While it isn’t fully known yet what exactly the metaverse will encompass, it will definitely impact the banking industry. As with any new innovation or modern technology, it is imperative that financial institutions take steps today to be ready to embrace the metaverse when it arrives.
The metaverse is a concept that represents the convergence of trends and technologies that are already in place and growing exponentially. As with any major innovation, the potential evolution of the metaverse is still to be seen, but shouldn’t be ignored. Because of the growing hype around the metaverse, very few organizations fully grasp the impact the metaverse could have on experiences and engagement.
Despite the uncertainty around what vision of the metaverse may emerge, financial institutions should begin to test the technologies and experiences that may become a reality much sooner than many expect. In much the same way that the mobile phone changed the impact of digital delivery within financial services, the metaverse will provide new opportunities for banks and credit unions to integrate physical and 3D experiences for products, services and internal processes.
What is exciting about the metaverse is that it has is the potential to redefine customer and employee experiences, changing how they work and interact. By combining technologies such as virtual reality (VR), augmented reality (AR), Web3, 5G, reimagined design thinking, the blockchain, and digital assets the boundary between physical and digital will quickly evolve.