Extended Reality in Financial Services

Extended reality is an umbrella concept that encompasses augmented reality (AR), virtual reality (VR) and mixed reality (MR) technologies. “The term was coined to refer to a variety of tools that build on the same technological concept”. 

Industry experts predict that medical businesses will benefit the most from this technology, followed by the military, industrial and tourism sectors, according to a special report by Raconteur on extended reality based on XRDC data. Virtual reality, augmented reality and mixed reality also have the potential to revolutionize business in other industries, such as fashion, entertainment or even banking. 

Extended reality brings these three technologies (virtual, augmented and mixed) under the same arm.  Experts still disagree on when the use of these three immersive technologies will go mainstream. According to Raconteur, some analysts argue that this has already happened, while others that it will take place over the next decade.  A small group believes that this will never happen.

“There’s been a lot of hype around what was touted as the Virtual Reality revolution, but it still needs a process of maturation,”. over the last two years, extended reality businesses have grown 86.6%, according to the 2018 extended reality Report.

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