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Innovation will be the buzz word of the last decade, but there’s a superb reason you hear the term day by day. Consumer behaviors that were already changing, which were only accelerated by the pandemic, result in customers looking for omni-channel and digital experiences. Simply put, customers desire a seamless, effortless experience when connecting with businesses.
And as consumers proceed to ask for these experiences, brands like TD are responding by leveraging augmented and virtual reality technology to interact with them in latest, more expansive ways.
Watch the video below to learn more.
Before TD’s Head of Innovation and Emerging Platforms Mohamed Abbas began his role in 2022, he knew when he joined the U.S. Digital team in 2018 that AR/VR can be a vital next step in providing latest, meaningful interactions for the bank’s growing digital customer base.
“In 2019, our team began experimenting with VR by piloting a digital welcome kit for brand spanking new customers,” said Abbas. “Our goal was to make use of VR as a tool to teach customers on the services available to them on the TD Mobile app and Online Banking through interactive gameplay.”
The kit included a VR headset compatible with a customer’s smart phone and a QR code. When scanned, customers were presented with point and shoot games that taught them digital banking features comparable to mobile deposit, send and receive money, online bill pay and more. After completing the sport, customers proceeded to a training video explaining the self-serve function.
What is Augmented Reality?
Now, Abbas is spearheading TD’s efforts to interact with customers through AR, or augmented reality, a technology that uses the real-world environment and superimposes information or images through a user’s smartphone or tablet (think Pokémon Go and Snapchat).
Outside of entertainment, Abbas says there are also practical uses for AR that may be employed to offer financial literacy and education for patrons. His team explored those scenarios at a recent hackathon event they hosted at TD Workshop in Philadelphia’s University City district.
“We assigned use cases to colleagues from various lines of business, with a concentrate on product, design and technology, and asked them to create an AR experience to assist educate customers on products comparable to first-time homebuying and debit card advantages,” said Abbas. “It was inspirational to see everyone’s creativity come to life, and it’s clear that AR/VR has untapped potential in terms of financial literacy.”
As customers turn to digital for his or her banking needs at an increasing rate, AR/VR will develop into a vital a part of TD’s plans.
“Today, most of our competitors are digitally energetic, and we expect that to proceed,” said Levi Sutter, TD’s Head of U.S. Digital Platforms. “We are constantly growing our digital offerings to fulfill the needs of our customers in a time and place of their alternative, and we look ahead to exploring AR/VR as a servicing channel and a resource for educating customers on TD’s digital capabilities.”
And while digital adoption is on the rise, Sutter explains that there are also potential use cases to make use of this technology in TD’s physical store network.
“When we predict in regards to the physical store, we would like to take the chance to interact with that customer who may wait in line to deposit a check at an ATM or with a teller, and use AR/VR to tell them of our mobile check deposit feature, for instance,” said Sutter. “At the tip of the day, it’s about giving our customers options to bank with us across multiple channels and at their convenience.”
Outside of the U.S. Digital team’s focus to be a frontrunner within the AR/VR space in banking, they’re also captivated with engaging the community to cultivate the following generation of technology professionals. TD Workshop recently sponsored and hosted an event with Coded by Kids, a nonprofit fighting inequity by preparing underrepresented young people to succeed as tech and innovation leaders through project-based learning and mentorship. The team is hoping to collaborate with similar organizations in 2023 to encourage individuals at various age groups and backgrounds.
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