How Virtual Reality is becoming Actuality in Financial Services
by: Alan Underdown
I believe we are approaching an inflection point in the story of how we will interact with computers. One of the technologies that forms part of the transformation is virtual reality. It is being used to solve an ever more diverse range of problems in an increasing number of industries. Now financial service innovators are using virtual reality to create engaging and meaningful new ways for customers to interact with their finances.
Virtual reality is a computer-based immersive multimedia environment that can simulate physical presence in real world places or imagined worlds. It became a reality with cold war military simulators whilst for consumers it remained the preserve of art, popular culture and science fiction for many years afterwards. That’s all changing…
Virtual reality’s transition from gaming, entertainment and military application to a wider market can be largely attributed to recent innovations which bring consumers closer to an experience where they feel truly present and immersed in the virtual reality experience.
Is virtual reality relevant to financial services? The short answer is almost certainly yes. Data visualisation has had an enormous impact and application in financial services, and the predominant virtual reality innovations in this sector relate to data visualisation.
The full version of this article will examine a number of case studies including from investment banking, retail banking, and investment management sectors and will demonstrate how these firms are using virtual reality to create engaging and meaningful ways for customers to interact with their finances.
These firms are disrupters who recognise a future customer demand for financial services that is more visual and immersive. Just as firms made their services available through web browsers and tablet devices so they may also soon need to recognise and exploit other platforms in order to compete.
Editors Notes: This entry has been submitted to the FINTECH Book, the world’s 1st globally crowd-sourced book on FINTECH. Readers that enjoyed this initial abstract are invited to share and like it so that it may be featured in a longer version.