Forget what you think you know about virtual reality. It doesn’t only serve the entertainment or video game industries. It’s not too expensive. It won’t make you dizzy or nauseous. And no, it’s not just a fad. In fact, you’re going to start seeing a lot more of VR in the future—in schools, at the doctor’s office, in your workplace, and even at your bank.
Yes, the next time you need to interact with a banker, learn a new or complex procedure or process, or make a payment, you could be using virtual reality. This may seem a little far-fetched, or, to many, even inconceivable, but it’s been a long time coming. Fintech is disrupting the financial industry as we know it, alleviating its many pain points, like customer service and outdated methods. This will stand to benefit everyone, but especially younger generations where 71 percent of people aged 25-35 find the banking experience slow, frustrating, and overly complicated.
VR is just one piece of the larger fintech puzzle, but it’s a significant one. This immersive technology will change some small aspects of your day-to-day life, like eliminating the need to drive to your bank for a quick, simple transaction, but VR is also set to disrupt the industry in a big way. Here’s how:
Data visualization will lead to better financial decisions
Automation and algorithms are already part of finance and trading, but it’s the computers that are reading and analyzing the data, not the humans. Virtual reality will literally make it possible for us to see and understand data. This will help financial companies identify key insights and market patterns, and traders will be able to review large amounts of information quickly and come to more accurate (and profitable) financial decisions.
Consumers will benefit from this, too. Banks are beginning to offer VR banking apps, which have the capability to present data, like complex financial information, in an artificial, 3D environment. And just like data visualization is profitable and effective for financial companies and traders, it will also help you make more informed decisions about your savings and investments. If you had the ability to visualize how you could turn a profit on a small sum of money over the next 20 years, wouldn’t you feel more confident making that decision?
More advanced fraud detection
Top-notch security is always a financial company’s main concern, especially as data and currency become more digitized. Fraud detection might not be the most exciting advantage of virtual reality, but you’ll be happier knowing your money and accounts are even more protected.
With VR, you can log in to view where all transactions are posted, which makes it easy to spot any suspicious activity. Eventually, this technology will also be able to ask customers to verify certain transactions. This goes a step beyond your phone or email alerting you to a transaction on your account in, say, California if you live in New York.
Interactive employee training
Training is a lengthy, complex process in every organization across every industry. The initial training a new employee receives could not only make or break their job performance, but it can also have an impact on your customers—if your employees are not up to par with your company’s standards, your customers won’t receive the best service or support (something that’s already a pain point at a lot of financial institutions).
Tech-savvy companies are implementing VR as part of their new hire training, immersing employees in a simulated environment where they encounter situations and problems that will likely happen while on the job. You can program the VR software to have them interact with customers or visually walk them through tasks they’ll be expected to complete in their new role.
Technology isn’t all flashy. Oftentimes, its purpose is to creatively solve problems in order to make our lives as straightforward and convenient as possible.
