How VR and AR Will Shape the Future of FinTech-3.7

The advent of blockchain and VR/AR is now disrupting industries like education, healthcare, real estate, and, not surprising, finance. While it may have seemed that much-hailed back in the 80’s AR and VR technologies were not destined to evolve into something viable, today their field of application is expanding at an impressive rate. As researchers say, the market for AR/VR solutions will reach $150 billion by 2020, with AR beating VR by dramatic $120 billion.

As regards fintech, the obvious disruption we are facing now is the alleviation of the financial industry’s most evident “pain” — improving customer experience through the transformation of customer services. This transformation is a long-anticipated one and has been brewing in response to market demand: the vast majority of young people aged 25–35 find customer communication style of most banks slow, frustrating and hard to comprehend. Millennials perceive going to a bank as an unpleasant chore, that’s why most of them shun traditional banking. In fact, the Millennial Disruption Index Report states 71% of today’s most active workforce would rather go to a dentist than listen to what banks are saying. In other words, they will not conform to something unappealing and downright boring.

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