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Apple Vision Pro and the Adaptation of Banking
Published by Fintech Americas on Jun 27, 2023
Discover what Apple Vision Pro is and how your bank can leverage the benefits of Spatial Computing.
Apple has done it once again.
A few weeks ago, the company founded by Steve Jobs — which already revolutionized the way we interact with technology through products such as the iPhone (2007) and iPad (2010) — announced the launch of a new product with equally disruptive and revolutionary potential: the Apple Vision Pro augmented reality headset, introduced as the brand’s first spatial computer.
The announcement shook the world and once again placed Augmented Reality and Spatial Computing ("spatial" referring to the surrounding environment, not outer space) at the center of global attention, briefly shifting media focus away from ChatGPT and Artificial Intelligence toward this new device.
The excitement surrounding these technologies is justified. Augmented Reality alone is expected to grow from a $41 billion market today to $860 billion by 2030. Spatial Computing has even greater projected growth, potentially reaching $620 billion by 2032.
These figures point to one clear reality: both technologies are expected to play a far greater role in our personal and professional lives in the near future.
It may still be too early to know whether these types of headsets will become as common as smartphones. However, considering that the iPhone launched in 2007 and today there are approximately 1.3 billion iPhone users and nearly 7 billion smartphones worldwide, it makes sense to prepare now — especially in an industry like banking, which is constantly seeking innovation and new ways to satisfy customer expectations.
So where do experts in Spatial Computing and Augmented Reality recommend banks begin?
Below, we explore the key considerations for avoiding setbacks, aligning with business goals, and maximizing the benefits of these emerging technologies in the financial services industry.
What is Augmented Reality and How Does It Relate to Spatial Computing?
Augmented Reality (AR) is a technology that combines the real world with virtual elements, allowing users to experience an enhanced version of their environment.
Unlike Virtual Reality (VR), which creates a completely virtual environment, AR overlays digital information onto the real world through devices such as smartphones, tablets, or specialized glasses.
AR uses advanced techniques to identify and track objects in the environment. It then overlays relevant information about those objects in real time, providing users with an interactive and enriched experience. This additional information can take the form of images, text, videos, 3D models, or other multimedia elements.
Spatial Computing, on the other hand, refers to the interconnection and collaboration of ubiquitous computing devices — devices capable of communicating with one another — to create an immersive and omnipresent computing environment.
AR plays a fundamental role in enabling the vision of Spatial Computing because it allows users to interact with digital information in real time.
In a Spatial Computing environment, devices such as AR glasses, wearables, and embedded sensors capture real-world data and transmit it to interconnected processing systems. These systems process the information and send it back to AR devices to overlay onto the physical environment.
In this way, Augmented Reality becomes a key interface for interacting with Spatial Computing.
It is still early to know how far these technologies will go, but there are already several promising use cases emerging within the banking industry.
The Customer Experience of the Future: Uses of Augmented Reality and Spatial Computing in Financial Services
Spatial Computing and Augmented Reality have the potential to transform the banking industry as we know it today.
These technologies will revolutionize how customers interact with financial institutions while also reshaping the daily workflows of employees.
Some of the short-term use cases expected to emerge include:
Interaction with Financial Products
Banks could use Spatial Computing and AR to allow customers to interact with financial products virtually.
For example, through an application designed for Apple Vision Pro (or similar devices), customers could visualize and explore investment opportunities, loans, or insurance products within a virtual environment.
This would create a far more immersive experience, helping customers feel more comfortable while also improving their understanding of the products and benefits being offered.
Branch Assistance
Spatial Computing and Augmented Reality could significantly transform how customers interact with banking staff.
This could range from enhancing in-branch experiences to allowing customers to enter a virtual environment from home and meet with their account manager in real time — even if the advisor is physically located somewhere else.
Financial Data Visualization
These technologies could make financial data more intuitive and easier to understand.
Using augmented reality glasses, bankers and customers could view charts, graphs, and financial statistics overlaid onto the real world. This would simplify data analysis and improve decision-making by presenting information in a more interactive and contextual format.
Financial Education
Banks could also leverage Spatial Computing and AR as educational tools to teach financial concepts.
By overlaying virtual elements onto physical objects, institutions could explain financial terminology, investment strategies, or economic principles in a more visual and practical way.
