XR in Credit Unions: Bridging the Gap Between Innovation & Member Satisfaction

Credit unions have shown remarkable resilience during a season of unusually high interest rates, partly due to the industry’s willingness to step outside its comfort zone and adopt new technologies. It is no wonder then that there has been much digital ink spilled over how credit unions can utilize tools like artificial intelligence and others to improve their processes. The benefits of AI, particularly for automation and customer service, are well-recognized in the credit union industry. Extended reality (XR), which includes virtual, mixed and augmented reality, has become more powerful over the past few years. Its implementation for everything from entertainment to productivity has become more popular and convincing. Citi predicted that the total addressable market for the Metaverse could be between $8 trillion and $13 trillion by 2030. In a relatively short time, XR went from a curiosity to a mainstay in modern technology. Apple has now released its own XR technology, the Apple Vision Pro, which will almost certainly make XR technology more ubiquitous in everyday life. The Apple Vision Pro and the Meta Quest Pro also feature augmented reality capabilities, bringing that technology to the forefront alongside mere virtual reality.

Upon initial consideration, it might not be immediately evident; however, credit union professionals have the opportunity to leverage XR technology to significantly enhance both member experience and employee training programs. XR technology is distinguished by its ability to create deeply immersive experiences that engage the senses far beyond what is possible with traditional two-dimensional displays. Notably, XR offers users the ability to navigate through intricately designed digital worlds with rich detail or to experience events such as sitting courtside at a basketball game, capturing the unfiltered, dynamic energy as though present in person.

At the same time, many other industries have begun utilizing XR technology for educational purposes. CBC News reported that nursing students at the University of New Brunswick are using XR tools to develop critical skills and attain real-time feedback on their performance. Similarly, Dr. Shannon Putman, Ph.D. of the Kentucky Department of Education has done extensive research into using XR technology in the classroom. In both cases, XR is used to develop muscle memory in students.

Credit union leaders can harness that potential to create experiences that inform how new credit union employees interact with members. Traditional means of education, such as video and multiple choice questions or a television on wheels with a DVD machine, can instruct knowledge workers on what to do in very specific circumstances, however, it offers limited, data-driven and actionable feedback. In contrast, XR technology offers a richer data set for feedback, such as an eye gaze, tone of voice, sentiment analysis, energy level and distractions. These give knowledge workers in-depth feedback, allowing them to develop muscle memory in a safe, personalized and scalable environment.

XR technology does not exist separately from other tools like AI. In fact, AI has the potential to strengthen XR training experiences, making them even more immersive and realistic. With AI integration, XR technology for credit unions can generate responses in real-time to user inputs, which creates a more organic and life-like experience for credit union employees. In this way, AI-integrated XR training can force credit union employees to think on their feet in the same way they may have to when face-to-face with a member.

Ultimately, this is all to improve the member experience, and creating a great member experience starts with employee training. By better equipping credit union employees with a more interactive and realistic training process, they become more adept at addressing members’ needs. Consequently, this heightened preparedness fosters greater member loyalty, as members are more likely to feel valued and well-served. Soon, credit unions will offer XR solutions to be used by their members, helping those credit unions further differentiate themselves in a competitive market and deliver an enhanced member experience.

Adrian Moise is the Founder and CEO of Aequilibrium, an IT consulting company based in Vancouver, British Columbia, Canada.