4 ways to use HoloLens in financial services

  • Posted on April 2, 2018
  • Estimated reading time 4 minutes
HoloLens in financial services

You might not realise it, but the HoloLens is very useful in many industries. Even for industries that might not be apparent like Financial Services. When in reality, HoloLens can enable financial organisations to better help their customers with insights on financial risks and insurances.

Below, I highlight four areas where financial organisations can improve their customer experience with the HoloLens:

1. Property insurance
As a Property Insurance firm, you want to give your customers the best advice and make them aware of the risks within their property. The best way to inform them is to visualise different scenarios. The goal is to not just show the initial costs associated with an incident, but also the collateral damages. This will show the impact in a more powerful way. Much more than any report on paper can ever do.

With the HoloLens it’s a lot easier for you to visualise your message. You can for example, as an insurance agent, show your customers what happens if there will be a flood or how fire will spread through a building. Using the approach to visualize the damages, allows for more impactful recommendations on changes customers need to make to their properties to mitigate risks, fitting perfectly to their needs.

2. Funeral insurance
More customers are now considering burial insurance to address the costs of their funeral. Planning something like your own funeral can be an emotional event and walking through the process on paper can make be very impersonal. A device such as the HoloLens can turn this into a more personalized experience. Through the HoloLens, customers can visualize each aspect of the ceremony and how this will affect their budget. As an insurance company you not only can give them a better and more personalized view on their funeral, but you can also give them better advice about their insurance needs, based on their personal wishes.

3. Financial planning
Most people like to dream about the future and possible assets, such as a car or house, they would like to purchase. It helps to have a clear goal and vision to know how much funds in necessary to realize these goals. For a lot of people, it is hard to make their goals tangible. The have a blurry view of their future and don’t spend a lot of time thinking about their options. This makes it problematic to provide a proper financial service and customers are not sure what they are saving for. With the HoloLens you can help your customer visualise their dreams. Show them their dream house, with a swimming pool, the car they always wanted or their children going to college.

You can also show graphs of the amount of money they will need to save and how this will accumulate during the coming years. By visualizing the future and bringing their goals into perspective, organisations can make the transition to the correct service easier.

4. Social responsibility
In recent years, financial services firms have taken a more active role in the communities they serve by adopting social responsibility programs. Some companies are working with local stakeholders to lower the number of fatal car accidents in the year 2020 with 50% compared to 2017. They support this by creating apps to ensure people won’t use their mobile devices in the car. Others are organizing events to show what happens when you step in a car with a drunk driver. The goal is to make sure their customers are making the right decision for themselves and their environments.

The HoloLens will bring these initiatives to life by showing people the actual consequences of their actions or decisions. During a theoretical driver exam, a virtual car crash will have far more impact on someone’s behaviour than getting points deducted for a wrong answer.

These are just a couple examples that show how innovative ideas can be found everywhere. It’s time to bring people from different parts of your organization together and start thinking of possible applications. Avanade can help you in the process. Feel free to contact me for help.

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