Hi Friends! I am excited to write today about an aspect of technology that has gotten everybody spell bounded. Virtual Reality technology (or VR Tech) has created its own skeptics and followers. Some praise its role in fields of health and stress disorders, while some loathe it as a fancy gimmick. But, can Virtual Reality play a role in finance? Can I, Loan Singh, make use of VR in India, to make it even more convenient than it already is?
Let’s face it! These are just speculations. But, I will give you 7 instances of it!
Where is Virtual Reality used?
I am a millennial, and these tech-oriented stuff make me excited. When I watched Tron (the Jeff Bridges version), I was blown away. The idea of getting inside an arcade game and compete as yourself sounded so cool. Tron Legacy took it a step further, and I have been a fan since.
Virtual Reality has been used productively by some major brands and organizations. Some of them are
- Samsung and Apple are competing to deliver the best virtual reality headset
- Intuit (financial software company) allows a walkthrough around Intuit’s headquarters
- The German army uses VR to give new recruits a tank driving experience (Awesome!)
- Jaguar combined with Gorillaz (superb band!) to create a mixed reality app
- Jets.com (rivals to Amazon) created a similar workplace walk-through as that of Intuit
- Marriott created a Facebook game based on VR, that focused on running a restaurant
We are seeing VR being used in so many different fields such as:
- Affordable healthcare which is online and accessible
- Manage chronic pain and reduce the usage of painkillers
- Mainstream media outlets want to tap into the expanding digital market
- New York Times, for example, introduced a virtual reality article
- Game of Thrones has in the past made use of VR, same with Legendary Studios
- McDonalds, Dior, and Coca-Cola have already made use of VR as a marketing tool
Can there ever be a VR online personal loan in India?
‘Virtual Reality’, ‘India’, ‘Personal Loan’ – These are three terms that might take a while to come together, but why not? The rate of technology changes has been constant for close to a decade now. This I feel won’t be slowing down anytime sooner. As long as there is scope for improvement in convenience and scope for lending, salaried millennials can someday expect a truly virtual experience when availing a quick instant approval personal online loan.
Virtual gaming may slow down. Although we millennials use virtual gaming to beat stress, the younger generation won’t be able to afford the inclusion of technology into gaming. VR gaming will have to tweak its technology used to cater to us working millennials instead of teens or college goers.
There can be a future where digital lending and VR work together. An AI-powered avatar can be created aptly called…you guessed it – Loan Singh. The avatar can perhaps help our borrowers fill up the already easy application form without any problems. Take for e.g. the app Face Retirement. It is an app that helps salaried individuals to plan their finances by showing them their own aging face. Umm, I don’t know how this would help us here in India. Most salaried individuals start planning for their retirement only in their late 40s.
7 Ways How VR Can Play a Role in Financial Services in India
The first word that comes to our mind when discussing financial service is ‘Banking’. Banking acts as a perfect testing ground for testing different technologies. Although, you cannot discount the efforts of digital economy startups and digital lending institutions in trying to make technology solve pain points of the common working man (or woman) J
Virtual reality can to some extent change the usual boring, and uninspiring, banking concepts into something rich and alluring. Many financial institutions have already started with virtual reality tests to see how banking can be made fun. Some are designing tools to help customers manage their finances, while some use virtual reality to reach to as many new customers as they can – with the focus being on salaried individuals.
Bank’s brick & mortar model almost surely leads salaried individuals into a brick wall (pun intended). Loads of paperwork, offline processes; dossiers of application forms and bulging sets of stapled photocopies. When will all this end?
Looking at all these pain points, Loan Singh came up with a simple and clean online platform where a salaried individual can apply for an online loan by submitting his/her Aadhaar, PAN, and bank statement PDF. Your disbursed amount is received via NEFT and the submission of NACH mandate allows auto debit of your EMI repayments.
The personal loan criteria to be eligible for Loan Singh are:
Have the right age
Be at least 21 years of age, and of Indian nationality.
You have to be salaried
Be a working professional with a minimum monthly salary of Rs.15,000
Good credit history
You should have a good credit history, a good credit utilization ratio and a balanced credit mix. In case of no credit history, you must at least be salaried for the last 6 months.
- Banking Apps
VR can be used to set up a virtual reality app that can let users access their banking transaction records. The VR app can allow the user to also go through a proper guided tour say for e.g. to start a mutual funds account. If a user wants to purchase a brand new car using a 4-wheeler loan, he/she can allow a bank or credit institution to view the vehicle via VR and complete other formalities.
- Testing the Current Setup
VR can also be used to test or upgrade the current banking experience. After downloading a virtual reality app, the user can then be put to a test where he/she should solve problems that occur during any processes. This will give the credit institution an idea as to how difficult or confusing the process really is. If a genuine user has productive feedback, he/she can speak to an analyst, developer or marketer within the virtual world and get the process improved. An app on this is already under works with Google Cardboard.
- 3. Card Reward Program
Esteemed credit card holders can be invited to a special virtual reality concert wherein as part of a credit card rewards program, these users can enjoy live shows and backstage experiences with popular musical artists. Citi, for example, conducted a similar live stream concert. Users could experience the show sitting on their couch.
- Digital banking
A bank in Sri Lanka is trying to embed the Oculus Rift VR headset system to build awareness about their digital banking products. This is quite different from what banks usually do – using digital means to explain a digital product. With VR, there is some possibility, even though farfetched in India.
- Virtual Reality Marketing
Wells Fargo came up with a really cool marketing tool that used VR as a platform. They invited their customers to participate in a challenge where the user could play a game of collecting gold coins. This helped in branding, narrowing the gap to a much younger audience and emit an appearance of friendliness.
- Creating a New Office
In case a financial institution wants to start with a new office, a 3D VR tour can be created which invites customers to give their inputs. This allows the executives to visualize how the new office space would look and function like. This can also be done by internal employees taking the tour based on VR vignettes they suggested themselves.
- Fund Management
A virtual reality investing app can be set up in such a way that all the tips and advice related to wealth management are displayed in a single pool. The VR experience can also show a personalized meeting room with advisors and portfolio managers.
Loan Singh is a digital lending platform that prides in providing online and unsecured personal loans to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan, but provide a loan with best personal loan interest rates. The instant funds, or instant loans, are small loans taken for purposes such as:
- Home improvement loan
- House repair loan
- Marriage loan or Wedding loan
- Medical loan
- Second-hand car loan
- Second-hand bike loan
- Consumer durable loan
- Vacation loan
- Debt consolidation loan
- Credit card refinancing loan
- Job relocation loan
- Travel loan
- Festival loan
You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement, PAN, and Aadhaar for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Blog’ is one of the best finance blogs in India.
Loan Singh’s Online Presence
Loan Singh is not an anonymous digital platform. We are present on almost all leading social media platforms. All you need to do is look for us. Some destinations you can find us on are:
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- Loan Singh on Youtube
- Loan Singh Pinterest
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- Loan Singh Blogarama
- Loan Singh Google Review
- Loan Singh Medium Blog
- Loan Singh Reddit Blog
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- Loan Singh Scoop It Blog
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- Loan Singh Digg Blog
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