Deutsche Bank and virtual reality – how do they actually go together? In a new #EconomyViews video, Fred Schuster from the Private & Commercial Bank explains how Deutsche Bank can assist its clients with virtual and augmented reality technologies in future. “We can meet clients in virtual venues, so clients will not have to come to us – that is a good example,” says Schuster. “The challenge we face as a bank is enabling clients to understand abstract products.”

#EconomyViews: Fred Schuster explains how real bank transactions happen in the virtual space

The main driver of these developments is the rapid pace of technological progress. “The boundaries between virtual reality and the real world are becoming blurred,” says Schuster. “In the past it was technology that was the limiting factor. With today’s smartphones we all now have this technology in our pockets.” Over 78 percent of Germans now have a smartphone.

Augmented reality provides other interesting potential uses. Unlike virtual reality, where the user completely blocks out the outside world, augmented reality only integrates virtual elements into the user’s real environment, explains Schuster. Augmented reality, for example, enables clients with questions about their contracts to watch video tutorials or ask for help using their smartphones.