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KNOWLEDGE BASE

Imagination to Reality - VIRTUAL REALITY


Imagine…

The reality of tomorrow will not be static. One day we believe an immersive, augmented reality will become a part of daily life for billions of people. Imaging enjoying a courtside seat at a sports game. Studying in a classroom of students and teachers from all over the world, consulting with a doctor face to face, just by putting your VR goggles on in your home.

The future is here today

This is not sci-fi, VR implementations are available today. The British museum uses VR to transport visitors back to the bronze age. Film makers are using it to create VR movies to help mobilize crisis relief with movies such as “Welcome to Aleppo”

Locally in Australia, most large corporations are working with VR. Some examples include:

Potential uses for VR

They say VR will transform many markets: starting with gaming, but moving to travel, education, work communication and retail. Virtual Reality isn’t just for gamers:

  • Tourism (virtual tours of hotel rooms, addition to a virtual “information panel” tour, etc.)

  • Businesses, when designing prototypes of systems, visions/future statements

  • Medicine, to observe surgery

  • Insurance, to reconstitute accidents in 3D

  • Professional training (virtual reality simulators can help train crane operators or jet pilots cheaply and with no risk!).

Is virtual reality the next big thing in banking?

Virtual and augmented reality are poised to disrupt modern banking, offering customers an immersive experience in ultra-personalized convenience.


VR has the potential to transform banking by:

  • Remove retail bank branches and engage with your bank manager in your home

  • Training staff to engage with customers in a 360 training scenario platform

  • Remove field sales visits and make virtual visits instead

  • Designing technical platforms in VR instead of paper to help model the future new world/system

  • Make financial products exciting and engaging from a consumer perspective, thus uplifting sales and conversion rates

  • Allowing geographically dispersed staff sitting virtually around the same table and chatting as if they in the same room

VR has the potential to reduce costs, by removing bricks and mortar costs and add new value by transforming financial data into a visual, engaging experience.

http://www.charlotteobserver.com/news/business/banking/bank-watch-log/article69899107.html

Benefits of Virtual Reality

AR and VR are particularly useful technologies to sales organisations because they afford three major benefits – these are:

  • Emotional resonance

  • Information accessibility

  • Hypothetical experiences

In particular, AR and VR can help to improve the customer experience and optimize the customer journey where emotional engagement, customer understanding and complex, tailor-made or unfinished product sales are creating commercial sticking points.

Consumer Awareness of Virtual Reality

Awareness of Virtual Reality technology is approx. 50% today, so quite low. This will dramatically increase over the next 2 years. Steven Spielberg has a new movie out in March 2018 called ‘Ready Player One’ which is a big blockbuster ($200M) sci-fi movie where everyone lives and interacts in the virtual reality world instead of the real world. Movies like this would have a large uplift on technology awareness and capability.

HTC and Virtual Reality (https://www.vive.com/au/)

HTC bring a full 360 immersive experience to virtual reality. There is no comparison between Vive and Samsung gear VR. It is completely different. The best way to understand the technology is to experience it! HTC will be running a Lunch and Learn experience at The Hub Southern Cross, Level 2, 696 Bourke Street on Tuesday, 28th November, 12:30pm-1:30pm. Come join us!

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