Virtual reality is slowly making inroads across different industries. This has become apparent in the world of finance as well. Financial institutions across the United States are seemingly leaning toward combining VR with wealth management in a meaningful manner.
VR in the Financial Sector
To some people, it will sound rather strange to think of virtual reality making an impact on the financial sector. In reality, however, it makes a lot of sense where financial advisors are concerned. Although a lot of details have yet to be ironed out, there are a few use cases which come to mind. In fact, there may be a limitless number of use cases when everything is said than done.
Wealth management service providers are always looking for innovative technologies. Both VR and AR are of keen interest in this regard, as they make comparisons a lot more straightforward. This is good news for clients looking to gain insights into their own demographic. Additionally, it can also be used to visualize investment behavior and patterns.
INTRUST Bank CIO Bill Martin explains:
“For example, a low savings rate could be visualized by showing a future state of struggling to put food on the table or pay for healthcare services in contrast to a high savings rate scenario that shows a comfortable retirement lifestyle. Retirement plan advisors could use such a tool to positively motivate participant behaviors, leading to improved retirement readiness.”
Whether or not VR will impact wealth management, remains to be determined. It is evident there are options worth exploring. Fidelity Labs is confident more use cases will be concocted moving forward. Finding the right financial services applications for VR and AR will not be easy, that much is evident.
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