Applications of AR/VR in the Banking Sector

Why should you care about AR/VR in banking?

You should care about AR and VR in banking because they are redefining how customers interact with financial services, how employees train, and how banks design future-ready experiences. As CTOs, CIOs, product managers, startup founders, and digital leaders, you already know that mobile banking and chatbots solved yesterday’s problems. Today, the expectation is seamless, immersive, and interactive engagement.

According to PwC, immersive technologies like AR and VR could add $1.5 trillion to the global economy by 2030. Banking, with its customer-facing nature and operational complexity, is perfectly placed to benefit. AR/VR adoption is not just “nice to have,” it’s becoming a competitive differentiator for forward-looking financial institutions.

In this article, you’ll learn:

• Where AR/VR fits in customer experience.

• How operational efficiency and training benefit.

• Case studies of early adopters.

• Challenges holding banks back.

• Future trends that will matter over the next decade.

What makes AR/VR relevant to banking today?

AR and VR are relevant to banking because they enable immersive, human-centered experiences at scale. Unlike standard apps, these technologies allow you to “step into” financial scenarios, visualize abstract concepts like investments, and feel like you are in a branch without leaving your home.

The timing also matters:

• Digital-first customers dominate: According to Deloitte, 73% of banking interactions now occur online or via mobile apps. AR/VR is the logical next layer.

• Competition is heating up: Challenger banks and fintech disruptors are pushing legacy banks to differentiate.

• Hardware is maturing: With Meta Quest, Apple Vision Pro, and AR-enabled smartphones, accessibility is improving.

How can AR/VR enhance customer experience?

AR/VR enhance customer experience by making banking interactions immersive, intuitive, and emotionally engaging.

Examples include:

• Virtual bank branches: Instead of visiting a physical branch, customers log in via VR headsets to meet advisors, open accounts, or explore services. Bank of Kuwait and South Korea’s KB Kookmin Bank are experimenting with this.

• AR overlays: Imagine pointing your phone at your credit card and seeing real-time spending insights projected onto it. Commonwealth Bank of Australia has piloted AR property-viewing apps that link mortgages directly.

• Immersive demos: BNP Paribas used VR to introduce new banking apps by simulating interactive customer journeys.

For customers, this shifts banking from passive (clicking menus) to active (experiencing scenarios).

What are the operational applications of AR/VR in banking?

Operationally, AR and VR help banks cut costs, speed up training, and create better collaboration environments.

• Staff training: Employees can train in VR simulations covering customer service, regulatory compliance, or even handling difficult conversations. According to Accenture, VR training improves retention by 75% compared to traditional methods.

• Fraud detection drills: VR scenarios can simulate fraud attempts, letting employees practice responses in real-time.

• Virtual collaboration spaces: Financial advisors and back-office teams in different geographies can “meet” in VR rooms rather than juggling endless video calls.

• Branch design prototyping: AR can help banks test new layouts digitally before spending millions on renovations.

Can AR/VR improve financial literacy and engagement?

Yes, AR/VR can dramatically improve financial literacy by turning abstract numbers into real-world visualizations.

Applications include:

• Gamified AR apps: Kids can learn saving habits through AR games that reward them for setting aside money.

• VR financial planning: Customers “walk through” retirement plans, visualizing their lifestyle with or without certain savings.

• Interactive mortgage tools: Potential homeowners can virtually explore properties, overlay mortgage details, and understand affordability better.

Case in point: Commonwealth Bank of Australia’s AR app lets customers see property price estimates and nearby school zones by simply pointing their phone at a building. That’s real-world engagement meeting financial decision-making.

What role does AR/VR play in wealth management and advisory?

AR and VR are transforming wealth management by turning data-heavy consultations into interactive, visual, and personalized sessions.

• Virtual advisory sessions: High-net-worth clients meet advisors in VR spaces, eliminating the coldness of video calls.

• Portfolio visualization: Instead of looking at pie charts, clients “step into” their portfolio, walking through different asset categories and risk scenarios.

• AR dashboards: Wealth managers project 3D financial dashboards in real-time during discussions, making data tangible.

