The Future of Customer Engagement in Retail Banking: Exploring the Potential of Augmented Reality and Immersive Technologies |
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| © 2025 by IJCTT Journal | ||
| Volume-73 Issue-1 |
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| Year of Publication : 2025 | ||
| Authors : Lakshminarayana Reddy Kothapalli Sondinti, Aaluri Seenu, Valiki Dileep, Zakera Yasmeen | ||
| DOI : 10.14445/22312803/IJCTT-V73I1P109 | ||
How to Cite?
Lakshminarayana Reddy Kothapalli Sondinti, Aaluri Seenu, Valiki Dileep, Zakera Yasmeen, "The Future of Customer Engagement in Retail Banking: Exploring the Potential of Augmented Reality and Immersive Technologies," International Journal of Computer Trends and Technology, vol. 73, no. 1, pp. 72-79, 2025. Crossref, https://doi.org/10.14445/22312803/IJCTT-V73I1P109
Abstract
Augmented reality is a technology that allows computer graphics to appear in the user’s field of view. Brand logos, for example, can appear on a web page and look like they are sitting on a real desk. These are two great visualization applications of AR. The visualization power of AR has intrigued researchers and practitioners, and it is entering many industries. However, judging by the small number of AR applications in banking that we encountered in our review of the industry, it appears to have barely entered this sector. Retail banks might, therefore, be missing out on the opportunity to improve their customers’ relationship management through an AR revolution. We asked what AR can do to generate excitement about consumer banking. We believe that AR can improve customer engagement in branch banking in a way that no other technology can, and we are not convinced that banks have yet made a compelling case for the economic viability of the majority of the virtual and augmented banking applications they claim to have developed. In direct contrast to the small number of AR banking applications we uncovered, we found that a large and ever-increasing number of virtual banking applications confirm that banks believe an immersive revolution in banking is imminent. However, our review showed that many VR claims made by financial services companies do not hold up to scrutiny. They are often either demonstrations only or poorly conceived. The companies that can string AR and VR buzzwords into at least ten separate sentences are rare. Among them, one bank has been heavily publicizing an M&A advisory software that emerged from a hackathon. Instead of being rather inward-focused as these applications were, we took a unique customer-focused approach. We stood with the person who does the most important job in the branch: the cashier or customer service advisor.
Keywords
Augmented reality, Immersive technologies, Customer engagement, Retail banking service marketing, Customer Engagement, Retail Banking, Augmented Reality (AR), Immersive Technologies, Digital Transformation, Financial Services Innovation, Virtual Banking Experience, AR in Banking, Customer Experience Enhancement, Interactive Banking Solutions, Personalized Banking Services, Technology-Driven Banking, Future of Banking, Digital Customer Interaction, Immersive Banking Technologies.
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