Retail banks are facing challenges from every direction, from the stealth erosion of accounts to competing banks; from online only financial institutions to non-traditional banking platforms. On top of that, banks are reckoning with how they can gain greater value from their retail network. The challenge would be less daunting if it weren’t for the significant shift we’re seeing in banking behavior as Millennials enter their formative years. Our banking clients have responded by working at tearing down corporate silos and exploring new ways for their branches to remain relevant as this channel of customer engagement remains the most critical in driving growth and building customer loyalty.
In 2016, working on a major bank transformation assignment for CZ Bank in China, we explored how virtual reality (VR), augmented reality (AR), and neuroscience could help our client develop a new branch concept that connects with customers more effectively. We set out to gather information using the latest technology in VR and neuroscience. This groundbreaking research is the first of its kind and is intended to demonstrate and validate the following:
- The effectiveness of using VR and neuroscience in evaluating concepts prior to prototyping
- The effectiveness of using neuroscience with eye tracking to evaluate and determine true emotional responses to the physical environment
- The viability and feasibility of using electroencephalogram (EEG) headsets with VR hardware
- The effectiveness of using EEG testing as part of prototype ethnographic research
- The use of a prototype concept versus the virtual experience equivalent for present and future environment enhancements based on consumer feedback
- Insights based on surveys and neuroscience to improve customer experience