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When we think Virtual Reality (VR), we most likely envision the Oculus Rift or computer games. But some believe VR is going to affect our lives just as smart phones and the internet have changed the way we communicate and access data, so will VR when it relates to finance and banking. With the growing number of millennials who feed off of all things digital, we can imagine a not-so-far future where we can visually see our financial transactions or speak with a virtual banker, like you chat with Siri. Compliance, security and ease of integration will be big hurdles to overcome, but there is no doubt this could be a fintech game changer.
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.
