Banking In world on Metaverse – New Frontier for Financial Services

Banks have always been the key sector in any economy and have always been the torch bearer of change. This new technology, and hence, has been the key factor for the banks with a focus on adapting as per the new trends. Considering today almost everyone owns a smartphone and wants customized services with easy access to transactions to transfers.

Banks have long known that if they can capture the attention of customers and try to engage them across life stages. For this reason, they have always been quick to jump on emerging trends, and today’s buzz tech is the metaverse. No matter what industry it is, positioning themselves on Metaverse has become their key marketing strategy. Everyone wants to have a first mover advantage in this field and own a share of the virtual world. It is the artificial virtual world that has taken the world by its charm.

Why considering Metaverse?

Next generation consumers are fully digital-native – online is the default option for them when they go looking for the products and services they need.

The Metaverse – is an immersive digital environment that potentially offer everything we need to live our lives digitally, under one roof – provides new ways for businesses to connect with customers

As per recent research done by Bank of America, where they have developed VR Training program for its employees, 47% of bankers rooted for AR/VR for alternative transaction by the year 2030.

Enhanced customer experiences with elevated services to establish a long-lasting relationship with the clients has been of primary importance. Simple services of regular banking transactions and by learning the activities in machine learning, developing a simulated customer experience will build a strong community. This will help not only with Metaverse but in traditional banking as well by onboarding remote customers and thus obtaining a huge audience database.

The engagement on Metaverse will provide an opportunity for the institutions to interact with their customers through avatars which can be further trained to be empathetic. The focus on Metaverse will be majorly to have personalized connect. The customers with the elevated service of Metaverse will help with portfolio and help in virtual financial planning with product recommendations. The way JP Morgan has brought the experience to their customers has gone negative because of the way it has been showcased to the audience while The Spanish bank Caixa has a virtual café on Decentraland. It was launched by the subsidiary Imagin in charge of digital innovation. The project has been named “imaginLAND”, in Thailand, SCB has a virtual lounge on The Sandbox has put up an immersive experience. The vision for using banking on metaverse was brought up as a discussion point at an event called “Open House in the Metaverse.”. Hence, the intent of connecting with the audience on Metaverse needs to be very clear and since the technology is more immersive, it has to be very sensitive to the target audience keeping in mind the sentiment as well.

All these with enhanced physical experience making customers feel more connected to the bank. All these, with new product developments, are added things which will further help the customers. We all are going through a learning curve and it is at a nascent stage with very limited financial investment as of now.