Augmented reality (AR), extended reality (ER) and virtual reality (VR) all have “huge potential” to transform the way financial advice is delivered.
That was the message from industry veteran Ian McKenna at the Empowering Advisers Through Technology (EATT) conference in London today (30 January)
McKenna said the ability to “get information delivered to a tiny little screen just to the right of your eye is very, very effective”.
McKenna gave the example of Meta Ray-Bans as one such tool.
“When we come to applying that to the financial-services industry, it really has enormous potential,” he added.
McKenna said advisers will be “able to take a client on their own personalised version of A Christmas Carol”.
“If you think about what the video technology can do, we will very soon be at the point where we just go ‘right let’s both put on our glasses and we will be able to show what your level of retirement income is going to be like based on your present level of saving.’
“You know, are they going to go from driving around in their very nice BMW to cycling into the library to get internet access because they are pretty broke?
“But we can use it in other areas too.
“If there are looking at income-protection insurance, will be able to show them visually their lifestyle living on benefits without income protection.
“We will be able to show them what it would be like to the family if they lose their parents.
“One of the hardest things is to get customers to understand.
“Everybody thinks they are bulletproof, ‘it will never happen to me’. With this, we can say ‘well, let me show you what life would be like if it does.’
McKenna said that some AI capability in the Meta Ray-Bans is currently turned off in the UK due to EU restrictions, but added that hopefully the limitations lift once the Data Use and Access Bill delivers changes to GDPR.
He added that using these glasses in the US, “you can look at something and it will work out where you are and what you’re looking at”.
‘using these glasses in the US, “you can look at something and it will work out where you are and what you’re looking at”.’ – Wow, you mean like my eyes do!!!
Errmmm….
I thought Ed Millibroke had all the disco biscuits…?
All the realities under t’ sun…how about actual reality… FCA, CII, others in the way of a freedom and cheaper choice to investors and their advisers?
Long ago… G. Lrson esq. had a famous cartoon (in city of the darned series), about a new app. which showed you where you were going (in the street not life)! A further one showed an elderly lady helping a nerd cross a road as he didn’t have an app. for such a thing…
The UA know a thing or two about VR, AI… and their uses – just look at Russian armour losses – but I know where I am and suchlike, after all, will anything virtual pay no virtual bills or PI premium?
Do or will clients really want to wear 3D shite… or believe and trust in the person (?) they are talking to? That this being promoted to IFAs here is mystifying… anyone can sit in a bank (E.g.) kitted with 3D nonsense – and fee clock running – and be guided!
It rather seems to me that all this new tech is just going to make people even more stupid and the potential for criminal activity seems unbounded.