{"id":21703,"date":"2023-06-12T18:39:13","date_gmt":"2023-06-12T22:39:13","guid":{"rendered":"https:\/\/ifintechworld.com\/banking\/will-apples-vision-pro-revolutionize-banking\/"},"modified":"2023-06-12T18:39:14","modified_gmt":"2023-06-12T22:39:14","slug":"will-apples-vision-pro-revolutionize-banking","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21703","title":{"rendered":"Will Apple\u2019s Vision Pro Revolutionize Banking?"},"content":{"rendered":"<div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">OBSERVATIONS FROM THE FINTECH SNARK TANK<\/h2>\n<p>When Apple speaks, people listen\u2014and pundits pontificate.<\/p>\n<p>The pundits came out in force after Apple announced the Vision Pro, a mixed reality headset. Apple describes the Vision Pro as a \u201cspatial computer that seamlessly blends digital content with the physical world.\u201d According to its website, with Vision Pro:<\/p>\n<p>\u201cYou have an infinite canvas that transforms how you use the apps you love. Arrange apps anywhere and scale them to the perfect size, making the workspace of your dreams a reality\u2014all while staying present in the world around you.\u201d<\/p>\n<p>Uh, ok. I can do that already with my MacBook, Tim.<\/p>\n<p>Scott Galloway, the NYU professor and popular blogger and podcaster, is clearly pessimistic about the prospects for Apple\u2019s new product:<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>\u201cI believe the Vision Pro will be remembered as a Neanderthal, an evolutionary dead end\u2014a heavy, thick-browed experimental species destined for extinction.\u201d<\/p>\n<p>On the other side of the coin, Michael McGrath, writing in Seeking Alpha, called the Vision Pro \u201ca groundbreaking spatial computing platform that has the potential to revolutionize various industries, from entertainment to remote work\u201d and wrote:<\/p>\n<p>\u201cIt seems like almost everyone is missing the real strategic importance of the Apple Vision Pro. It&#8217;s not a VR\/AR headset\u2014it&#8217;s the computing platform of the future.\u201d<\/p>\n<p>McGrath believes \u201ceveryone\u201d will (eventually) want a Vision Pro to:<\/p>\n<ul>\n<li><strong>Watch movies on a large and 3-D screen. <\/strong>McGrath says that the Vision Pro will cannibalize the big-screen TV market because \u201ceverybody who enjoys watching movies and videos will want a Vision Pro instead of a larger TV.\u201d Well, except those of us that like to watch movies and videos <strong><em>with other people<\/em><\/strong>.<\/li>\n<li><strong>Do videoconferencing. <\/strong>According to McGrath, \u201cYou can replace video conferencing with a life-size experience like people are in the room.\u201d Great\u2014so the people I videoconference will be able to <em>really<\/em> see that I look like crap. People who don\u2019t like to go to on camera on Zoom calls now will <em>not<\/em> like life-size Vision Pro videoconferencing.<\/li>\n<li><strong>Travel the world. <\/strong>McGrath writes that with a Vision Pro \u201cyou can get the experience of traveling everywhere with all of the sights full size and in 3-D. Everybody who wants to travel more but doesn&#8217;t have the money or time will buy a Vision Pro.\u201d Doubtful. A seven-night Caribbean cruise costs between $424 and $1,158 per person. At the low end of that range, I can take eight cruises for the price of one Vision Pro.<\/li>\n<\/ul>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Will The Vision Pro Impact Banking?<\/h2>\n<p>Experts speculated on what the Vision Pro could do in the banking industry, as well. Federico De Simoni, Chief Commercial Officer at fintech Reworth, wrote that the device could:<\/p>\n<p>\u201cEnable bankers to create more personalized and immersive experiences for their clients. For instance, bankers could use the device to present customized investment opportunities or financial plans in a three-dimensional, interactive format.\u201d<\/p>\n<p>I guess they could, but they do this to some extent today\u2014minus the \u201cimmersive 3-D\u201d part\u2014and it hasn\u2019t had much of an impact at all. So why would it work in an \u201cimmersive 3-D\u201d environment? Is that the missing ingredient? I don\u2019t think so.<\/p>\n<p>De Simoni also imagines that \u201ca client could use the Vision Pro to have a virtual meeting with their banker, making the interaction more convenient and efficient.\u201d<\/p>\n<p>We have that ability today. It\u2019s called Facetime, and it\u2019s hardly revolutionized bank customer service.<\/p>\n<p>De Simoni explains that the Vision Pro\u2019s 3-D camera could \u201ccapture and present data in a more engaging and comprehensible way.\u201d Maybe, but that isn\u2019t why today\u2019s face-to-face meeting aren\u2019t more impactful.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">The Vision Pro Won\u2019t Revolutionize Banking\u2014Yet<\/h2>\n<p>Galloway\u2019s (typically spot-on) analysis\u2014i.e., takedown\u2014of the Vision Pro reveals an interesting angle: That Apple might not care if the product sells well as long as the product forces Meta into a corner:<\/p>\n<p>\u201cZuckerberg is spending the GDP of a small country to invent the metaverse where Apple doesn\u2019t own the roads or power stations. Vision Pro is insurance against the metaverse evolving into anything more than an incel panic room.\u201d<\/p>\n<p>In the short run that might be the case, but Apple\u2019s modus operandi tends to look further out and patiently build growth.<\/p>\n<p>Yes, the iPhone took off like a wildfire, but not Apple Pay. That service took years to gain traction, and recently, with broader adoption, the company has launched Apple Cash, Apple Card, and Apple Pay Later. With\u2014no doubt\u2014a lot more banking-related tricks up its sleeve.<\/p>\n<p>The history of technology adoption over the past 25 years provides insight into how\u2014and when\u2014the Vision Pro will impact banking: After it impacts other industries.<\/p>\n<p>The online channel impacted the retail, entertainment, and communication industry long before it had an impact on banking, and it was a similar story with the mobile channel (and device).<\/p>\n<p>Augmented and\/or virtual reality devices won\u2019t make it\u2019s mark on the banking industry before it does other industries for two big reasons:<\/p>\n<ul>\n<li><strong>The form factor has major limitations. <\/strong>There\u2019s a reason why Apple limited Vision Pro reviewers to just 30 minutes with the device\u2014it would have made them dizzy and given them headaches if they had kept it on longer. After spending time with a VR headset on to shop and get entertained, will we extend that time to bank? Not with the product as is.