Page 46 - Banking Finance March 2023

ARTICLE

that is technology, platform, marketplace, and commerce. allow the Metaverse to connect the actual and virtual
Each one propelled by a distinct collection of ecosystem worlds, it also requires an economic system to thrive.
participants, each of whom has gone through a distinct
maturation process. Two sorts of gadgets will be used to JP Morgan became the first bank to enter a Metaverse at
create the Metaverse: holographic and immersive. the beginning of the year 2020. It debuted its Onyx lounge
in Metajuku, a virtual recreation of Tokyo's Harajuku
Holographic devices project digital items into the actual world, shopping district, on the Decentraland. Its lounge is
making them appear as if they are there. By concealing the furnished with a free-roaming tiger and a portrait of its CEO
physical environment and substituting it with virtual reality, Jamie Dimon.
new ways of creating, displaying and interacting with
applications, content and experiences.The new technology Whereas in India, Union Bank of India has created "Uni-Verse"
has transformed the digital experience by bringing together a virtual Lounge where customers can choose their Avatar
the virtual with users' sight, sound, and even feel. to enter into the Lounge Metaverse, Uni-verse, the bank's
Metaverse Virtual Lounge, will host product information and
Why the bank as well as customers has videos in the initial phase. Uni-verse will deliver a unique
banking experience. Union Bank of India has announced the
to experience Metaverse in Banking?
launch of a Metaverse Virtual Lounge & Open Banking
Banking in Metaverse will benefit from a host of new Sandbox environment. This initiative is in partnership with
opportunities, delivering immersive User experiences and Tech Mahindra. The customers can explore the virtual lounge
emotional touch to customers. Metaverse is a new which is interactive for users and will be able to browse
generation technology which is a network of 3D virtual space through various schemes and products of the bank.
where people can create, share and explore the virtual
world.
Conclusion:
The Metaverse includes general-purpose computers and
In India, on July 08, 2022, Union Bank of India created the
smartphones, augmented reality, mixed reality, and virtual
"Uni-Verse" virtual Lounge where customers can choose
reality. It will deliver a unique banking experience to
their Avatar to enter the Lounge.
customers. Banks used to sell items that were based on real-
world elements, but this has altered due to abstract factors
The customers can explore the virtual lounge which is
such as algorithms. Money can now be created in
interactive for users and will be able to browse through
cyberspace using cryptocurrencies. Generation Y and Z grew
various schemes and products of the bank.
up in the world of the internet, but Generation Alpha is
maturing in the Metaverse. Metaverse can bring huge
It will change the User Experience from traditional Mode
improvements in the banking sector, influencing the way
to Metaverse mode.
banks engage with their customers, and invent new
products and new services. The future will depend on how
In banking, the two aspects are important first is the bank's
well bankers, designers and security analysts can identify the
customer and the second is money, these two are becoming
elements and offer a unique customer experience to future
increasingly virtual hence it is just a matter of time before
generations while preventing fraud and addressing concerns
we see most of the banks have joined the virtual world and
around privacy and data protection. Metaverse will be the
now giving services online too. Previously banks and
playground for future generations.
customers were in the physical world .since the customers
spend hours a day online so the banks are now online too, If
References:
the customers are spending hours a day absorbed in an
TSG Sunday Guardian
alternate universe, the banks will follow the trend. They must,
Wikipedia
after all, they need to be where their customers are now.
ABC News
The Metaverse has gained traction in a variety of industries, Union Bank of India, website
including banking. While advances in hardware and software The MINT
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