Immersive technologies are a group of emerging technologies that all share a common aim: to create an experience for users that mediates their perception of their physical environment. Immersive technology is an integration of two main categories with varying levels of immersive experiences (virtual reality (VR) and augmented reality (AR)) that extend reality or creates a new reality by leveraging the 360 space/sphere. Immersive technologies are about to upgrade finance from a heap of spreadsheets to something we interact with and understand intuitively. So rather than conventional brick-and-mortar facilities, traditional and emerging innovative banks can use AR/VR banking and save time and money while giving the same banking experience to customers. Immersive technologies offer exciting opportunities to transform banks and other financial institutions. In this paper, we will examine some of the potential benefits and the challenges of adapting immersive technology in the financial industry.
virtual reality, VR, augmented reality, AR, mixed reality, MR, extended reality, XR, immersive technologies, immersive banking, metaverse, finance, financial industry
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