Page 45 - Banking Finance March 2023

ARTICLE

METAVERSE:

EXPERIENCING A

NEW DIMENSION

IN BANKING

he term "Metaverse" was first used in the novel virtual theme park, a new app store, or a new user-
T "Snow Crash", a science fiction novel written by generated content (UGC) platform.
Neil Stephenson in the Year-1992.
It is a virtual environment where you can go inside instead
The Metaverse is a combination of 'meta' and universe. of just looking at a screen into an endless, interconnected
virtual world and communities. In this alternate world people
This concept of Metaverse creates a virtual world parallel can meet, work and play; using virtual reality headsets,
to the real world. augmented reality glasses, smartphone apps or other
devices. It will also incorporate different aspects of online
In other words, it is a computer-generated universe parallel life like shopping and social media.
to the real world where you can enter as avatars by putting
on goggles and earphones and connecting to the terminal. As per Victoria Petrock, an analyst who follows emerging
technology "It's the next evolution of Connectivity where the
The Metaverse is not only a virtual world, a virtual space, a user can live his/her virtual life the same way he/she is living
virtual reality, a digital and virtual economy, a game, a their physical life".

How will banking work in this
About the author
Metaverse?
Amit Kumar Bhadani To truly realise the possibilities of the Metaverse for banking,
Chief Manager one must first understand what is metaverse, and what
Union Bank of India components make up this digital copy of our current reality.
Staff College, Hyderabad
For reaching there it requires four unique pieces of the box

40 | 2023 | MARCH | BANKING FINANCE