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The work-from-home boom has prompted several virtual reality (VR) companies to experiment with new ways of doing business.
As platforms evolve rapidly and companies get ready to sell new technology, it’s not a big business yet, but many believe it will be soon.
Glimpse Group is an umbrella company for several different VR companies with real world applications. The company went public last month and has eight virtual reality groups in its portfolio, including telehealth, entertainment and learning programs for schools and businesses.
They also focus on stock trading through a company called D6 VR. It was developed by former Morgan Stanley analyst Andy Maggio, who told CNBC in an interview, “I think virtual reality will be the most transformative technology in our lives.” While Maggio admits the tech isn’t quite ready for prime time, he says the quality of the tech is improving rapidly. “The resolution is double what it was five years ago, the hardware moves very quickly, it’s lighter and easier to use,” he said.
While several financial firms have experimented with the technology, none are planning to demolish their physical trading floors anytime soon.
Former hedge fund manager and CEO of the Glimpse Group, Lyron Bentovim, isn’t surprised by the pace. “Wall Street is slow to adapt, but this is the future of trading,” he said.
Bentovim makes the point that a merchant can typically see a maximum of six to eight screens in physical space. “You are limited,” he said. With virtual reality, you will be able to see and interact with dozens of screens and overlay data on data. “I can see a trader observing multiple trends and then immersing themselves in the data without being constrained by physical limits,” he said.
As Glimpse Group tries to make a name for itself in space, it isn’t the first to step in. UK-based FlexTrade, which specializes in building software for financial companies, presented its first virtual reality program for traders at a conference in 2017.
“Traders just don’t have enough real estate on their desks,” said managing director Andy Mahoney. “We can do better than a keyboard, a monitor and a mouse.”
Andy Mahoney of FlexTrade demonstrates augmented reality at a conference for financial professionals.
Courtesy: Flextrade
In rounds of tests, Mahoney found that large-scale virtual reality made traders sick because it was too disorienting. With further improvements, however, this becomes less of a problem.
FlexTrade’s research and development team has given customers augmented reality tests that integrate a suite of data, graphics and information into a real environment so that users see things both in the real world and in the real world. virtual.
“Customers love it, but they still don’t think we’re there yet… but we will be soon,” said Mahoney.
“The real benefit is the ability to visualize data in multiple dimensions,” said Brennan McTernan, CTO of D6.
He believes there are three areas where virtual reality is becoming increasingly valuable to the financial industry.
The former is aimed at merchants, allowing them to step out of a physical space and personalize data and research. The second is to see the data in 3D and be able to control the size and color, and to overlay data on top of other data. The third, McTernan said, is that “financial advisers can tell a better story to clients and help explain data better with virtual reality.”
Space executives admit that it can be uncomfortable and disorienting to wear a helmet for several hours at a time. But they also argue that virtual reality allows clients and finance professionals to work distraction-free, at least for part of their day.
When it comes to adoption, the Glimpse team is prepared to be patient. CEO Bentovim said: “There was a time when no one had a computer on their desk, then the tide turned very quickly.”
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