SlideShare a Scribd company logo
BANKING IN THE METAVERSE –
THE NEXT FRONTIER FOR
FINANCIAL SERVICES
© 2021 Bernard Marr, Bernard Marr & Co. All rights reserved
BANKING IN THE METAVERSE – THE NEXT
FRONTIER FOR FINANCIAL SERVICES
The metaverse is going to transform most industries, and banking is no exception.
Here, we look at examples of how banks are already entering the metaverse and
what the future might hold for financial services firms in the immersive digital
world of tomorrow.
© 2021 Bernard Marr, Bernard Marr & Co. All rights reserved
Banks have long known that if they can capture the attention of customers when they are young,
they are likely to get hold of them for life. For this reason, they have always been quick to jump
on new and emerging trends, and today’s hot tech potato – the metaverse – is certainly no
exception.
Generation Z consumers are fully digital-native – online is the default option for them when they
go looking for the products and services they need. The metaverse – persistent, immersive digital
environments that potentially offer everything we need to live our lives digitally, under one roof
– provides new ways for businesses to connect with customers. Banks, as ever, have been keen to
capitalize on it.
If you need a bit more information on what the metaverse is, and what it promises for the future,
you can take a look at my Easy Explanation for Anyone article. Otherwise, let’s dive in and take a
look at how banks and other financial services organizations are making their mark there:
© 2021 Bernard Marr, Bernard Marr & Co. All rights reserved
VIRTUAL LOBBIES
One of the most obvious uses of the metaverse, as far as retail banks are concerned, is to create “virtual
branches” where they can sell banking products to a new breed of digitally-native gen-z consumers, or
provide customer service to their existing customers.
Emerging metaverse platforms like The Sandbox and Decentraland attract hundreds of thousands of visitors
each month, while established gaming platforms with metaverse-like functionality, such as Roblox or Fortnite,
can attract millions. Their audiences are digital natives and are keen to do business with companies that
share their understanding and enthusiasm for virtual worlds and gaming-style environments.
Among those who have been first to set up virtual storefronts is HSBC, which purchased land in The Sandbox
earlier this year, which it will use to engage with online sports fans and e-sports enthusiasts. It's CMO for the
Asia Pacific region, Suresh Balaji said, "At HSBC, we see great potential to create new experiences through
emerging platforms, opening up a world of opportunity for our current and future customers and the
communities we serve.” Thailand’s Siam Commercial Bank also has a virtual branch on The Sandbox platform.
© 2021 Bernard Marr, Bernard Marr & Co. All rights reserved
JP Morgan Chase is another global banking giant that has already established a presence by setting
up shop on the Decentraland platform. It created a lounge area called Onyx inside the platform's
Metajuku virtual mall, which gives visitors information about blockchain and other technology-
driven initiatives that the bank is taking part in. It also features a tiger and a portrait of the company
CEO, Jamie Dimon.
This trend is actually not as new as it seems, however. Linden Labs’ Second Life is often cited as one
of the first metaverse environments, having been in existence since 2003. A few years later, in 2007,
Danish investment bank Saxo opened an office on the platform, with many of the features that
today’s metaverse bankers are building, such as the ability to interact and communicate via avatars.
© 2021 Bernard Marr, Bernard Marr & Co. All rights reserved
BRIDGING THE GAP BETWEEN VIRTUAL ECONOMIES
& REAL ECONOMIES
With spending in the metaverse expected to hit $5 trillion by 2030, it’s big business, and banks are
already thinking about the profits that will be made by moving money and perhaps other assets
between the digital and physical worlds.
