A large Spanish Bank is exploring how immersive digital environments can – provide better relationships between internal groups and with customers, have more ways for people to engage, make innovation more rewarding, and create value with new digital capabilities and banking services to improve outcomes.
With the potential of XR (eXtended Reality with AR and VR) to create new opportunities, form new relationships, expand revenue streams and the business model, deliver new products and services, etc. – BBVA is exploring how to benefit with new technology and digital services. “ We need to understand the capabilities of these technologies, their possible technical limitations, risks and opportunities, and how to enhance the security and protection of users ” explains Iván Moreno with the BBVA Strategy and Digital Assets Dept.
One of the first tests that the bank is conducting is a pilot of an immersive meeting room with a hyper-realistic appearance and focused on social meetings, commercial stores, training, and leisure spaces. “ We need to test it firsthand and we have already held the first meetings and organized some remote training talks.” says Iván Moreno. “ Having this pilot space in a hyper-realistic scenario allows us to open up innovative ideas for applications or needs that, without having an environment in which to test them, would be difficult to anticipate. In this way, the business areas will be able to devise tools, capabilities and possibilities that will make these spaces truly differentiating.”
Expanding XR capabilities is complimentary to the BBVA vision and strategy to have a greater digital presence and provide more options for people to collaborate, explore opportunities, better manage risk associated with change, etc. – when doing business innovation and expanding services to evolve day-to-day business operations and functions – internally and for global customers.
In addition to exploring the potential with the technology, the new virtual space also enables the BBVA team to analyze how people’s perceptions and ways of interacting in these environments are changing. Moreno says “ Users have been interacting digitally for a long time through screens, buttons, drop-down lists, etc. In a way, they are already second nature to them and will need a period of adaptation to new forms of interaction.
By seeing how our own way of working changes in a metaverse, we can design products and services for Customers that take these new perceptions into account.”– Iván Moreno, BBVA Strategy and Digital Assets
This XR initiative is part of BBVA’s strategy to explore emerging technologies that can provide new banking services to increase relevance and revenue by expanding the business model. Among the differentiating factors to improve outcomes are the XR platform advances, scalability and the realism of the environments and avatars – that contribute to providing a great User Experience in the virtual and physical worlds with expanded opportunities for people to engage, do new things, create new value, etc.