Are Financial Services Ready For The Metaverse?

As FS organisations, insurers and banks look for new ways to interact and engage with their customers and partners to boost acquisition and improve the bottom line, many are considering how they could utilise metaverse technologies.

Major players such as HSBC and JPMorgan are already leading the way in adopting the technology, with the latter’s report, Opportunities in the Metaverse, estimating that the metaverse poses a market opportunity of $1trn in annual revenue.

Creating world-class digital experiences

As organisations look to the future, having a metaverse presence has the potential to not only create virtual environments for staff and customers, but provide new ways to analyse trends, as well as extend digital operations into areas like cryptocurrencies, and generally provide a more immersive customer experience.

Although it has existed in some shape or form for more than two decades, the metaverse is finally becoming mainstream. Gartner predicts that in the next four years, one in four people will spend at least an hour a day in the metaverse, performing a range of tasks and activities from shopping and socialising to attending work events and distance learning. With leading tech companies like Meta (previously Facebook, Inc.), Google and Microsoft investing billions of dollars into the technology, there is no denying that it has the potential to revolutionise the way that companies engage and communicate with customers much like social media has over the past two decades.

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