Metaverse platforms allow users to buy virtual goods – including sneakers from Nike and clothes from
Gucci – to decorate their avatars and their virtual homes. Money can be earned in online play-to-earn
games such as Axie Infinity and the Meta Cricket League. This usually involves dealing in
cryptocurrencies and unique digital assets like NFTs. Transferring this money into the real world
involves exchanging it for real currencies, which are paid into a bank account.
Startup Zelf – which calls itself the “bank of the metaverse” – offers regulated services for transferring
money between virtual worlds and the real world, as well as trading valuable in-game items between
players.
© 2021 Bernard Marr, Bernard Marr & Co. All rights reserved
IT’S ALL ABOUT IMAGE
Banks and financial services companies have a vested interest in developing their image as tech-savvy,
pioneering high-tech organizations.
With new technologies like artificial intelligence (AI), automation, virtual reality (VR), and internet of things
(IoT) revolutionizing so many aspects of our lives, banks have to ensure that they are seen to be on the
cutting edge. One of the reasons for doing this is so that they will continue to attract top talent – which
otherwise might prefer to look towards technology giants like Google, Facebook, or Apple for the most
exciting and lucrative career opportunities.
Much has been written and said about the skills crisis facing organizations that want to leverage the most
powerful and potentially world-changing technologies. By making sure they have a prominent place in the
metaverse, banks, and financial institutions help to ensure that they are seen as top destinations for the
brightest and most skilled graduates and job hunters – those that hold the keys to leveraging the most truly
transformative technologies.
© 2021 Bernard Marr, Bernard Marr & Co. All rights reserved
THE FUTURE OF BANKING?
So, is banking in the metaverse just another fad that will die out as consumers lose interest? Well, with
actual physical bank branches closing down at an unprecedented rate, it makes sense that financial
institutions may well be looking to the metaverse and virtual worlds as a way of maintaining connection
with customers and providing basic banking services.
It's also clear that virtual economies, and the trade in virtual goods and services, are set to grow. As
today's younger generation of consumers grows up and wants to bank and engage with financial services
in environments they feel comfortable in, it seems likely that virtual environments will provide a familiar
platform for them to do just that.
It's true that no one really knows exactly what the metaverse is yet, much less what it will look like in five
or ten years' time. However, it's clear that banking and finance feel that it will be an important part of our
lives and want to make sure they are a part of it, too.
© 2021 Bernard Marr, Bernard Marr & Co. All rights reserved
To stay on top of the latest on new and emerging business and tech trends, make sure
to subscribe to my newsletter, follow me on Twitter, LinkedIn, and YouTube, and check
out my books ‘Tech Trends in Practice’ and ‘Business Trends in Practice, which just won
the 2022 Business Book of the Year award.
© 2021 Bernard Marr , Bernard Marr & Co. All rights reserved
Bernard Marr is an internationally best-selling author, popular keynote speaker,
futurist, and a strategic business & technology advisor to governments and
companies. He helps organisations improve their business performance, use data
more intelligently, and understand the implications of new technologies such as
artificial intelligence, big data, blockchains, and the Internet of Things.
LinkedIn has ranked Bernard as one of the world’s top 5 business influencers. He is
a frequent contributor to the World Economic Forum and writes a regular column for
Forbes. Every day Bernard actively engages his 1.5 million social media followers
and shares content that reaches millions of readers.
hello@bernardmarr.com
www.bernardmarr.com

