Apple Vision Pro & Banking: What are the Prospects?

  • AUTHOR: editor
  • POSTED ON: June 14, 2023

When Apple makes a move, the world pays attention, and experts start debating. Recently, Apple unveiled its latest innovation, the Vision Pro, a mixed-reality headset that promises to blend digital content seamlessly with the physical world. It’s no surprise that the pundits have already taken sides on this new development.

Scott Galloway, the well-known NYU professor and blogger doesn’t hold back his scepticism about the Vision Pro. He sees it as an evolutionary dead end, a bulky experiment destined for extinction.

On the other hand, Michael McGrath, writing for Seeking Alpha, believes that Vision Pro has the potential to revolutionize various industries, from entertainment to remote work.

According to McGrath, it’s not just another VR/AR headset; it’s the computing platform of the future.

The Impact of Vision Pro

McGrath envisions a world where everyone will eventually want a Vision Pro. He argues that the headset will replace big-screen TVs for movie enthusiasts, offering an extensive and immersive 3D screen experience.

Additionally, he believes the Vision Pro can transform video conferencing into a life-sized virtual meeting, making it feel like people are in the same room.

And for those with a passion for travel but limited resources, the Vision Pro can provide a full-size and 3D experience of the world’s sights, all from the comfort of home.

But what about the impact of Vision Pro on the banking industry? Federico De Simoni, Chief Commercial Officer at fintech Reworth, suggests that bankers could use the device to create personalized and immersive experiences for their clients.

They could present customized investment opportunities or financial plans in a three-dimensional, interactive format. While this may sound intriguing, it’s important to consider if the added immersive 3D environment truly brings value to banking interactions.

De Simoni also suggests that clients could virtually meet with their bankers using the Vision Pro, enhancing convenience and efficiency. However, we already have video conferencing capabilities today, such as FaceTime, which haven’t significantly revolutionized bank customer service.

De Simoni mentions that the Vision Pro’s 3D camera could present data in a more engaging way, but it’s doubtful that it would address the core issues that limit the impact of face-to-face meetings.

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Scott Galloway provides an interesting perspective on Apple’s strategy. He suggests that Apple’s true goal might not be to achieve high sales for the Vision Pro but rather to corner Meta, Facebook’s parent company, in the emerging metaverse landscape.

Galloway believes that Vision Pro is Apple’s insurance against the metaverse becoming an incel panic room where Apple doesn’t have control. Apple’s approach often focuses on the long term, patiently building growth over time.

Looking back at the history of technology adoption, it becomes clear that the impact of new technologies on the banking industry tends to come after they have influenced other sectors.

The online channel, for example, transformed retail, entertainment, and communication long before it had a significant impact on banking. Similarly, the mobile track and devices followed a similar path.


AR & VR In Banking

A few obstacles need to be overcome for augmented and virtual reality devices like Vision Pro to make their mark on banking. Firstly, the form factor of the current device has limitations.

Even Apple limited the device’s usage to 30 minutes during reviewer testing due to potential discomfort. It’s unlikely that people will spend extended periods wearing a VR headset for banking purposes, at least in its current state.

Secondly, while money is undoubtedly important to us, people still prioritize other activities, such as choosing movies, dining out, or playing video games, over managing their finances.

The potential use cases proposed for Vision Pro in banking lack strong appeal. They don’t address the real pain points people face in money management, nor do they add significant convenience, which is a key driver for technology adoption in the banking industry.

Wrapping Up!

So, before we can talk about Vision Pro revolutionizing banking, it’s more likely that it will first transform retail, travel, and entertainment.

Perhaps when Apple introduces Vision Pro Contact Lenses, and after the device has made significant strides in other industries, we can revisit the topic of its potential impact on banking.

Until then, let’s keep an eye on how this technology unfolds and its implications for various sectors.

Updated June 14, 2023
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