Virtual Reality (VR) is arguably the biggest current craze in the tech world. VR is the term used to describe a 3D, computer-generated digital environment which can be explored and interacted with to simulate real situations. The user becomes immersed within this environment and when there, is able to manipulate objects or perform a series of actions. Facebook has already invested roughly £1.5 billion in VR and whilst its use has been dominating the gaming world, it is rapidly expanding into the corporate world. So what does this mean for the finance industry?

VR Interviewing

Leading investment banks have launched hi-tech VR job interview processes in their recruitment efforts this year, utilising VR to assess how applicants perform tasks and deal with challenges likely to be encountered as an employee. Candidates are put through their paces in a VR room via a series of interactive tasks set by their disembodied employer. Assessors can present unique scenarios that would be difficult to simulate in a more orthodox interview. Imagine having a virtual 360⁰ tour of our JDX offices in London, New York and Singapore before you have even got the job…

Influencing internal Strategies

Automated trading strategies and abnormal financial policies have reshaped liquid markets, driving firms to employ more resources to understand the impact of these trends. The implementation of MiFID II will affect market structure, pushing for greater regulations surrounding transparency. The accessibility of new information and demand for further disclosure means that investors will not only need to manage more data but will also need to discover and embrace new ways to communicate key modifications to clients. This is where VR can come into play. This new medium allows users to fully immerse themselves in a situation and has the potential to be a valuable tool for the display of dynamic data.

Virtualitics is the first platform to combine VR, AI and Big Data, allowing users to interact with data using the Oculus Rift headset. This creates the opportunity for live collaboration and ‘on the go’ presentations of different asset classes, volatility movements, price points etc. Investors can communicate in the same virtual space, from numerous geographical areas in the same trading session.

Observing a specific security in a VR space may be thought to ‘humanise’ the process, through psychologically improving the emotional appreciation that an investor has for their specific securities. Most importantly, the use of VR helps to bridge the physical distance that is so often an obstacle in multi-national corporations. This technology provides clients with the choice of complete customisation throughout the business lifecycle.

Looking into the Future

Despite the immediate benefits provided by VR, perhaps it is still too early to evaluate its full application in the world of finance. This niche technology is still in its infancy and faces criticisms due to the high costs of the associated hardware and software. However, many VR applications such as data visualisation, financial education and virtual trading are exciting prospects for financial institutions, holding the potential to vastly improve internal processes.

So what does this mean for JDX and its clients in the future? As a dynamic, contemporary company that is constantly striving for the best, VR may well be an answer to achieve a competitive advantage in the finance industry as well as channel opportunities to diversify into new sectors. Experimentation with VR may be a necessary first step on the horizon and its adoption could not only improve our recruitment process but may also broaden our services to add value to and attract more clients. Some food for thought in this fast-paced industry where tech collides with business!

Written by Phoebe Cutter