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Countdown Begins for Metaverse Banking

The metaverse, which melds virtual reality with the physical world, is poised for easy adaptation in various sectors, notably finance. Experts suggest that metaverse banking, akin to digital banking, will soon become a reality.

Described as the next evolution of the internet, the metaverse presents a new universe for brands to engage with consumers, offering golden opportunities in customer experience. The focus of customer interaction is shifting towards the metaverse and virtual worlds created using avatars, artificial intelligence, augmented reality, and virtual reality technologies. This new realm extends beyond gaming, entertainment, and socialization.

It also holds the potential to revolutionize sectors typically bound by more stringent regulations and rules. In this context, finance is one of the sectors where the metaverse-based next-generation user experience can be most tangibly realized.


WHO STARTS EARLY TAKES THE WAY

Countdown Begins for Metaverse Banking

“NFTs, blockchain technology, and cryptocurrencies could become integral components of banking. We’ve seen similar developments unfold in the recent past; much like the emergence of internet banking 20 years ago and mobile banking a decade ago, banks are now poised to embrace metaverse banking,” said Avalin.

He emphasized that infrastructural work is still needed to ensure a smooth, seamless customer experience in the metaverse. Avalin noted, “Brands that start early in this area will gain a competitive edge. Success in the metaverse for brands can be achieved in two ways: by developing technological tools that enhance the metaverse and by perfecting the end-user experience. At Teleperformance, we provide solutions and technologies for the metaverse to numerous global brands.


3D FINANCE CONSULTING IS ON THE WAY

Countdown Begins for Metaverse Banking

Banks are set to develop new channels supported by AR/VR technologies, enabling customers to manage their accounts, pay bills, and make transfers. To effectively support customers through these channels, banks will need to design appropriate training processes for their employees.

Additionally, new recruitment strategies will be essential. In the metaverse, interactions with customers may even involve avatars. Activities like housing loan planning, portfolio management, and financial consultancy will take on a 3D aspect. Furthermore, virtual events are expected to play a prominent role in customer engagement in the metaverse.


VIRTUAL WALLETS COMING

In the realm of Metaverse banking, there will be a necessity for virtual wallets to store digital assets, NFTs, and cryptocurrencies, which are becoming the currency of this new domain.

Just like current banking products, digital asset products will need to be developed and tailored for this environment. Alongside this, there will be a need to market and position both the brand and these products within the Metaverse. Additionally, services related to digital assets will grow in significance.


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