Introduction

Digital transformation is the application of technology to profoundly impact all areas of a

business. Digitization laid the foundation by using tools to automate and improve current
workflows. Digital technology allows businesses to enhance and modernize core operations in
order to create new value in business models and customer experiences.
Digital transformation is the profound transformation of business and organizational activities,
processes, competencies and models to fully leverage the changes and opportunities of a mix of
digital technologies and their accelerating impact across society in a strategic and prioritized way,
with present and future shifts in mind.
Today, the organizations’ technology needs to be up to speed if they want to be competitive and bring a
high quality service to their clients.

Currently, there are many examples of organizations unable to keep pace with the new digital era
and managers still lack clarity about the strategic considerations in their digital transformation
endeavors (Critics)
Impact of DT
A more detailed perception views digital transformation as the use of these technologies to
impact three organizational dimensions: externally, with a focus on digitally enhancing the
customer experience and altering its entire life cycle; internally, affecting business operations,
decision-making and organizational structures; and holistically, where all business segments and
functions are affected, often leading to entirely new business models.
6
(Kaufman & Horton 2015; Schuchmann & Seufert 2015; Hess et al. 2016).
Why
Q2: What do we know about the dimensions of digital business transformation?
Strategic Plan

The need for transformation is also a clear business reality, which occurs in all industries and
impacts companies of all sizes and shapes (Link sent)
Digital transformation is the process of using digital technologies to create new — or modify existing —
business processes, culture, and customer experiences to meet changing business and market
requirements. This reimagining of business in the digital age is digital transformation.

44% of enterprises already implement a digital-first business strategy

Well-suited technologies allow your business to be more flexible, efficient, and productive, improving
ROI.

Financial institutions extend their use of corporate actions data beyond back-office processing
and into front-office investment decision making.

Digital transformation pros & cons to help your enterprise adopt new technologies with more profit and
maximum safety.

Fidelity Corporate Action

Fidelity Corporate Actions Solutions offers an automated software-as-a-service solution that

operates on a 24×7 basis to support securities all over the world and meet the needs of large asset
managers in different geographic regions. The service provides access to multiple data vendor
feeds and can be customized to particular client requirements. From a technical perspective, it
supports both the ISO 15022 and ISO 20022 messaging standards.

Mission

To inspire better futures and deliver better outcomes for the diverse set of customers and
businesses it serves

Organisations want automated corporate actions solutions. We can meet this demand, which
supports risk mitigation, as well as provide the efficiency of an end-to-end process that plays into
straight through processing. As part of Fidelity we are also a trusted provider, which is a key
selling point in the market.”

We are a Fidelity Investments company and focus on quality, service excellence, and continual
investment to meet the evolving needs of the clients we serve around the world. We are also a
service provider to many business units within Fidelity.

Choose a Solution that Best Meets Your Needs

Assets
With assets under administration of $7.4 trillion, including managed assets of $2.6 trillion as of
March 31, 2019, we focus on meeting the unique needs of a diverse set of customers: helping
more than 30 million people invest their own life savings, 22,000 businesses manage employee
benefit programs, as well as providing more than 13,500 financial advisory firms with
investment and technology solutions to invest their own clients’ money. Privately held for more
than 70 years, Fidelity employs more than 40,000 associates who are focused on the long-term
success of our customers. For more information about Fidelity Investments, visit:
https://www.fidelity.com/about.

Virtual Reality

The most talk in the financial services industry is about whether virtual spaces can substitute
bank branches in the long term. With the appearance of digital-only banks and mobile banking,
the question is timely and the saving potential is enormous. Financial institutions are looking for
feasible solutions for sure, yet they are cautious not to turn customer sentiment into negative. By
all means, consumer awareness of AR/VR and its engagement capabilities (banking in a nice,
easy-to-use virtual environment versus a crappy branch not so nearby) is something to trust.  

Technology used by Fidelity

Virtual Reality Financial Agent Cora

The financial services sector has moved past the traditional methods of banking. It is
embracing emerging technologies like never before. Virtual reality in financial services has crept
into the day-to-day operations, and it is here to stay for at least a foreseeable future. 
As these companies are working towards reaching the ultimate customer experience and
trying to delight their customers with the best-in-class facilities, virtual reality is one of the
financial service’s go-to technologies. It will not only benefit their customers but will also help
them to train their employees.
Schouela also noted that they've now effectively created a virtual space that future clients and
advisors could use as a virtual meeting room. With VR technology becoming cheaper and more
widespread, he observed, it’s a possibility that’s on the horizon. Fidelity has also used agile
methodologies to accelerate both software development and data transformation
“Putting an actual avatar to a large, faceless banking entity can make a client feel heard, cared for, and
comforted, and can lead to deeper relationships over time.”
“I think it’s extremely early for them to be doing this, because there just aren’t masses of people online
[in virtual environments],” by critic
it’s just all about timing
Still, the proof-of-concept shows that Fidelity is investing in longer-term technology bets. “VR enables a
level of access and mobility not always available in the real world—making people feel closer and
connected to others even if they happen to be miles and continents apart,” noted Altberg.
When it comes to human-based financial advice, Cora is one step that may help advisors, machines and
finance all get a bit cozier.

sub-categorize financial service sectors into the following categories.

 Insurance
 Banks
 Payment Apps
 Investment Banking

Recommendation & Conclusion

Future Scope of Virtual Reality in Financial Services

As technology is evolving with every passing day, and these adjacent platforms becoming
mainstream financial services, companies will need to upgrade themselves to gain and retain
their customers as well as employees. The illustrative world of augmented reality and virtual
reality has started to dominate finance sectors just like any other sector. Companies need to
implement innovative AR and VR strategies to stay relevant and thrive in their businesses.