Virtual reality: What role could it play in financial services?

Virtual reality (VR) and augmented reality (AR) are attracting a lot of attention in tech circles at the moment. It’s not uncommon to hear these concepts mentioned alongside the likes of artificial intelligence and the Internet of Things in any discussion about the technologies that are driving change in the modern world.

There’s no doubt it’s a growing sector, with figures compiled by Statista suggesting that the value of the global VR and AR market will reach US$13.9 billion in 2017, before soaring to US$143.3 billion by 2020.

So far, the reach of VR and AR has been relatively limited, with the technology largely being deployed for gaming and entertainment purposes. For most people, these concepts are not a significant part of day-to-day life.

But could that be about to change? There are signs of these technologies starting to play an increasingly significant role in financial services, with potential use cases including VR-based payments and banking apps.

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