More Related Content

Similar to Banking In The Metaverse – The Next Frontier For Financial Services

METAVERSE .pptx
METAVERSE .pptxMETAVERSE .pptx
METAVERSE .pptx
satish760383
 
Financial Technology Trends in 2016
Financial Technology Trends in 2016Financial Technology Trends in 2016
Financial Technology Trends in 2016
Beyondsoft Consulting
 
Metaverse Business Opportunities And Revenue Generation Strategies.pdf
Metaverse Business Opportunities And Revenue Generation Strategies.pdfMetaverse Business Opportunities And Revenue Generation Strategies.pdf
Metaverse Business Opportunities And Revenue Generation Strategies.pdf
Ciente
 
Blockchain_Land_BusinessDeck.pdf
Blockchain_Land_BusinessDeck.pdfBlockchain_Land_BusinessDeck.pdf
Blockchain_Land_BusinessDeck.pdf
BlockchainLand
 
Punch Social Media Trends Report 2022
Punch Social Media Trends Report 2022Punch Social Media Trends Report 2022
Punch Social Media Trends Report 2022
Bryn Foweather
 
The 7 Biggest Technology Trends To Disrupt Banking & Financial Services In 2020
The 7 Biggest Technology Trends To Disrupt Banking & Financial Services In 2020The 7 Biggest Technology Trends To Disrupt Banking & Financial Services In 2020
The 7 Biggest Technology Trends To Disrupt Banking & Financial Services In 2020
Bernard Marr
 
10 Opportunities For start ups building in the Metaverse.pdf
10 Opportunities For start ups building in the Metaverse.pdf10 Opportunities For start ups building in the Metaverse.pdf
10 Opportunities For start ups building in the Metaverse.pdf
CIOWomenMagazine
 
the_future_of_metaverse_in_terms_of_product_development.pptx
the_future_of_metaverse_in_terms_of_product_development.pptxthe_future_of_metaverse_in_terms_of_product_development.pptx
the_future_of_metaverse_in_terms_of_product_development.pptx
sarah david
 
Metaverse_Report_NASSCOM.pdf
Metaverse_Report_NASSCOM.pdfMetaverse_Report_NASSCOM.pdf
Metaverse_Report_NASSCOM.pdf
yashapnt
 
the_future_of_metaverse_in_terms_of_product_development.pdf
the_future_of_metaverse_in_terms_of_product_development.pdfthe_future_of_metaverse_in_terms_of_product_development.pdf
the_future_of_metaverse_in_terms_of_product_development.pdf
sarah david
 
How Is Big Data, Artificial Intelligence And Technology Disrupting The Financ...
How Is Big Data, Artificial Intelligence And Technology Disrupting The Financ...How Is Big Data, Artificial Intelligence And Technology Disrupting The Financ...
How Is Big Data, Artificial Intelligence And Technology Disrupting The Financ...
Bernard Marr
 
The Rise of FinTech_ How Is It Revolutionizing The Future of Finance_.pdf
The Rise of FinTech_ How Is It Revolutionizing The Future of Finance_.pdfThe Rise of FinTech_ How Is It Revolutionizing The Future of Finance_.pdf
The Rise of FinTech_ How Is It Revolutionizing The Future of Finance_.pdf
Anil
 
Metaverse to Re-shape Contactless Banking
Metaverse to Re-shape Contactless BankingMetaverse to Re-shape Contactless Banking
Metaverse to Re-shape Contactless Banking
Softprodigy
 
Metropolis of Dreams metaverse virtual city
Metropolis of Dreams metaverse virtual cityMetropolis of Dreams metaverse virtual city
Metropolis of Dreams metaverse virtual city
Donna Lenk
 
The Top 5 Fintech Trends Everyone Should Be Watching In 2020
The Top 5 Fintech Trends Everyone Should Be Watching In 2020The Top 5 Fintech Trends Everyone Should Be Watching In 2020
The Top 5 Fintech Trends Everyone Should Be Watching In 2020
Bernard Marr
 
WEB 3 AND ALL THAT JAZZ.pdf
WEB 3 AND ALL THAT JAZZ.pdfWEB 3 AND ALL THAT JAZZ.pdf
WEB 3 AND ALL THAT JAZZ.pdf
Liveplex
 
The 10 most promising payment and card solution providers
The 10 most promising payment and card solution providers The 10 most promising payment and card solution providers
The 10 most promising payment and card solution providers
Merry D'souza
 
Metalabs-Proposal.pdf
Metalabs-Proposal.pdfMetalabs-Proposal.pdf
Metalabs-Proposal.pdf
SaniyaSalim3
 
What is Metaverse? A Comprehensive Guide to the Future of Virtual Reality
What is Metaverse? A Comprehensive Guide to the Future of Virtual RealityWhat is Metaverse? A Comprehensive Guide to the Future of Virtual Reality
What is Metaverse? A Comprehensive Guide to the Future of Virtual Reality
Baek Yongsun
 
Accenture-TechVision-2019-Tech-Trends-Report.pdf
Accenture-TechVision-2019-Tech-Trends-Report.pdfAccenture-TechVision-2019-Tech-Trends-Report.pdf
Accenture-TechVision-2019-Tech-Trends-Report.pdf
ssusere4c3cf
 

