Banking , Interactive Cards

8 Ways Interactive Bank Cards Help You Delight Your Customers

In the age of quick fin-tech services, your customers expect a lot from your banking services. Here are 8 ways you can delight them with interactive bank cards powered by augmented reality.

 With the upcoming technological revolution, consumer behaviour is rapidly changing and reforming. Easier access to all knowledge in the world, convenient services, cheaper and better Internet and increasing capacity of smartphone devices have led to drastic changes in lifestyles. Banks have been comparatively slower in adapting to this technological advancement but things are changing fast. In last blog, we discussed benefits of Augmented Reality interactive cards for your bank. Now, let's look at things from consumer perspective and how a simple AR-powered interactive card can help your customers. 

8 Ways Interactive Bank Cards Help Your Customers

Table of Content (click to jump on a specific section)

1. Fast access to account information

2. Eliminate friction in applying for financial services

3. Better card safety options

4. Quick discovery of bank branches in new locations

5. Multiple payment modes from single card 

6. One platform to avail all online services

7. Better usage of exclusive card benefits and perks 

8. Personalized loan services enabled with real-time interaction


1. Fast access to account information


Gone are the days when customers had to put in valuable hours from their daily lives to go stand in queues at the bank to get work done. In today’s digital world, innovative technologies are impacting the future of banking by allowing banks to provide more and more functionalities online. Bank customers can now access information from the comfort of their homes.

Interactive Cards help in providing multiple services within your palm by just using the card and your mobile phone and can eliminate the online steps of accessing account through multiple logins. 

How? Let us take a look.

What if you could visualize all your account’s information in an engaging and immersive manner using your interactive card? Westpac Bank in New Zealand wanted to give their customers the power to do the same.

For this, they launched a mobile banking application that allows users to scan their card and then visualize the customer’s account details, expenses, dues and much more using Augmented Reality.

Also See: 11 Banks That Have Successfully Adopted Augmented Reality

Using the application, users can track their spending patterns on various categories to get insights into their expenses. The app also allows the users to clear their credit card dues in real time thereby eliminating the need of bank visits.

Optics Gamer - Augmented Reality Phone Banking App - Visualizing data and bank account information by scanning debit or credit cardsSource: OpticsGamer

2. Eliminate friction in applying for financial services


One major reason why your customers visit you is to get information about various programs of the bank, verify their eligibility for them and apply for them. Often bank employees have to check various data points to provide this information which leads to delays in the whole process.  Interactive Cards combined with mobile banking can solve this issue by providing engaging descriptions and illustrations about various programs of the bank using AR, determine eligibility in real time and allow users to apply with a single click from the app. BNP Paribas uses Interactive Print to help bank employees and customers by watching engaging videos about various programs of the bank. 

3. Better card safety options


Many users struggle with keeping their cards safe and the cards often get stolen or lost. To solve this problem, Interactive Cards can allow your customers to track their cards using GPS and IoT enabled using a mobile application. This will ensure the safety of cards at all times.

Furthermore, the app can allow the users to deactivate the cards if they are lost and report a case with the bank regarding the same, thereby streamlining the process of reporting. Mastercard has recently registered a patent for such a technology and is in plans to launch a banking application on your smart phone that will help you track your credit cards using special EC chips embedded in them.

4. Quick discovery of nearest branches in new locations


On certain occasions, when users are travelling, it is a difficult task to find the nearest ATM or bank branch. Banks can help users find the nearest ATM by using Geolocation embedded in the interactive card and provide them directions for the same by visually guiding them. 

For example, NBK Bank allows its users to locate the nearest branches of banks, ATMs and Cash Deposit centers using an immersive visualization of the city and also helps with the directions to these locations.


5. Multiple payment modes from single card

Normal credit/debit cards restrict our payment options to a single possible one that the card exclusively provides. But what if we had multiple payment modes using the same card.

IndusInd Bank recently launched their Interactive Cards that use IoT to provide 4 payment options on the same card. Users can pay using Credit, EMIs and Loyalty Points by just clicking a button on the card itself. This gives much more flexibility to us as users to choose between various payment options without the need to carry multiple cards or be dependent on various service providers.

