Unfolding the future of banking with web3 & metaverse

As we are rapidly moving into the age of the Web3 and Metaverse, the new set of technologies are enabling new business models that promise to change the way banks work and provide their services to the end users (retail banking users, corporates, investment banking users).

On one hand, technologies like blockchain, NFTs and smart contract enable new capabilities like NFT based securities or bonds; on the other, metaverse provides an immersive experience in a simulated environment and is continuously evolving with platform updates, research and even AI modules in-built in Metaverse avatars.

According to a report by Bloomberg Intelligence, the metaverse market is expected to be worth $800 billion by 2024. In another report by Technavio, financial players will contribute as much as $50 billion to the market capitalization of the metaverse by 2026.

A step above net banking, metaverse banking offers a more personalized user experience and data visualization for customers. Some of the major banks worldwide have already started investing in this space. Recently, Union Bank of India announced the launch of Metaverse Virtual Lounge to deliver a unique banking experience to its customers.

Metaverse will allow customers to roam around the lounge and acquire information about bank deposits, loans, government welfare schemes, and digital initiatives like the real-world experience.