Banking and Metaverse: Use cases and the future

June 14, 2024 admin

The arrival of the Metaverse and the new digital ecosystem is transforming a multitude of sectors, among which banking is positioned as one of the key industries in this technological change.

Not only because of the irruption of the cryptocurrencies (digital currencies) that will change transactions at the international level. But also for the entry of the users themselves to this virtual world and the new socioeconomic interactions that are generated in it.

In this new economic ecosystem, the banks and financial institutions must lead the change with new spaces, training and customized services so that the human and relational component is not lost in the Metaverse economy.

Next, we will take a closer look at the union between banking and the MetaverseWe will analyze the main use cases and future challenges for the financial system.

Metaverse as a new opportunity for the banking industry

Before learning about how this new digital ecosystem is laying the foundations of the present and future of banksit is important to keep in mind what we refer to as Metaverse.

This is defined as a large virtual world composed of multiple interconnected digital worlds. Where humans interact socially and economically through avatars, NFTs and cryptocurrencies in digital experiences that go beyond the static websites we all know, to truly immerse ourselves in interactive and gamified 3D spaces.

The central idea of this new ecosystem is humanizing the virtual world and our digital presence thanks to the incorporation of the latest innovations in Virtual Reality, Augmented Realityweb3, multiplayer system and Blockchain technologies.

Discover in this article the 5 most relevant Metaverse technologies.

If we focus on the financial sphere, the Metaverse presents itself as a new and promising immersive space to connect with users/customers. In which the digital moneyThe management and associated services will be led by the banks and financial institutions that make the leap into this virtual universe.

From virtual branch offices offering real-time advice and intelligent avatars that facilitate personalized customer service up to the development of the entire banking system within the Metaverse that allows to generate new digital economiesThe virtual world, business models and connection between the virtual world and the physical world.

The Metaverse offers the opportunity for banks to enhance your financial services in the new digital ecosystem, to transform their banking experience and attract new generations of digital natives who are looking for new services beyond traditional banking.

Benefits of banking in the Metaverse

The arrival of the bank in the Metaverse brings with it a series of benefits for financial companies. Designing a new generation of financial services and ways of interacting with customers, where innovation and personalization are at the forefront of the user experience.

Immersive customer experiences

The Metaverse and the other immersive technologies allow for radically change the way in which users/customers interact with the banks. Thanks to new technological proposals, the customer experience is enriched with new proposals, new services and products.

Transforming even the bank's own headquarters, such as in the case of Ibercaja Xplora. The remodeling of the headquarters of the Ibercaja Bank where new technologies such as the Metaverse, Virtual Reality, and the phygital experiences play a key role in the development of connect with customers and share the history, vision and values of the entity.

Customization of products and services

The use of new Metaverse technologies, Artificial Intelligence and different immersive experiences allows us to radically transform the way in which we think and act. customization of financial products and services.

In these virtual environmentsWith AI, banks can use AI to analyze user interactions and preferences in real time, enabling the creation of personalized financial offers and advice that are presented in an interactive and engaging way.

A personalized interaction with customers that can go beyond the virtual world, reaching also the physical offices. As in the case of SAMa virtual avatar that welcomes you to the offices of Seico Consultants and offers personalized information on its advisory services, blockchain, NFTs and cryptocurrencies.

Financial training

One of the most important issues in today's banking industry is the financial training offered to customers, employees and society in general. Online banking and virtual economy services are changing and it is essential that banks lead the way in training on these new financial products.

Through immersive virtual environmentsIn addition, users can participate in realistic simulations and interactive games that make learning about finance more enjoyable and understandable.

A great example of this boost to financial literacy can be found in the project Learning to undertake from Ibercaja Foundation. A 3D web space prepared for primary school teachers and students to learn about the world of business and economics in a fun and entertaining way. gamified.

Improved brand image

The Metaverse offers a unique opportunity for banks to improve their brand image by positioning themselves as innovative entities, at the forefront of products and experiences in the new virtual economy.

