Virtual reality

New technologies for financial planning – Virtual reality

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Virtual and augmented reality

Virtual reality completely replaces the user’s real-world environment with a simulated one. Augmented reality is mixed reality – a combination of real and virtual worlds.

The ever-increasing computer power coupled with 5G’s ability to transfer large amounts of data very quickly will give a boost to this technology.

Currently, a compelling experience requires a fairly powerful computer connected by wires to a large and expensive headset. With 5G the wires will vanish and engineers will shrink the headset, possibly to glasses not much larger than reading glasses and ear buds.

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Google glass

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Google Glass displays information on the glasses while communicating with the Internet via natural language voice commands. The original prototype in 2011 weighed nearly 4 kgs which has been reduced to the same weight as normal glasses. Packed into the frame are WiFi, Bluetooth, Battery, camera and USB connection. The current price is over AU$2,000 but this is sure to come down.

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Some of the world’s biggest companies in logistics, manufacturing and healthcare use Google glass in the workplace.

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Wearables

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Wearables like Google glass are also enjoying exponential growth that will be turbo-charged by 5G. Smart watches are getting smarter offering services like time, messaging, GPS, heart rate, blood pressure, fitness measurements and more.

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Wearables  could “augment” the human body, replacing defective body parts like limbs that could even be controlled by a person’s thoughts.

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How could financial planning use this technology?

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An adviser and client, wearables like Google Glass, taking advantage of 5G, AI like Alexa, they could communicate in a normal conversational manner but using augmented reality the adviser could introduce graphical projections, current valuations, instant calculations, and info-grams.

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This could be a rich, rewarding experience at very low time/cost.

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