Similar to Banking In The Metaverse – The Next Frontier For Financial Services (20)

METAVERSE .pptx
METAVERSE .pptxMETAVERSE .pptx
METAVERSE .pptx
 
Financial Technology Trends in 2016
Financial Technology Trends in 2016Financial Technology Trends in 2016
Financial Technology Trends in 2016
 
Metaverse Business Opportunities And Revenue Generation Strategies.pdf
Metaverse Business Opportunities And Revenue Generation Strategies.pdfMetaverse Business Opportunities And Revenue Generation Strategies.pdf
Metaverse Business Opportunities And Revenue Generation Strategies.pdf
 
Blockchain_Land_BusinessDeck.pdf
Blockchain_Land_BusinessDeck.pdfBlockchain_Land_BusinessDeck.pdf
Blockchain_Land_BusinessDeck.pdf
 
Punch Social Media Trends Report 2022
Punch Social Media Trends Report 2022Punch Social Media Trends Report 2022
Punch Social Media Trends Report 2022
 
The 7 Biggest Technology Trends To Disrupt Banking & Financial Services In 2020
The 7 Biggest Technology Trends To Disrupt Banking & Financial Services In 2020The 7 Biggest Technology Trends To Disrupt Banking & Financial Services In 2020
The 7 Biggest Technology Trends To Disrupt Banking & Financial Services In 2020
 
10 Opportunities For start ups building in the Metaverse.pdf
10 Opportunities For start ups building in the Metaverse.pdf10 Opportunities For start ups building in the Metaverse.pdf
10 Opportunities For start ups building in the Metaverse.pdf
 
the_future_of_metaverse_in_terms_of_product_development.pptx
the_future_of_metaverse_in_terms_of_product_development.pptxthe_future_of_metaverse_in_terms_of_product_development.pptx
the_future_of_metaverse_in_terms_of_product_development.pptx
 
Metaverse_Report_NASSCOM.pdf
Metaverse_Report_NASSCOM.pdfMetaverse_Report_NASSCOM.pdf
Metaverse_Report_NASSCOM.pdf
 
the_future_of_metaverse_in_terms_of_product_development.pdf
the_future_of_metaverse_in_terms_of_product_development.pdfthe_future_of_metaverse_in_terms_of_product_development.pdf
the_future_of_metaverse_in_terms_of_product_development.pdf
 
How Is Big Data, Artificial Intelligence And Technology Disrupting The Financ...
How Is Big Data, Artificial Intelligence And Technology Disrupting The Financ...How Is Big Data, Artificial Intelligence And Technology Disrupting The Financ...
How Is Big Data, Artificial Intelligence And Technology Disrupting The Financ...
 
The Rise of FinTech_ How Is It Revolutionizing The Future of Finance_.pdf
The Rise of FinTech_ How Is It Revolutionizing The Future of Finance_.pdfThe Rise of FinTech_ How Is It Revolutionizing The Future of Finance_.pdf
The Rise of FinTech_ How Is It Revolutionizing The Future of Finance_.pdf
 
Metaverse to Re-shape Contactless Banking
Metaverse to Re-shape Contactless BankingMetaverse to Re-shape Contactless Banking
Metaverse to Re-shape Contactless Banking
 
Metropolis of Dreams metaverse virtual city
Metropolis of Dreams metaverse virtual cityMetropolis of Dreams metaverse virtual city
Metropolis of Dreams metaverse virtual city
 
The Top 5 Fintech Trends Everyone Should Be Watching In 2020
The Top 5 Fintech Trends Everyone Should Be Watching In 2020The Top 5 Fintech Trends Everyone Should Be Watching In 2020
The Top 5 Fintech Trends Everyone Should Be Watching In 2020
 
WEB 3 AND ALL THAT JAZZ.pdf
WEB 3 AND ALL THAT JAZZ.pdfWEB 3 AND ALL THAT JAZZ.pdf
WEB 3 AND ALL THAT JAZZ.pdf
 
The 10 most promising payment and card solution providers
The 10 most promising payment and card solution providers The 10 most promising payment and card solution providers
The 10 most promising payment and card solution providers
 
