Time for banks to have a spatial strategy
Banks are being looked through the prism of leading B2C firms and fintechs for the brand experience. The technology focused firms for their consumer obsessed play, led ably by Amazon have found great favor among the consumers. Financial services brands also need to get hooked to the latest in digitally enabled immersive experiences to protect their turf. Spatial computing, encompassing components of augmented and virtual reality (mixed reality) is one such emerging platform. It will make the physical space super responsive to the virtual world enabled by a combination of technologies such as wearable device, 3D capture, sensors, and algorithm. Spatial computing is not just a medium but a new platform with a far reaching impact, the kind we witnessed for the earlier consumer engagement platforms like Internet and mobile
Drivers aiding the growth of spatial computing
§ Promising AR & VR Market: In the last few years we have seen great interest and uptick in the adoption of augmented and virtual reality (AR & VR). The number of AR enabled smartphones will grow to 1.6 bn by 2021 from current level of 400 mn. The spend on AR ads will grow to $1.2 bn by 2020. VR market is expected to grow from $7.9 billion in 2018 to $44.7 billion by 2024
§ 5G Rollout: 5G services will be way faster than 4G and enable seamless and faster real time connectivity between devices. It will also ensure wider coverage and low latency. 5G equipped VR and AR devices will tremendously bridge the physical divide between people
A few use cases:
§ Teleportation meeting: A wearable spatial device will enable collaborative meetings remotely. It will not only be faster and cost effective but will also reduce the environmental impact of travelling. BNP Paribas has initiated teleportation meetings for its clients to meet the goal of offering immersive experience
§ Remote office: Spatial computing enables computation capability to any physical space thus allowing connected people to set up office in a remote location very quickly. Walls of the room can respond to the gestures and coworkers’ body can be digitally overlaid to facilitate greater level of collaboration through co-presence
§ Experiential advertising: Brands have been harping on putting consumer at the center stage and making him integral to brand story. This pole-star goal will be realized through programmatic 3D ads where consumers can not only experience product or service but can also instantly buy it
What’s next
Spatial computing will enable brands to invent a new consumer journey and ways of working. It will help firms meet major digital age goals such as providing immersive experiences, highly targeted advertising, seamless collaboration, reduction of carbon footprints and cost effectiveness. It will especially appeal to the most attractive young target audience for any brand across industries. As per Super Ventures, an early stage augmented reality fund, by 2029 nearly 95% of millennial and Gen Z consumers will access mixed reality contents on a daily basis! In the wake of digital tsunami, the need to contextualize computing is vital, the goal to be realized by being proactive in the space of spatial computing. Investment in spatial computing will prove beneficial since this platform can be monetized through integration of commerce. In near future there will be a suitable infrastructure for spatial computing to thrive resulting in the development of new apps on spatial platform that will redefine how we work, collaborate, consume advertising and make purchases