Page 30 - BBD 2023-24

ARTICLE

Metaverse -

The next big thing in Banking

ahrain banking industry is abuzz banking. Customer walking into a 3D branch
with discussion about metaverse through their devices gets back the sensory
Band its use cases in Banking after experience to a certain extent.
a large retail bank in Bahrain launched its
Banks can also use the virtual reality
metaverse experience. This bank became
for conducting their public or employee
first in the Kingdom of Bahrain and only
events. Recently a bank in UAE conducted
second such financial institution in GCC to
have launched its presence on Metaverse. interviews and inductions through metaverse
which instantly became a hit and garnered
On the world stage, the real excitement
good PR for the bank.
about metaverse in Banking had already
began last year when one of the top Due to its regulatory sandbox environment
multinational banks in the world launched Bahrain has a good chance to become a
its Lounge on Decentraland metaverse. hotspot for innovation in Banking. There
are a very few companies providing
Metaverse can be described as a virtual
focused metaverse services in Bahrain but
three dimensional, realistic, and immersive
UrbanMeta is at the forefront of metaverse
computer simulation of the real world or
other imaginative worlds. Generation Z are frontier in Bahrain. UrbanMeta is the first
fully digitally native people, and have been Bahraini company that specializes in
spending a lot of time every day on virtual metaverse development for banks and
reality due to their growing obsessions with financial institutions. UrbanMeta were also
gaming. Banks know that the Gen Z are the first company to design a nationwide
their impending customers and attracting sporting event in metaverse.
young customers to the banking will be
easier if Banks adopt to the environment
which appeals Gen Z.
In the coming years we may see many
banks moving towards non-transactional
metaverse services and once there is
consensus about safety of metaverse
transactions, we may catapult into full blown
banking metaverse era.
An Article by BostonBrooks Advisory WLL
Metaverse brings back the human touch
Responsibility for opinions expressed and the accuracy of
and empathy that is sacrificed by digital facts published in this article rests solely with the author.
28 Bahrain Banks Directory 2023