Chapter 10 transforming LegaCy Banking appLiCations to Banking experienCe pLatforms customers and establish a deep relationship with the customer. Gamification methods also include incentives, loyalty rewards, and targeted promotions. • Virtual reality (VR) and augmented reality (AR): These technologies offer immersive experience to end users. In the banking domain, VR technologies can be used for training, process walk-through, end- user demos, and home mortgage support. • Internet of Things (IoT): Banks can use sensors and other devices at branches and ATMs to obtain insights into customer behavior, and fine tune the services accordingly. Business Process-Related Trends The main business process-related trends in banking are as follows: • Crowd-based P2P lending: The crowd platform that enables person- to- person lending • Digital-first bank: A bank that predominantly provides digital channels for core banking functionality with fully digitized bank processes • Payment banks: Digital banks that specialize in digital payments • Digital wallets: Systems for managing e-money • Social media banking: Banking through social media channels (such as Facebook) and messaging channels (such as WhatsApp) Digital Transformation of Traditional Banks to Digital Banks This section looks at various options for the digital transformation of traditional banks to modern DXPs. Reference Technology Architecture for a Digital Bank A reference technology architecture of a digital bank is depicted in Figure 10-3. 269