Yes, there will be. Yamada-san said in the interview : "Another point is the lack of story and relatively surface-level character portrayal. The characters do have backstories, but since none of that is portrayed in-game, I feel that’s something we need to address."

Most definitely! Virtua Fighter pretty much founded the 3D-fighting genre, but it is often overlooked from such franchises as Tekken, Dead or Alive and SoulCalibur who copied from Virtua Fighter and established its own thing. But what these fighting games have in common that Virtua Fighter is lacking is stories. Stories that flesh out the world you're fighting in and why the fighters are motivated for fighting, etc.
For example, I'm not that much of a Street Fighter fan. But I know more of Ryu's backstory than I do of Akira Yuki.
It's the same with Kazuya Mishima from Tekken (who I admit, I had to wiki, I forgot his name), I don't know much about him, but I know of the Mishima family subplot of the series, the various cutscenes in the games and there's also movie adaptions. The abuse he took from his father, the abuse he gave to his son (a tradition involving cliffs), the literal demons they turn into etc.
Ryu, Kazuya and Akira are poster boys for their game franchises, and all I know of Akira Yuki is that he is a wondering fighter, his fighting style is Bājíquán, trained by his grandfather and that's all I know about him.
I think his love interest is Pai Chan, but I don't think they are romantically involved, and while I'm sure he's friends with other fighters,
I think Jacky and Sarah Bryant are his pals.
All I have to go with is the stories written in the manuals, the anime (which I believe exaggerate the characters personalities) and that time Akira and Jacky were in Sega All-Stars Racing.