Banking in Metaverse

The metaverse provides immersive digital environments that potentially offer everything a user needs under one roof to experience a complete digital life. It provides new ways for businesses, including banks, to connect with customers.

Examples of Banks in Metaverse 

In March last year, HSBC announced the purchase of land on The Sandbox to engage with clients, mainly online sports fans and e-sports enthusiasts, and offer them novel experiences through emerging platforms.

JP Morgan Chase is another global banking giant that has already established a presence by setting up shop on the Decentraland platform creating a virtual lounge intended to help start conversations with clients.

Kookmin, one of the biggest financial institutions in South Korea, also entered the metaverse and began offering various services including one-on-one consultations between customer and employee avatars, access to personalized financial information by customers, in addition to educating young people on finance as well as training employees.

DBS, Singapore’s biggest bank, purchased a large plot of land on The Sandbox to develop interactive experiences aimed at promoting a more sustainable world. The bank is looking to use the metaverse to promote its environmental, social, and governance (ESG) agenda with Sandbox visitors, particularly regarding business.

Metaverse Banking Services

• Enhanced customer service
• Banks can offer virtual loans for purchasing virtual real estate or starting a virtual business
• Offering a more secure banking experience for their customers by using advanced security features, such as biometric authentication
• By leveraging data analytics, banks can offer personalized financial advice based on customer behavior and preferences

In conclusion, Metaverse provides a new business model for banks to attract customers through offering a unique virtual experience. An additional role for banks in the metaverse would be bridging the gap between virtual economies and real economies.