike are becoming very prominent for the travel industry, as the technology makes it possible for consumers to get 360 degree views of their locations, amenities, rental cars, etc. to make more informed decisions on their travels. This process really helps customers understand what they do and do not like/want in their travels prior to paying.

Impact on Banks

  • Chatbots are expected to be a very prominent technology in the customer-facing banking segment. As of March 2020, chatbots made up 13.5% of the AI segment in banking.
  • Customer-facing AI products for service, wealth management, marketing, and sales make up about 25% of the total AI vendor offerings for banks, while risk management functions for AI tech constitute 56% of product offerings.
  • The most common AI vendor product offerings for using AI technology in the banking industry are fraud/cybersecurity (20.2%), risk management (14.4%), and compliance (11.5%).

Bank Case Studies

  • In 2019, JPMorgan Chase increased their tech budget to $11.4 billion, which they used to implement a Contract Intelligence (COiN) chatbot into their system for analyzing legal documents. This technology saved them over 360,000 hours of manual review of these documents.
  • Bank of America implemented a chatbot feature into their system, Erica, in 2017. This technology can automatically alert customers to their spending habits using predictive analytics, send payment reminders, flag recurrent payments that are unusual, and lock/unlock cards upon request. As of 2019, Bank of America had 6 million users of this chatbot.

Proprietary Research Available

We found some proprietary research from one of our data partners which may be helpful:

1. 5G Business Services Market by Enterprise, Industrial, and Government Segment Applications, Services, and Solutions 2019-2024 (Mind Commerce, $1,995.00)
- Cognitive Radio Capabilities ($115.00)
- Other Considerations: Spectrum Issues and Satellite Solutions ($115.00)

2. Virtual Reality (VR) Market Size, Share (Mordor Intelligence LLP, $4,250.00)
- Consumer End-User Vertical: Media and Entertainment ($613.40)
- Commercial End-User Vertical: Retail ($604.57)

If you'd like us to purchase any of these reports on your behalf, just let us know!

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