Metalabs-Proposal.pdf
Metalabs-Proposal.pdfMetalabs-Proposal.pdf
Metalabs-Proposal.pdf
 
What is Metaverse? A Comprehensive Guide to the Future of Virtual Reality
What is Metaverse? A Comprehensive Guide to the Future of Virtual RealityWhat is Metaverse? A Comprehensive Guide to the Future of Virtual Reality
What is Metaverse? A Comprehensive Guide to the Future of Virtual Reality
 
Accenture-TechVision-2019-Tech-Trends-Report.pdf
Accenture-TechVision-2019-Tech-Trends-Report.pdfAccenture-TechVision-2019-Tech-Trends-Report.pdf
Accenture-TechVision-2019-Tech-Trends-Report.pdf
 

More from Bernard Marr

The Top 4 Telecom Trends In 2023
The Top 4 Telecom Trends In 2023The Top 4 Telecom Trends In 2023
The Top 4 Telecom Trends In 2023
Bernard Marr
 
How To Use Meta’s Horizon Workrooms For Business
How To Use Meta’s Horizon Workrooms For BusinessHow To Use Meta’s Horizon Workrooms For Business
How To Use Meta’s Horizon Workrooms For Business
Bernard Marr
 
The Top 5 Healthcare Trends In 2023
The Top 5 Healthcare Trends In 2023The Top 5 Healthcare Trends In 2023
The Top 5 Healthcare Trends In 2023
Bernard Marr
 
The Top 5 In-Demand Tech Skills For Jobs In 2023
The Top 5 In-Demand Tech Skills For Jobs In 2023The Top 5 In-Demand Tech Skills For Jobs In 2023
The Top 5 In-Demand Tech Skills For Jobs In 2023
Bernard Marr
 
Policing In The Metaverse: What’s Happening Now
Policing In The Metaverse: What’s Happening NowPolicing In The Metaverse: What’s Happening Now
Policing In The Metaverse: What’s Happening Now
Bernard Marr
 
The 7 Biggest Business Challenges Every Company Is Facing In 2023
The 7 Biggest Business Challenges Every Company Is Facing In 2023The 7 Biggest Business Challenges Every Company Is Facing In 2023
The 7 Biggest Business Challenges Every Company Is Facing In 2023
Bernard Marr
 
Is This The Downfall Of Meta And Social Media As We Know It?
Is This The Downfall Of Meta And Social Media As We Know It?Is This The Downfall Of Meta And Social Media As We Know It?
Is This The Downfall Of Meta And Social Media As We Know It?
Bernard Marr
 
The Top Five Cybersecurity Trends In 2023
The Top Five Cybersecurity Trends In 2023The Top Five Cybersecurity Trends In 2023
The Top Five Cybersecurity Trends In 2023
Bernard Marr
 
The Top 5 Technology Challenges In 2023
The Top 5 Technology Challenges In 2023The Top 5 Technology Challenges In 2023
The Top 5 Technology Challenges In 2023
Bernard Marr
 
How To Build A Positive Hybrid And Remote Working Culture In 2023
How To Build A Positive Hybrid And Remote Working Culture In 2023How To Build A Positive Hybrid And Remote Working Culture In 2023
How To Build A Positive Hybrid And Remote Working Culture In 2023
Bernard Marr
 
Beyond Dashboards: The Future Of Analytics And Business Intelligence?
Beyond Dashboards: The Future Of Analytics And Business Intelligence? Beyond Dashboards: The Future Of Analytics And Business Intelligence?
Beyond Dashboards: The Future Of Analytics And Business Intelligence?
Bernard Marr
 
The Top 5 Data Science And Analytics Trends In 2023
The Top 5 Data Science And Analytics Trends In 2023The Top 5 Data Science And Analytics Trends In 2023
The Top 5 Data Science And Analytics Trends In 2023
Bernard Marr
 
