Metaverse Banking: a new playground for banks and credit unions

4 min read

The Metaverse is a virtual reality world where users can interact and experience things as they would in the real world. Gartner predicts that by 2026, 25% of people will spend at least one hour a day in the Metaverse for work, shopping, education, social, and entertainment.

This gives us reason to believe that users of digital banks will soon be able to interact with and live within the metaverse. Because of the possible worth it provides, banks and other financial institutions are treating this virtual world very seriously. According to Goldman Sachs and Morgan Stanley, the Metaverse banking economy may be valued up to $8 trillion.

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How the Metaverse is reshaping the banking experience  

The emergence of a new digital world also stands as a challenge for banks and credit unions. Customers will expect new tailored products and services based on their data and preferences as they become more engaged within the Metaverse. Financial institutions will have to adapt their strategy to answer their new customers’ needs and provide more personalized banking solutions.

Not only that but financial institutions will also have a role to represent in the metaverse. They will be mediating digital transactions and coordinating their connection with the real world.

The metaverse is also an opportunity to reach customers in new ways. Virtual reality will offer new channels for customer interaction that simulate the face-to-face experience of branches but do not require expensive real estate and staff working in a fixed location. The metaverse enables banks to deliver humanized services that customers once received in person - without the friction of visiting a branch. For example, the opportunity to take a house tour with a mortgage broker in real-time or discuss retirement plans with an avatar advisor. Everything is relocated to the Metaverse world.

Metaverse banking is now a reality for banks and credit unions

38% of global banking leaders believe the Metaverse will have a "transformative" effect on their companies. Banks are already positioning themselves to take advantage of this market that has the potential to grow exponentially.

JP Morgan was the first to open a branch in the Metaverse and has now invested in the Metaverse payments platform Tilia; BNP Paribas also launched a Virtual Reality app that allows customers to use VR in their banking transactions, including account opening.

ebankIT understands that the Metaverse is a new medium to further humanize the digital banking experience. By merging the real and the virtual world, banks and credit unions have the opportunity to overcome the limitation of a physical screen, bringing finance and people closer together and enabling banking users to manage their funds with additional confidence.

The personal touch that has been lost in some digital banking interactions can be replaced by the metaverse. No matter where a customer is located, the metaverse offers the opportunity to build those meaningful, humanized encounters. ebankIT wishes to further develop and expand within the Metaverse to enhance and humanize the digital banking experience.

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