Technology Banking
Innovation | 2 minute read Should you invest in augmented virtual reality? While virtual reality (VR) totally immerses someone in a virtual world, augmented reality (AR) applies a layer on top of the world right in front of them. Recently AR has been more widely adopted by businesses, given its accessibility and scalability, but VR has been top of mind for longer. With high-profile companies adopting both technologies, consumers benefit from an enhanced experience acorss industries, though adoption is still on a slow incline for many businesses. Thirty percent of Forbes Global 2000 consumer-facing companies will experiement with AR and VR marketing in 2017. Source 1. With VR specifically, the more technology enthusiasts and early hyper-adopters you have as customers, the more likely your business should invest in it. Source 2. Sixty-Eight percent of millennials are willing to use AR and VR products in their professional life, compared to Fifty-five percent of Gen X and Forty-Two percent of baby boomers. Source 3. Illustration of a group of people. Roadblocks to AR and VR in the early 1990s included Attention-jarring lag times, Underperforming graphics, Outlandish hardware requirements, and Absence of an application ecosystem. Source 4. With costs going down and hardware becoming more accessible, virtual and augmented reality technologies are finding space on the C-suite's radar. Virtual Reality is completely computer generated, immersive and creats a three-dimensional environment that is displayed either on a computer screen, or a headset. VR hardware options include a VR headset or VR console. Source 5. Real-world applications in the banking sector, Wells Fargo has tested Google Glass and the Oculus Rift to see how VR can be used by customers. Agumented Reality combines both the virtual and the real - users can still sense the real world around them; this is not possible when people are immersed in VR. AR hardware options include: Handheld devices, Stationary AR systems, Spatial augmented reality (SAR) systems, Head-mounted displays, and Smart glasses or lenses. Source 5. A real world application is when Hyundai leveraged AR to help consumers replace owner's manuals by using a phone or tablet to scan the interior of the vehicle and identify how each feature works. Source 6. Products that lend themselves to the visual characteristics of VR include: Products with a complex path to purchase, and Highly configurable options that are difficult to visualize. Business solutions for AR and VR include: enhanced worker productivity: drives new business processes and enhanced self-service; Enriched customer interaction supported by employee devices - customer-facing employees can improve the customer experience; Innovative customer experiences supported by customer devices - customers can use VR headsets to learn more about a product during an in-person demonstration; Replace video conference calls - simulate real-world team meetings and foster easier collaboration interactivity; Interactive training - employees can get physically immersed in data that they can actually walk through. Source 7. Source 8. Data sources: Source 1: IDC Sees the Dawn of the DX Economy and the Rise of the Digital-Native Enterprise. 2013. IDC. Source 2: Virtual Reality Isn't Ready for Marketing Yet. Forrester Research Inc. February 8, 2017. Page 7. Source 3: Future Workforce Study. Dell and Intel. 2016. Source 4: Augmented and Virtual Reality Should be Part of the Innovator's Toolkit. Forrester Resarch Inc. July 22, 2015. Page 4. Source 5: Augmented Reality in Logistics, DHL, 2014. Source 6: Augmented Reality: Emerging Tools to Explore. Forrester Research Inc. July 5, 2016. Page 11. Source 7: Augmented and Virtual Reality Should be Part of the Innovator's Toolkit. Forrester Resarch Inc. July 22, 2015. Page 2. Source 8: http://www.virtualreality-news.net/news/2017/may/31,versatility-vr-four-key-use-cases-showing-its-potential/. May 2017. Copyright 2017. Wells Fargo Bank, N.A. All Rights Resrved.
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© 2019 Wells Fargo Bank, N.A. All rights reserved. Deposit products offered by Wells Fargo Bank, N.A. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured.

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

© 2019 Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Managed Account Services and Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

© 2019 Wells Fargo Capital Finance. All rights reserved. Products and services require credit approval. Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries.

Wells Fargo & Company conducts business outside the U.S. through various companies, including duly authorized and regulated subsidiaries and affiliates in Asia, Canada, and Latin America. In Europe, banking services are provided through Wells Fargo Bank International (WFBI), directly regulated by the Central Bank of Ireland, and Wells Fargo Bank, N.A. London Branch, authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. All products and services may not be available in all countries. Each situation needs to be evaluated individually and is subject to local regulatory requirements.

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The opinions expressed in this document are general in nature and not intended to provide specific advice or recommendations for any individual or association. Contact your banker, attorney, accountant or tax advisor with regard to your individual situation. The opinions of the author do not necessarily reflect those of Wells Fargo Capital Finance or any other Wells Fargo entity.

The information in this report is for educational purposes only and should not be used or construed as financial advice or a recommendation to participate any strategy mentioned herein. Wells Fargo does not guarantee that the information supplied is complete, undertake to advise you of any change in its opinion, or make any guarantees of future results obtained from its use. The concepts discussed in the paper require the assistance of qualified legal counsel and tax advisors, and investors should consult their own attorneys and tax advisors with respect to their own situations.

  1. Silicon Valley Top 150 2017 Silicon Valley Top 150 Public Technology Companies Rankings by Annual Revenue

Disclosures

Securities Products:

Not Insured by FDIC or any Federal Government Agency

May Lose Value

Not a Deposit of or Guaranteed by a Bank or Any Bank Affiliate

© 2019 Wells Fargo Bank, N.A. All rights reserved. Deposit products offered by Wells Fargo Bank, N.A. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured.

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

© 2019 Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Managed Account Services and Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

© 2019 Wells Fargo Capital Finance. All rights reserved. Products and services require credit approval. Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries.

Wells Fargo & Company conducts business outside the U.S. through various companies, including duly authorized and regulated subsidiaries and affiliates in Asia, Canada, and Latin America. In Europe, banking services are provided through Wells Fargo Bank International (WFBI), directly regulated by the Central Bank of Ireland, and Wells Fargo Bank, N.A. London Branch, authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. All products and services may not be available in all countries. Each situation needs to be evaluated individually and is subject to local regulatory requirements.

We provide links to external websites for convenience. Wells Fargo does not endorse and is not responsible for their content, links, privacy or securities policies.

Important notice regarding use of cookies: By continuing to use this site, you agree to our use of cookies as described in our Digital Privacy and Cookies Policy.

The opinions expressed in this document are general in nature and not intended to provide specific advice or recommendations for any individual or association. Contact your banker, attorney, accountant or tax advisor with regard to your individual situation. The opinions of the author do not necessarily reflect those of Wells Fargo Capital Finance or any other Wells Fargo entity.

The information in this report is for educational purposes only and should not be used or construed as financial advice or a recommendation to participate any strategy mentioned herein. Wells Fargo does not guarantee that the information supplied is complete, undertake to advise you of any change in its opinion, or make any guarantees of future results obtained from its use. The concepts discussed in the paper require the assistance of qualified legal counsel and tax advisors, and investors should consult their own attorneys and tax advisors with respect to their own situations.

  1. 2017 Silicon Valley Top 150 Public Technology Companies Rankings by Annual Revenue.