The 5 Biggest Business Trends For 2023
The 5 Biggest Business Trends For 2023The 5 Biggest Business Trends For 2023
The 5 Biggest Business Trends For 2023
Bernard Marr
 
12 Practical Steps To Handle Change At Work
12 Practical Steps To Handle Change At Work 12 Practical Steps To Handle Change At Work
12 Practical Steps To Handle Change At Work
Bernard Marr
 
The Top 12 Virtual Networking Tips To Boost Your Career
The Top 12 Virtual Networking Tips To Boost Your CareerThe Top 12 Virtual Networking Tips To Boost Your Career
The Top 12 Virtual Networking Tips To Boost Your Career
Bernard Marr
 
How AI And Machine Learning Will Impact The Future Of Healthcare
How AI And Machine Learning Will Impact The Future Of HealthcareHow AI And Machine Learning Will Impact The Future Of Healthcare
How AI And Machine Learning Will Impact The Future Of Healthcare
Bernard Marr
 
Top 16 Essential Soft Skills For The Future of Work
Top 16 Essential Soft Skills For The Future of WorkTop 16 Essential Soft Skills For The Future of Work
Top 16 Essential Soft Skills For The Future of Work
Bernard Marr
 
Artificial Intelligence And The Future Of Marketing
Artificial Intelligence And The Future Of MarketingArtificial Intelligence And The Future Of Marketing
Artificial Intelligence And The Future Of Marketing
Bernard Marr
 
Is AI Really a Job Killer? These Experts Say No
Is AI Really a Job Killer? These Experts Say NoIs AI Really a Job Killer? These Experts Say No
Is AI Really a Job Killer? These Experts Say No
Bernard Marr
 
Will Smart Glasses Replace Smartphones In The Metaverse?
Will Smart Glasses Replace Smartphones In The Metaverse?Will Smart Glasses Replace Smartphones In The Metaverse?
Will Smart Glasses Replace Smartphones In The Metaverse?
Bernard Marr
 

More from Bernard Marr (20)

The Top 4 Telecom Trends In 2023
The Top 4 Telecom Trends In 2023The Top 4 Telecom Trends In 2023
The Top 4 Telecom Trends In 2023
 
How To Use Meta’s Horizon Workrooms For Business
How To Use Meta’s Horizon Workrooms For BusinessHow To Use Meta’s Horizon Workrooms For Business
How To Use Meta’s Horizon Workrooms For Business
 
The Top 5 Healthcare Trends In 2023
The Top 5 Healthcare Trends In 2023The Top 5 Healthcare Trends In 2023
The Top 5 Healthcare Trends In 2023
 
The Top 5 In-Demand Tech Skills For Jobs In 2023
The Top 5 In-Demand Tech Skills For Jobs In 2023The Top 5 In-Demand Tech Skills For Jobs In 2023
The Top 5 In-Demand Tech Skills For Jobs In 2023
 
Policing In The Metaverse: What’s Happening Now
Policing In The Metaverse: What’s Happening NowPolicing In The Metaverse: What’s Happening Now
Policing In The Metaverse: What’s Happening Now
 
The 7 Biggest Business Challenges Every Company Is Facing In 2023
The 7 Biggest Business Challenges Every Company Is Facing In 2023The 7 Biggest Business Challenges Every Company Is Facing In 2023
The 7 Biggest Business Challenges Every Company Is Facing In 2023
 
Is This The Downfall Of Meta And Social Media As We Know It?
Is This The Downfall Of Meta And Social Media As We Know It?Is This The Downfall Of Meta And Social Media As We Know It?
Is This The Downfall Of Meta And Social Media As We Know It?
 
The Top Five Cybersecurity Trends In 2023
The Top Five Cybersecurity Trends In 2023The Top Five Cybersecurity Trends In 2023
The Top Five Cybersecurity Trends In 2023
 
The Top 5 Technology Challenges In 2023
The Top 5 Technology Challenges In 2023The Top 5 Technology Challenges In 2023
The Top 5 Technology Challenges In 2023
 
How To Build A Positive Hybrid And Remote Working Culture In 2023
How To Build A Positive Hybrid And Remote Working Culture In 2023How To Build A Positive Hybrid And Remote Working Culture In 2023
How To Build A Positive Hybrid And Remote Working Culture In 2023
 
Beyond Dashboards: The Future Of Analytics And Business Intelligence?
Beyond Dashboards: The Future Of Analytics And Business Intelligence? Beyond Dashboards: The Future Of Analytics And Business Intelligence?
Beyond Dashboards: The Future Of Analytics And Business Intelligence?
 
