Metaverse to Re-shape Contactless Banking

1. Metaverse to Re-shape Contactless Banking

2. What is Metaverse? Metaverse is an ecosystem where people traverse a virtual world that behaves like a real world. They can use avatars that represent them to interact in the virtual world. It is also described as the first web 3.0 technology that brings concepts of AR, VR, Blockchain, and Artificial Intelligence together. As mentioned already, Metaverse converge physical and virtual reality. It leads to an independent virtual economy empowered by NFTs and digital currencies. That means it does not rely on a vendor monopoly. Thus, people can use Metaverse for various activities meeting people, attending a concert or event, and selling products.

3. Banking in the Metaverse: How does the future look like? Given the countless opportunities, the future of Metaverse looks flourishing. This virtual space provides users with a more immersive experience. They can interact, play, sell, buy, and leverage banking services. Over the years, the Fintech industry has evolved significantly. It was a time when banks relied on the pen-and-paper model, which was time-consuming. The banking system uses online solutions like mobile and web apps thanks to the digital revolution.

4. Technology costs reduction The primary advantage of using Metaverse in banking is saving money to manufacture AR and VR equipment. It is because manufacturers achieve a wealth of demand for this. Initially, the cost of an Oculus VR headset was around $600. But you can get your hands on high-quality headsets at less than $100. Thus, dropping prices means the banking industry can access the technology without spending a fortune.

5. Better banking experience Banking with the Metaverseoffers a stimulating and immersive experience to users. As we learned, the current banking system is more transactional without emotional quotient. But users can have an immersive experience if they transverse into a virtual world for daily activities.

6. Unlimited access to customers and talent If you look at the current banking system, the bank operations are restricted by borders. Banks have their set up to places where they want to provide services. But Metaverse can resolve this issue. It is because this virtual ecosystem offers access to unlimited talent and customers across the globe. For example, an Indian bank can have a relationship manager from Australia interacting with customers from Canada using Metaverse.

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