<\/li>\n<li><strong>Banking isn\u2019t that important to people. <\/strong>The great paradox in financial services is that money is really really really important to us, yet we still choose to spend more time deciding what movie to go see, what restaurant to eat at, and what video game to play than we do managing our money.<\/li>\n<\/ul>\n<p>The potential use cases people are coming up with for a Vision Pro in banking are simply not very compelling. They don\u2019t solve the real problems people have with money management and the device doesn\u2019t add any degree of convenience which is a big driver of technology adoption in banking.<\/p>\n<p>After the Vision Pro revolutionizes retail, travel, and entertainment\u2014and after Apple releases Vision Pro Contact Lenses\u2014then let\u2019s talk about the Vision Pro revolutionizing the banking industry.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/ronshevlin\/2023\/06\/12\/will-apples-vision-pro-revolutionize-banking\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>OBSERVATIONS FROM THE FINTECH SNARK TANK When Apple speaks, people listen\u2014and pundits pontificate. The pundits came out in force after Apple announced the Vision Pro, a mixed reality headset. Apple describes the Vision Pro as a \u201cspatial computer that seamlessly blends digital content with the physical world.\u201d According to its website, with Vision Pro: \u201cYou [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[237],"tags":[83],"class_list":["post-21703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Will Apple\u2019s Vision Pro Revolutionize Banking? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"OBSERVATIONS FROM THE FINTECH SNARK TANK When Apple speaks, people listen\u2014and pundits pontificate. The pundits came out in force after Apple announced the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=21703\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will Apple\u2019s Vision Pro Revolutionize Banking? | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"OBSERVATIONS FROM THE FINTECH SNARK TANK When Apple speaks, people listen\u2014and pundits pontificate. The pundits came out in force after Apple announced the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=21703\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-12T22:39:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-12T22:39:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/1686609553_0x0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=21703#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=21703\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Will Apple\u2019s Vision Pro Revolutionize Banking?\",\"datePublished\":\"2023-06-12T22:39:13+00:00\",\"dateModified\":\"2023-06-12T22:39:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=21703\"},\"wordCount\":1057,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Banking\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=21703#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=21703\",\"url\":\"https:\/\/ifintechworld.com\/?p=21703\",\"name\":\"Will Apple\u2019s Vision Pro Revolutionize Banking? | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-06-12T22:39:13+00:00\",\"dateModified\":\"2023-06-12T22:39:14+00:00\",\"description\":\"OBSERVATIONS FROM THE FINTECH SNARK TANK When Apple speaks, people listen\u2014and pundits pontificate. The pundits came out in force after Apple announced the\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=21703#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=21703\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=21703#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Will Apple\u2019s Vision Pro Revolutionize Banking?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Will Apple\u2019s Vision Pro Revolutionize Banking? | iFintechWorld","description":"OBSERVATIONS FROM THE FINTECH SNARK TANK When Apple speaks, people listen\u2014and pundits pontificate. The pundits came out in force after Apple announced the","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=21703","og_locale":"en_US","og_type":"article","og_title":"Will Apple\u2019s Vision Pro Revolutionize Banking? | iFintechWorld","og_description":"OBSERVATIONS FROM THE FINTECH SNARK TANK When Apple speaks, people listen\u2014and pundits pontificate. The pundits came out in force after Apple announced the","og_url":"https:\/\/ifintechworld.com\/?p=21703","og_site_name":"iFintechWorld","article_published_time":"2023-06-12T22:39:13+00:00","article_modified_time":"2023-06-12T22:39:14+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/1686609553_0x0.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=21703#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=21703"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Will Apple\u2019s Vision Pro Revolutionize Banking?","datePublished":"2023-06-12T22:39:13+00:00","dateModified":"2023-06-12T22:39:14+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=21703"},"wordCount":1057,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Banking"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=21703#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=21703","url":"https:\/\/ifintechworld.com\/?p=21703","name":"Will Apple\u2019s Vision Pro Revolutionize Banking? | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-06-12T22:39:13+00:00","dateModified":"2023-06-12T22:39:14+00:00","description":"OBSERVATIONS FROM THE FINTECH SNARK TANK When Apple speaks, people listen\u2014and pundits pontificate. The pundits came out in force after Apple announced the","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=21703#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=21703"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=21703#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Will Apple\u2019s Vision Pro Revolutionize Banking?"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/21703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21703"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/21703\/revisions"}],"predecessor-version":[{"id":21705,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/21703\/revisions\/21705"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/21704"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}