Why Financial Advisers Need To Consider VR Technology

At the recent Adviser Innovation Summit, Peter Ford, Control Bionics, gave an excellent presentation about the future of client experience and the role in which virtual reality [VR] will play. It was an incredible insight into the future of technology, but, is it the future? According to an article in ‘Marketing Magazine’, Nikki Retallick from AOL APAC, claims that VR marketing is now mainstream and encourages all brands to get involved.

Peter’s presentation showed how involved clients can become with aspiring to achieve their goals and if they wanted even see their investments in real time. Using VR technology puts the client into their ideal future so that they can see how it will appear – powerful stuff.

The evolution of technology is exciting, but I acknowledge it is also daunting for others. However, technology, marketing methods and client expectations are constantly changing at such a rate that no-one can avoid it. Of course, I’m going to suggest that you need to have a well-defined value proposition and consider where technology sits to achieve that!

I also acknowledge that there are frustrations by some with their current technology providers and the uncertainty of where to look for VR providers too – they are out there and you will see them soon!

What I would encourage you to do now, is look around at other industries and see how they are evolving with technology because as they evolve, your clients evolve with them and expectations about your client experience and interactions will be raised.

Sometimes at a conference or summit, you might see a ‘futuristic’ presentation and think, wow that was great but will never happen in my lifetime – not VR technology! It’s here, it’s becoming mainstream, and it is so ‘ripe’ for a financial advice business to use.

Imagine after the goals setting exercise you pass your client a pair of goggles and say, “pop these on and take a look at your future.”

VR technology isn’t just for gaming, it’s mainstream, and it’s the perfect client engagement tool.

I think we’d all be more than happy to hear from any tech developers who can help advisers with this innovation.