Security and Authentication
Spatial Computing and AR could strengthen security across banking services even further.
Biometric authentication systems already exist today, including facial recognition and fingerprint authentication for account access and transactions.
In the future, additional technologies such as iris recognition may become more widespread due to their higher resistance to fraud and cyberattacks.
It is clear that the customer experience within a few years could look very different from today.
Imagine being able to personalize the branch environment for each individual customer.
Would they prefer to be assisted while surrounded by the beaches of Costa Rica? Done.
Would they rather discuss investments while overlooking a sunset in the Andes mountains?
In a virtual environment, that could become entirely possible.
Because these technologies are still so new, many use cases remain undiscovered. There is still much experimentation, testing, and imagination ahead.
However, experts already recommend that banks begin moving in the right direction toward Augmented Reality and Spatial Computing now in order to stay prepared for a race that is only just beginning.
5 Steps to Successfully Implement Augmented Reality and Spatial Computing Experiences in Banking and Financial Services
The time to take action is now.
A Gartner analysis estimates that by 2026, one-quarter of the global population will spend at least one hour per day in the metaverse using Virtual Reality, Augmented Reality, or Spatial Computing platforms.
However, creating the best future customer experiences is not about technology alone. The real key lies in an organization’s ability to adapt and implement these technologies in alignment with business objectives.
Focusing exclusively on technology is not the right approach when adopting disruptive innovations in banking.
Instead, institutions must begin considering the broader implications of these technologies and establish an action plan to implement them as soon as possible — or at the very least, be prepared when adoption becomes a business necessity.
Jeffrey Castellano, an expert in the Metaverse and Spatial Computing at IBM, together with his team, recommends the following five-step action plan for banking executives seeking to maximize the value of these technologies and remain competitive:
1. Identify the Benefits the Bank Can Deliver Today
The first step is clearly identifying where efforts should be focused.
Banks must determine which areas of customer experience and business operations could benefit most from Spatial Computing and AR capabilities, such as remote collaboration and the integration of physical and digital experiences.
2. Seamlessly Connect 2D and 3D Worlds
To move in the right direction, organizations should create experiences where content can coexist naturally across both 2D and 3D environments.
This applies across all banking areas, whether customer service, mobile applications, or internal operations.
This approach helps organizations quickly identify where value exists and what capabilities need strengthening.
3. Create Realistic Transition Points
The next step is identifying where and when the transition from 2D to 3D experiences could occur for both customers and internal operations.
The key is ensuring these transition points are easy to implement, practical, and gradual — layering useful 3D experiences over time rather than attempting a complete transformation immediately.
4. Define Key Metrics in Advance
Leveraging existing analytics and intelligence capabilities to select the right experimental projects is essential.
This enables organizations to test, learn, and scale rapidly and efficiently.
It is also recommended to define metrics and success criteria early in the process to avoid multiple rounds of approvals and delays during implementation.
5. Choose Strategic Partners That Can Scale Quickly
The final recommendation is to collaborate with the bank’s existing strategic partner ecosystem.
According to experts, it becomes easier to identify shared goals and complementary capabilities this way.
The key is to initially focus on partners capable of delivering tangible value and helping build the operational foundation required for future scaling.
Infinite Adaptation: The Next Stage of Banking Innovation
There is no doubt that emerging technologies are making the future of banking more exciting and surprising every day.
It has become increasingly clear that change is constant, disruption is the new normal, and the best way to navigate this new era is no longer through Digital Transformation alone, but through a much broader and more necessary concept for innovation: Infinite Adaptation.
What does Infinite Adaptation mean?
Why are banking leaders across Latin America embracing this new paradigm?
And how can your institution successfully implement it?
Chris Colbert, Former Managing Director of Harvard Innovation Labs and Chairman of the Board at Fintech Americas, explains everything you need to know in the exclusive e-book "The End of Digital Transformation and the Beginning of the Era of Infinite Adaptation."
Download the e-book and discover:
- What adaptation truly means and its impact on the financial industry;
- Which areas Covid-19 pushed banks toward extreme adaptability;
- Real examples of organizations that adapted successfully;
- How to build a more adaptable institution step by step;
- And much more!