Citi has already tested VR trading floors to model markets and portfolios in 3D, giving analysts new ways to identify trends.

What challenges slow AR/VR adoption in banking?

AR and VR adoption in banking face hurdles that you cannot ignore.

• High implementation cost: Hardware, software, and integration with legacy systems remain expensive.

• Security and compliance risks: Any new channel increases attack surfaces. Regulators haven’t yet standardized AR/VR usage in finance.

• User adoption: Customers may resist downloading yet another app or buying headsets. Generational differences are stark: Gen Z is ready, but older customers might not see the value.

• Data privacy: AR/VR collects spatial and behavioral data, raising new privacy concerns.

What trends and future outlook should you expect?

The future of AR/VR in banking will be shaped by customer expectations, hardware adoption, and competitive pressure.

• Metaverse banking: JPMorgan already has a lounge in Decentraland, and Citi is exploring immersive experiences for future markets.

• Wearable integration: AR glasses could display real-time financial alerts or transaction confirmations as you shop.

• AI + AR/VR fusion: Intelligent advisors inside VR environments will guide you through banking products.

• Immersive onboarding: Opening an account could become a guided VR experience instead of a pile of PDFs.

Expect adoption to accelerate as hardware costs drop and regulators define frameworks. Banks that experiment early will capture attention and loyalty, especially among younger, digital-native customers.

Best practices for adopting AR/VR in banking

• Start with pilots: Test specific use cases like virtual advisory before going all-in.

• Prioritize security: Ensure encryption and compliance are built into every AR/VR touchpoint.

• Design human-first: Use AR/VR to simplify, not complicate, financial interactions.

• Measure ROI: Track engagement rates, training retention, and customer satisfaction.

• Collaborate with vendors: Partner with AR/VR solution providers for quicker rollouts.

Key Takeaways

• AR/VR in banking is about immersive customer experiences and operational efficiency.

• Early adopters like BNP Paribas, Commonwealth Bank of Australia, Citi, and JPMorgan are already experimenting.

• Use cases span virtual branches, training, wealth management, and financial literacy.

• Adoption is slowed by cost, compliance, and customer readiness, but trends show clear acceleration.

• Banks that move early position themselves as innovators in a competitive landscape.

Conclusion

Banking no longer has to feel transactional. With AR and VR, you can transform it into a human-centered, engaging, and forward-looking experience. As financial institutions rethink customer experience and internal operations, design will play a critical role in making these technologies accessible and valuable.

At Qodequay, we believe design-first thinking combined with technology can reimagine banking interactions. AR and VR are not ends in themselves, but enablers of deeper trust, transparency, and connection in finance. The future of banking is immersive, and it is closer than you think.

We partner and consult banks to create their AR/VR strategy and plan their digital transformation roadmap. Our digital transformation strategies are crafted through unique design thinking approach. Write to us at contact@qodequay.com to craft your digital transformation journey.

About Qodequay

At Qodequay, we believe that meaningful innovation starts with understanding people. As a design-first company, we lead with deep empathy—immersing ourselves in the everyday realities, behaviors, and desires of your customers.

Only after decoding real-world pain points do we bring in technology as the enabler. This ensures every solution we build is not just technically sound, but intuitively aligned with human needs.

Whether it's:

• Custom software for unique business challenges
• Generative AI and automation to streamline operations
• Immersive AR/VR/MR experiences
• AI-powered CRM (QQCRM) for smarter customer engagement
• EasyOKR to align teams and drive outcomes

We design with purpose, and build with precision.

References

• Accenture. (2021). Immersive Learning for the Future of Work. Accenture. https://www.accenture.com

• Deloitte. (2022). Global Digital Banking Survey. Deloitte. https://www2.deloitte.com

• PwC. (2020). Seeing is believing: How virtual reality and augmented reality are transforming business and the economy. PwC. https://www.pwc.com

• Citi. (2022). Metaverse and Money: Decrypting the Future. Citi GPS. https://www.citi.com

• The Financial Brand. (2023). How Banks are Using AR/VR for Engagement. The Financial Brand. https://thefinancialbrand.com