Top 4 Use Cases for XR in Trading

Introduction:

As a senior product designer with over 10 years of experience in the fintech field, I am excited about the potential of augmented reality (AR) and virtual reality (VR) in the trading industry. These technologies have the potential to transform how we interact with and experience trading assets. The metaverse, a virtual shared space created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the internet, is a new frontier for traders.

1. Data Visualization with AR

Augmented reality (AR) has the potential to significantly impact the trading industry by providing traders with innovative methods for visualizing and analyzing data. With the vast amounts of information traders must process, finding effective ways to make sense of this data is crucial for success. AR data visualization allows traders to view complex data in a more perceivable format, facilitating easier understanding and analysis.

One example of AR being used in trading is Citigroup’s Holographic Workstation with Microsoft HoloLens. This system allows traders to set up a digital workstation viewable in AR, complete with virtual screens displaying the performance of stocks and other assets. This allows traders to create virtual charts displaying real-time data in a simpler and more easily understandable format. By viewing data in this context, traders can more readily identify trends and make informed decisions about their trades.

2. Educating and up-skilling the traders with XR

XR technologies have the potential to transform the often boring and complicated process of learning about trading, making it more enjoyable and helping to reduce the long learning curve.

One way that XR can be used to create more engaging learning experiences is through the use of interactive educational games and simulations. For example, VR can be used to create immersive training simulations that allow traders to practice their skills and make decisions in a simulated environment. This can make learning about trading more enjoyable, while also providing a safe space to make mistakes and learn from them.

In addition to creating more enjoyable learning experiences, XR technologies can also be used to improve collaboration and communication among traders.

3. Collaboration

Collaboration in the trading industry can be enhanced through the use of extended reality technologies, allowing team members to connect, interact, and collaborate with each other through web, mobile, VR, and AR devices. With tools such as Vobling Connect, team members can control avatars and engage in virtual meetings in immersive environments, including simulated office spaces and more engaging locations. These environments not only provide a more engaging and interactive experience for traders but also offer a powerful platform for financial analysts and traders to design and test trading strategies and simulations collaboratively.

While traditional communicative technologies such as video calls are important for remote work, XR technologies offer complementary features that can improve the remote work experience, team cooperation, and shared common experiences. XR technology allows team members to brainstorm together, share and modify content, and physically interact with it, making the remote work experience more engaging and less routine.

XR technology can also be used to create more collaborative and ludic events, such as immersive challenges or games, allowing team members to undertake activities together in a shared and simultaneous virtual space. These technologies are highly adaptable and can be used on a variety of devices, making them accessible to a wide range of users.

Overall, XR technology can foster teamwork and collaboration in the trading industry by providing immersive and interactive virtual environments for team members to communicate and collaborate in, improving the remote work experience and team cooperation.

4. Gamification

XR technology has deep roots in game development, with gamified experiences being the norm for effective XR content. Gamification is the act of applying gaming elements to non-game activities to make them more engaging or interactive. This can be done through the use of elements such as badges, points, rankings, and progress bars that encourage players to achieve goals. Gamification can be used to improve personal fitness, education, financial management, and even trading. It can also be used to offer rewards for participating in civic projects, such as volunteering or commenting on legislation.

Gamification relies on the concept of extrinsic motivation, which occurs when a person pursues goals with the expectation of a reward. This type of motivation is often used in games to tap into the pleasure of earning rewards. However, there is a fine line between using extrinsic motivation for positive purposes and using it to obscure the complexity of financial instruments behind a fun, gamelike environment.

The trading industry has seen the emergence of platforms that use gamification to make trading more accessible and appealing to a wider audience. These platforms often use elements such as leaderboards, challenges, and rewards to engage traders. While these platforms can be useful for educating and engaging traders, they can also pose risks if they do not adequately educate traders on the complexity and risks of financial instruments.

Conclusion:

In conclusion, AR and VR have the potential to revolutionize the trading industry and improve the way we interact with and experience financial products and services. From enhanced data visualization to innovative payment methods and immersive customer experiences, these technologies offer a wide range of benefits. However, it is important to carefully consider the potential risks of using AR and VR in trading and to develop protocols to mitigate any potential negative impacts. Despite the challenges that must be overcome, I believe that the future of trading is closely tied to the adoption and development of AR and VR technologies. The brokers that embrace these technologies will be well-positioned to succeed in the future.

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