The present study has been undertaken to explore in detail how augmented reality can benefit the banking sector in terms of influencing customer purchase behavior. It is believed that the use of augmented reality is novel to the customers, and the customers are yet to have a positive perception about augmented reality-based banking services. A better understanding of the relationship between the customer's buying behavior and augmented reality can be beneficial to both the banking service provider and the customer. The present research is a review-based approach wherein systematic literature review methodology has been adopted. The study explored the term customer purchase behavior and identified the specific variables that determine the buying behavior. Four important determinants of customer purchase behavior were found, namely convenience, product and service offerings, customer satisfaction, and brand image. The study findings are expected to prove significant in helping the banking sector stakeholders develop strategies for the successful implementation of augmented reality. Further exploration of the link between these variables of customer purchase behavior and the use of augmented reality in banking demonstrated the potential of this technology in transforming the banking experience for customers.