Banking In Metaverse
By Vishakha Thakur
The Metaverse ecosystem is the next step in the evolution of the internet. It combines the concepts of Blockchain, Augmented Reality, Virtual Reality, Artificial Intelligence, and machine learning to make the internet experience more immersive. Users are immersed in an interactive virtual world in which they can play, buy, sell, and even obtain banking services. The combination of metaverse and banking is creating an interesting ecosystem that will benefit the users.
Banking in Metaverse
Prior to the Information Technology revolution, banks used a pen and paper model. Customers had to visit the bank for almost all activities at the time. Banking in metaverse will be a stimulating experience, as opposed to the current transactional banking experience.
In the future, you can speak to an investment banker about managing your funds, get personalised products from your local bank and meet a banker from your home just by wearing a pair of Virtual Reality glasses. The experience of transposing into a virtual world for day-to-day activities would be thrilling, as we only get this experience when watching a movie or playing a game.
Several notable banks have taken steps to venture into Metaverse:
HSBC
HSBC is one of the world’s most powerful banks. They recently took the initiative to buy LAND in the Sandbox Metaverse to interact with e-sports fans. They see tremendous opportunity to capitalise on emerging platforms.
JP Morgan Chase
JP Morgan Chase, another well-known bank, has established itself in the Decentraland Metaverse. They established the Onyx lounge, which will assist users in learning about JP Morgan’s blockchain initiatives.
BNP Paribas
BNP Paribas has launched a Virtual Bank for customers to access their account information.
Metaverse significantly reduces bottlenecks in today’s banking services, making it feasible for banks to adopt this new-age version of banking in order to remain competitive.
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