Virtual Reality is a simulated experience of a virtual three-dimensional environment. Augmented Reality is a hybrid interphase created by superimposing the computer-generated images with the real world. In combination Virtual and Augmented Reality (VR/AR) is used to bridge the physical and virtual worlds allowing a user to consume large amounts of information visually in an immersive manner stated Bahaa Abdul Hussein.
Adoption of VR/AR in financial services
VR/AR is an effective tool for simulating immersive experiences and allowing users to process large amounts of visual data along with real world inputs. So financial services are finding innovative applications for this technology to improve customer experiences and help increase employee productivity.
Enhanced Customer Experience
VR/AR is useful for creating immersive experiences for customers. For example, banks will soon use virtual reality to create virtual branches, where customers will interact with bankers in a simulated environment. So customers will explore financial products and services through a more personalized and engaging experience, increasing customer satisfaction.
Streamlined Investment And Trading
Investors and traders make better operational decisions using VR/AR. By creating virtual trading floors and immersive data visualizations, traders can get a more intuitive understanding of market trends and patterns. This will streamline the processes involved in investing and trading, improving operational efficiency.
Employee Training And Customer Financial Education
Training employees in financial services will become easier through use of VR/AR. Virtual reality simulations are already being used to train bank tellers to handle customer interactions more effectively. VR/AR can be used similarly to increase financial literacy of customers through immersive and interactive tutorials or simulations. With better understanding of financial products and services customers will make more informed financial decisions.
Risk Assessment And Management
VR/AR will be used to simulate and test various financial scenarios. Through these the institutions will be able to assess potential risk. They will also have the framework to try risk management strategies and choose optimal ones.
Wealth Management And Remote Collaboration
Clients will experience investment portfolios and financial planning in a more engaging and interactive way through VR/AR. This will help Wealth Management firms to serve their clients better. They will also collaborate with their clients remotely using this technology, allowing advisors to provide personalized advice when their clients are in a different location.
Competitive Advantage
Since the financial market is highly competitive, individual companies need to differentiate themselves from their peers. The use of VR/AR in financial services can give financial institutions a competitive advantage, helping them to attract new customers.
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