Metaverse impact on Banking & Fintech industry

In a sense, the metaverse’s impact on the financial services sector embodies the next evolutionary stage in banking and fintech industry. Starting from the era of traditional banking where one-to-one customer interactions at the branch were de rigueur, with nil or very little customisation – with a one-size-fits-all approach in terms of customer offerings – banking moved on from physical branch interactions to online or internet banking, with all banking transactions conducted through the mobile and internet.

Even cash withdrawals didn’t necessitate a visit to the branch since automated teller machines (ATM) became the new normal.

Then came the advent of open banking allowing customers to access their bank accounts via third party apps, which allowed direct linkage of bank accounts and related services with apps using application programming interfaces (APIs), which even cut down on the visits to ATMs. 

The fourth revolution was the dawn of fully digitalised finance banking involving web 3.0, or in other words, using blockchain that gave rise to NFTs and cryptos.