Taking IndusInd Bank's idea to the next step, banks can enable discounts and cashbacks that are automatically applied to purchases at particular partner stores. This can be achieved by using IoT to connect with the Card Swipe machines at various stores. This step allows users to enjoy exclusive offers without the need to remember promo codes or various offers that they are eligible for.

6. One platform to avail all online services


In today’s world consumers want everything on their fingertips, thanks to technological innovation and prevalence of internet and smartphones.  From ordering food to booking movie tickets, we have the world in our palms. Yet, these online services have three major issues that needs to be addressed.

Also See: 11 Problems With Banks Today That Demand Immediate Attention

Firstly, they are segregated in nature thereby lacking a common platform to access them from. Secondly, they are disjointed from banks, the very place where all of us store our money and transact with it. Thirdly, the various discounts offered by these services to their users are not personalized and often end up confusing the users. These banking related problems restrict users from availing the full use of various payment services and bank discounts available on these online services. 

Armed with the latest technologies, Interactive Cards help banks in bridging the gap between users and online services by creating an all-in-one platform. Using such a platform, users can order food, book cabs, buy items and do much more by directly interacting and using the bank’s payment services rather than using multiple apps and websites.

This can be achieved by verifying the user and doing payments using the cards and using AR and geolocation to facilitate online services.

For example, Sri Lanka's Hatton National bank is headed to become a 'Bank of the Future' by investing in technology. It has launched an app that connects connects you to both, offline and online offers at various stores near you using Augmented Reality and Geolocation. Using their app you can scan your surroundings to find stores and restaurants near you to place orders from or access them while sitting at home.

 

 

Another way banks have addressed these problems is by offering their own services that incentivise users for using them. This is facilitated by rewarding users with Loyalty Points for using their services. Banks usually accomplish this by launching their own e-commerce platforms with discounts and cashbacks on purchases and the option to use Loyalty Points to pay for the same.

For example, Westpac New Zealand use smart cards that are integrated such a system to enable their users to use ‘Hot Points’- their loyalty point program, to pay for items on their catalog.

They simulated the whole catalog in Augmented Reality which helped users in visualizing their purchases and paying using their points and card details. This greatly encouraged the users to use their cards more frequently and in a more engaging manner when making purchases from anywhere using just their cards. Not only this, check out 9 more banking areas that can be disrupted with augmented reality.  

7. Better usage of exclusive card benefits and perks


Along with online services, your bank must have a wide range of offline partner services to offer exclusive benefits to your card holders at offline stores and business lounges.

These benefits sound great, but how many of your users actually avail these benefits?

Most users often end up not using them to various reasons. The primary reason for lack of usage is that these benefits require them to be present at offline locations to explore and avail them which is big geographical barrier to check these benefits out.

Another reason is that users are unable to visualize and understand the full extent of such benefits by reading about them in brochures or emails. These problems find an innovative solution through Interactive Cards.

Using various technologies integrated with the card and a mobile app, users can avail the option of exploring these offline stores and business lounges from the comfort of their homes. They can take virtual tours, explore various offerings and schedule visits to them while visually engaging with these locations.

Furthermore, such mobile apps can also use Geolocation to help users find the nearest lounges and stores with special offers to avoid remembering the exact details of the offerings.

All of these can be facilitated in an integrated manner with the Interactive card thereby providing a more immersive and visually appealing manner for us users to make better decisions and better understand the benefits that we get with our cards. 

8. Personalized loan services enabled with real-time interaction

Another offbeat way of integrating your bank’s services with the real world is by letting users avail various banking services such as car and home loans while interacting with real world commodities they want to buy.

Interactive Cards can be integrated with such services to authenticate and personalize such services to each user based on their track record with your bank.

For example, Commonwealth Bank Australia launched an augmented reality real estate app for a similar purpose in partnership with the biggest housing platforms in their country. Their app allowed users to point to any house to get its ownership history, current price and personalized loan rates for the users based on their eligibility criteria.

Commonwealth Bank - Property Guide AppSource: The Financial Brand

Summing It Up

The new age of banking is here and it is already reforming the way consumers interact and engage with your banks and services. For years, customers have dealt with the manual processes, long queues and delayed procedures of the banks. Now, it is time for banks to innovate and offer them services that make customer experience more seamless, immersive, simple and efficient. If you want to discuss more about implementing Augmented Reality in your current bank cards to make them interactive, feel free to reach out to us!


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