This presence in the Metaverse enables the banks to stand out in a competitive marketshowing its commitment to innovation and continuous improvement of the customer experience.

As in the social project of VidaCaixa y Movistar +, The Twists and Turns of Lifewhere, thanks to the filming of a television series and the development of a virtual neighborhood in the Metaverse, viewers/users can reflect on sustainability, the environment and health.

Main challenges for banks in the Metaverse

The great revolution digital and the jump to Metaverso present a series of challenges that financial institutions must take into account in this new technological horizon.

Here are the main challenges for banks in its transfer to the Metaverse:

Blockchain, cryptocurrencies and play-to-earn models.

Technology is constantly evolving and, in relation to finance and banking, we are currently witnessing the great revolution of the digital economy. The technology Blockchain, cryptocurrencies and play-to-earn models are transforming the way in which economic systems develop in the virtual universe. 

Integrating these technologies by banks involves not only adapting to new forms of financial transactions and business models, but also to new ways of doing business. regulatory and security complexities.

In addition, banks should develop strategies to educate your customers on the safe and efficient use of these new tools, while ensuring the protection of their data and digital assets.

2. Decentralized Finance (DeFi)

All of these trends and technologies fall under the umbrella of the Decentralized Finance (DeFi)a new financial system based on Blockchain technology that makes it possible to create and manage financial services without intermediaries. 

This change is prompting banks to reconsider their business models and customer service strategies in an increasingly digital and autonomous environment.

Adapting to DeFi requires banks to invest in technology, acquire new skills in cybersecurity and regulation, and redefine the customer relationship in a market where users are looking to more control and transparency in their financial transactions.

3. Cybersecurity and digital identity

One of the major advantages of this new virtual universe is the personalization and at the same time protection of our digital identity. Thanks to blockchain technology, our identity in the Metaverse will be protected by a series of unique and unalterable encrypted codes. 

For banks, the cybersecurity and the protection of this digital identity pose a challenge in financial operations and personal data exchange. This requires spaces in the Metaverse, equipped with the latest in security control and advanced technologies for authentication and encryption of information.

4. New generations

Reaching new generations is one of the main challenges facing banks today, and will be increasingly so in the future. These digital natives are looking for fast, intuitive and digitized experiences.

Metaverse spaces offer an innovative solution to this challenge, allowing banks to create immersive virtual environments. Where to showcase all financial products/services, host interactive events and even offer personalized financial advice through avatars endowed with Artificial Intelligence and trained in customer service.

Thus, banks can establish deeper and more meaningful relationships with generation Z and millennialsThe company's digital marketing strategy is based on a digital and dynamic environment, adapting to their digital preferences and strengthening their loyalty.

Future of the banking sector in the Metaverse

The future of the Metaverse is its monetization, where the banking sector is the key point to make it effective. As was the case with e-commerce, when online payments were made easier, it is expected that the payment models in the virtual universe and standardized thanks to the work of the banks.

The future of banking in the Metaverse is also marked by the radical transformation of financial services. This new environment allows banks not only to expand their services in innovative ways, but also to engage a younger and more technologically savvy customer base that expects more dynamic and personalized interactions. 

In addition, the technologies Blockchain and of Smart Contracts new avenues for the banking sector to make its products and services available to the safer y transparent.

With these developments, the banking industry will not only be able to improve operational efficiency and customer experience, but also to establish an new standard in the provision of financial services that could redefine the industry's competitive landscape.

Relevant projects of Imascono de la banca in the Metaverse

Undoubtedly, technology plays a key role in the future of the banking sector. At Imascono we are aware of this and we accompany our clients throughout the entire process of creating this type of surprising experiences.from conceptualization to implementation.

Our team has been more than 12 years developing Extended Reality experiences in the Metaverse both nationally and internationally through our Business To Metaverse. With our methodology, we focus on understanding your specific objectives and requirements in order to offer you the best possible solution. efficient and high quality solution.

Need a high-impact Metaverse experience? Contact with us and discover our Metaverso services for companiesWe help you to transform your customer experience with immersive, inspiring and interactive proposals!


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