FinTech for the Win: How Virtual Reality & Finance Join Forces to Boost the Finance Industry

Business.com / Finances / Last Modified: February 22, 2017

The finance world runs on autonomous processes and high-powered algorithms, and the net effect has been a reduction in human comprehension.

The FinTech arena is a bustling hive of activity that showcases as many futuristic attractions as it does startup trends that have tremendous practical value in a world driven by innovation.

The popularity of virtual reality is growing by the day, fueled in large part by the coming of age of millennials.

Most everything we are encountering today is virtual – from Google Glass to wearable technology in the form of VR helmets and associated headgear.

For the most part, the new-age generation is less interested in frequenting an ATM to deposit a check or make payments. Today’s tech-savvy generation of millennials is more interested in whipping out an iOS smartphone, tablet or phablet, perhaps even an Android and processing that transaction in double-quick time.

The pace of transacting has rapidly evolved and we are looking at speeding things up in every which way possible. This is precisely what is driving the tech revolution in FinTech.

Related Article: What is FinTech and What Does it Mean for Small Businesses?

Setting the Cat Among the Pigeons

VR disruption is a catchphrase for the game-changing effect that virtual reality is going to have on the business world. Traditional bank accounts as we know them will be defunct. Personal bankers will be relegated to one-off meetings, not the weekly or monthly relationships that were so essential to maintaining open lines of credit to our parents’ generation and theirs before them.

We have clearly entered an age of 1s and 0s where digital and virtual dominate the scene. Indeed, there is clear evidence that virtual reality disruption is coming; it’s everywhere we look and it’s going to accelerate as the pace of tech innovation rapidly outstrips the rate of adoption in the financial sector.

Whatever we have today is going to be relegated to the annals of—rendered defunct with what is coming. In much the same way as cellular phones all but wiped out pay phones and home phones, or how the Internet and streaming videos made Blockbuster a relic of the past—so too will VR disruption cause an about-turn in the way we conduct our financial activities and online banking.

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The Fantastic Advances in Virtual Reality and How Banking Is Being Impacted

In the United States alone, there are an estimated 84 million millennials. The world may have 15 broad industries, but it’s the FinTech sector that is going to be hardest hit by this Virtual Reality disruption. There are many ways in which VR is disrupting the financial sector. And each one of them is significant.

For example, there are things like voice activated displays of all financial transactions data. This is something that can be done on request. Users will be able to even refine the transactions according to whatever is seen and voice activation can pull up a visual display of the financial transactions in a jiffy. This is precisely what is possible and is in the pipeline.

There are other important developments taking place in the form of fraud detection too. Virtual banking will also allow for mapping of transactions. So when you log in via VR you will be able to see where the transactions were posted and if there is something fishy, it will instantly raise a red flag. The VR technology is so advanced that it will even be able to ask for verification of transactions that were made. Sometimes, obvious errors will present, for example: If you live in London and the transaction was made in Johannesburg, it would alert you to the anomaly.

There is the issue of robotic visors too. Gone are the days of sitting across a physical desk with your personal banker. Sure bankers may still have relevance, but it’s more likely that virtual bankers will come into play. They may well present themselves as AI (artificial intelligence) software or as actual people via live streaming feeds.

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Either way, the robo-visor concept is fast gaining traction in the FinTech world. Users will be advised as to the best decisions to be made and better yet – no scheduling or appointments will be needed. You simply power up, log in and ask your questions, get your advice or conduct your transaction.

\This is the single best way to optimize your banking experience without ever having to leave the comforts of home. Since these robo-visors will be securely hooked up to your online banking accounts, savings accounts or investment accounts they will provide rapid resolution to problems, allow for rapid processing of transactions and generate instant solutions to financial anomalies.

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