The Potential Impact of Virtual Reality on the Banking Industry

Running head: UNDERSTANDING THE DIGITAL REVOLUTION
The Potential Impact of Virtual Reality on the Banking Industry
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2UNDERSTANDING THE DIGITAL REVOLUTION
Part One: Research
Virtual Reality: The concept of Virtual reality is considered as artificial environment
which is created with a software and are presented to users in a way where the user suspends
their beliefs and starts accepting the artificial environment as a real one (Huang et al., 2016). For
a computer system, virtual reality can be experienced through two senses: that is sound and sight.
A simple form of the virtual reality is the 3-D image. This helps to explore the interactively at
personal computer, by manipulating all the keys or mouse for moving the content of images that
moves in other direction r can be zoom in or zoom out. Sophisticated efforts that are involved in
the virtual reality involves many approaches as display screens that are wrap-around, the actual
rooms that are augmented with the wearable computers, and the haptics device that lets to feel
display images.
The virtual reality is generally divided into two factors:
 Simulation of real environment for education as well as training.
 Developing an imagined environment for the game or for the interactive story.
There is a language known as VRML (Virtual Reality Modelling Language) that helps to
creator for specifying the images as well as rules of display as well as interaction using the
statements of textual languages.
Banking Industry:
Most of the banks uses the concept of Virtual Reality to runs its processes (Han et al.,
017). Virtual reality in the banking sector is important because it helps to turn uninspiring
numbers or the dry concepts to a rich as well as meaningful experience. The virtual reality in the

3UNDERSTANDING THE DIGITAL REVOLUTION
banking sector helps to create a vivid imagery that helps to engage both left sides as well as right
sides of the human brains.
There are many banks as well as credit unions that pioneers tests with the emerging
technology of virtual reality. The banks are creating virtual Reality apps which showcases the
solutions of digital banking in the artificial 3D environments (Sia, Soh & Weill, 2016). Some of
the banks create tools that helps the people for managing the finances. Others are using this
concept as marketing tool for generating the PR buzz. Notions of Virtual Reality in the banking
sector are most certainly in their infancy and there is a long way for this application to become a
true mainstream.
Part Two: Brainstorming
One of the factors that impacts on the banking sector is that there are more millennials
who are becoming customers. This new generation of customers expects as well as needs
different types of technology that mostly differs from the predecessors (Pająk, Kamińska &
Kvilinskyi, 2016). The millennials mostly wants self-service and also have a tendency that helps
to boost the banking adoption on the banking AR solutions.
This tendency of the customer will help to redefine the experience of the customer in the
banking. The technology of the virtual reality is very innovative and also helps to ensure quick as
well as provides accuracy and service provision. By adopting the technology of virtual reality,
augmented reality is also used in the banking sectors that helps the customers in different ways.
With the adoption of AR, the virtual reality is mow becoming more affordable in all other
sectors. There are headsets that are available and using the applications are very easy to make.