One would not necessarily expect financial service providers to invest in virtual reality technology. Fidelity is a very different creature in this regard. The firm eyes a few innovative technologies to move their business forward. Together with VR, artificial intelligence and blockchain will transform this company in the years to come.
Fidelity Banks Big on VR Success
For a firm which is three-quarters of a century old, Fidelity is quite a refreshing service provider. The company currently administers over $7tn in assets on behalf of customers. At the same time, the firm partakes in annual spending of $2.5bn when it comes to new technologies and solutions. Their new areas of interest particularly focus on blockchain, AI, and virtual reality technology.
There is an interesting correlation between new technologies and the retirement plan and mutual funds industry. Fidelity has always positioned itself as a family-controlled financial service provider and tech firm. In the coming years, the company wants to measure itself with the likes of Nvidia, which is not something most people would expect to hear from such a company.
One interesting aspect the company is exploring right now comes in the form of VR. More specifically, its technology lab has numerous VR headsets throughout the region. Employees are experimenting with different solutions and approaches to bridge the gap between virtual reality and traditional finance. For now, there is no plan to make VR replace physical advisors, although there are some interesting opportunities abound.
For the time being, Fidelity sees VR as a prime tool to train employees. Through its in-house program, employees can handle situations with compassion and empathy. This explains the common use of virtual reality headsets. How this will play out in the years to come, remains rather unclear. VR Training is gaining traction across different industries.
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