This research attempts to explore Extended Reality (XR) applications in banking and finance through bibliometric analysis in terms of evolution, benefits, challenges, and future scenarios. The main source of data was the Scopus database, which is the internationally reputed repository for high-quality scientific research. As a result of the data from Scopus, 431 articles could be found. According to the results, ‘virtual reality’ is the most reported keyword with an occurrence of 307 and total link strength (698), which suggests its utmost importance in research terms. The results point to a fragmented research network marked with little or no cooperation by institution, thus signifying the need for collaboration to improve the impact of research and knowledge sharing. The study has something significant to offer in terms of theoretical and conceptual models that continue to shape the emerging discipline, its trends, and its core concepts. In this sense, it gives historical data, present advances, and future directions.