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:
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 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 (Paj?k, Kami?ska & 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.
Other sectors that uses virtual reality is the health care sectors. The virtual reality is used in the health care centers helps to manage the chronic pain of the people in the health care centers. The researchers use the virtual reality technology for treating the patients. This allows the patients for focusing on the alternative reality instead of focusing on the pain. This helps to reduce the inhaling of the painkillers for the patients.
Part Three: Regulation and Ethics
The Virtual Reality in an innovative technology which helps in quick service as well as in accuracy of the technology that is used. The adoption of the augmented reality provides lot more than virtual reality. Banks from all the parts of the world have starting experimenting the technology of virtual reality and started using multiple applications that are possible (Martono et al., 2016). This was not possible few years back. The reality application helps the customers to locate their nearest branch or the nearest ATM. The customers can get the detail address of the bank from the virtual reality. With the help of the virtual reality application, the banks can send their customers the offers and the deals that are bank provides to the customers. The using of camera in the smartphones helps in bringing the surrounding of the real life and also involvement of the augmented reality projection.
The CBA (Commonwealth Bank of Australia) has developed a same kind of development for the banks. The application of AR is more specialized. It helps to target the customer of the banks for buying and the selling process of a home. Involvement of rich data with an augmented reality helps to provide many historical environment about the property that is to be sold, current listings, price tendencies and the previous information about the sales history of the property (Coburn, Freeman & Salmon, 2017). The capital growth that actually trends and all other financial metrics that are accessible helps to allow the interest rate of the individuals in the real estate or making the sale smart and also helps in making purchases decisions.
Part Four: Disruption
The changes in process of the banking sector helps in dynamism changes that occurs in space of social-economic for determining the need of the systematic development understanding all the innovative solutions that are needed for the banking sector. Almost 46% of the total population of the world uses the technology of internet and 31% of the people declares that they stay always active on the social media (Ohta & Tamura, 2014). There is no rationally corporate strategy that helps to omit potential technologies of the computer. Advanced solutions are adapted by the banking sector services in the virtual reality. All the industries from the developers of the video games to the healthcare management service uses the concept of virtual reality. They use innovative ideas of virtual reality in the healthcare services and use them in day to day services. The implementation of the concept of the virtual reality is the banking sector helps in generating competitive advantage in the market (Parise, Guinan & Kafka, 2016). This virtual reality helps to present different aspects of the application, increase the market trends as well as forecasts the subsequent development of the phenomenon.
References:
Coburn, J. Q., Freeman, I., & Salmon, J. L. (2017). A review of the capabilities of current low-cost virtual reality technology and its potential to enhance the design process. Journal of Computing and Information Science in Engineering, 17(3), 031013.
Han, M., Cui, Q., Teng, Y., & Zhang, W. (2017). Application of virtual reality technology in the foot fracture-assisted surgery. Chinese Journal of Tissue Engineering Research, 21(3), 378-382.
Huang, Y. C., Backman, K. F., Backman, S. J., & Chang, L. L. (2016). Exploring the implications of virtual reality technology in tourism marketing: An integrated research framework. International Journal of Tourism Research, 18(2), 116-128.
Martono, N. P., Yamaguchi, T., Maeta, T., Fujino, H., Kubota, Y., Ohwada, H., & Giovanneti, T. (2016). Clustering finger motion data from virtual reality-based training to analyze patients with mild cognitive impairment. International Journal of Software Science and Computational Intelligence (IJSSCI), 8(4), 29-42.
Ohta, Y., & Tamura, H. (2014). Mixed reality: merging real and virtual worlds. Springer Publishing Company, Incorporated.
Paj?k, K., Kami?ska, B., & Kvilinskyi, O. (2016). Modern trends of financial sector development under the virtual regionalization conditions. Financial and credit activity: problems of theory and practice, 2(21), 204-217.
Parise, S., Guinan, P. J., & Kafka, R. (2016). Solving the crisis of immediacy: How digital technology can transform the customer experience. Business Horizons, 59(4), 411-420.
Sia, S. K., Soh, C., & Weill, P. (2016). How DBS Bank Pursued a Digital Business Strategy. MIS Quarterly Executive, 15(2).
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