The Top 5 Data Science And Analytics Trends In 2023
The Top 5 Data Science And Analytics Trends In 2023The Top 5 Data Science And Analytics Trends In 2023
The Top 5 Data Science And Analytics Trends In 2023
 
The 5 Biggest Business Trends For 2023
The 5 Biggest Business Trends For 2023The 5 Biggest Business Trends For 2023
The 5 Biggest Business Trends For 2023
 
12 Practical Steps To Handle Change At Work
12 Practical Steps To Handle Change At Work 12 Practical Steps To Handle Change At Work
12 Practical Steps To Handle Change At Work
 
The Top 12 Virtual Networking Tips To Boost Your Career
The Top 12 Virtual Networking Tips To Boost Your CareerThe Top 12 Virtual Networking Tips To Boost Your Career
The Top 12 Virtual Networking Tips To Boost Your Career
 
How AI And Machine Learning Will Impact The Future Of Healthcare
How AI And Machine Learning Will Impact The Future Of HealthcareHow AI And Machine Learning Will Impact The Future Of Healthcare
How AI And Machine Learning Will Impact The Future Of Healthcare
 
Top 16 Essential Soft Skills For The Future of Work
Top 16 Essential Soft Skills For The Future of WorkTop 16 Essential Soft Skills For The Future of Work
Top 16 Essential Soft Skills For The Future of Work
 
Artificial Intelligence And The Future Of Marketing
Artificial Intelligence And The Future Of MarketingArtificial Intelligence And The Future Of Marketing
Artificial Intelligence And The Future Of Marketing
 
Is AI Really a Job Killer? These Experts Say No
Is AI Really a Job Killer? These Experts Say NoIs AI Really a Job Killer? These Experts Say No
Is AI Really a Job Killer? These Experts Say No
 
Will Smart Glasses Replace Smartphones In The Metaverse?
Will Smart Glasses Replace Smartphones In The Metaverse?Will Smart Glasses Replace Smartphones In The Metaverse?
Will Smart Glasses Replace Smartphones In The Metaverse?
 

Recently uploaded

UiPath Test Automation using UiPath Test Suite series, part 6
UiPath Test Automation using UiPath Test Suite series, part 6UiPath Test Automation using UiPath Test Suite series, part 6
UiPath Test Automation using UiPath Test Suite series, part 6
DianaGray10
 
Let's Integrate MuleSoft RPA, COMPOSER, APM with AWS IDP along with Slack
Let's Integrate MuleSoft RPA, COMPOSER, APM with AWS IDP along with SlackLet's Integrate MuleSoft RPA, COMPOSER, APM with AWS IDP along with Slack
Let's Integrate MuleSoft RPA, COMPOSER, APM with AWS IDP along with Slack
shyamraj55
 
How to use Firebase Data Connect For Flutter
How to use Firebase Data Connect For FlutterHow to use Firebase Data Connect For Flutter
How to use Firebase Data Connect For Flutter
Daiki Mogmet Ito
 
GraphSummit Singapore | The Art of the Possible with Graph - Q2 2024
GraphSummit Singapore | The Art of the  Possible with Graph - Q2 2024GraphSummit Singapore | The Art of the  Possible with Graph - Q2 2024
GraphSummit Singapore | The Art of the Possible with Graph - Q2 2024
Neo4j
 
Essentials of Automations: The Art of Triggers and Actions in FME
Essentials of Automations: The Art of Triggers and Actions in FMEEssentials of Automations: The Art of Triggers and Actions in FME
Essentials of Automations: The Art of Triggers and Actions in FME
Safe Software
 
HCL Notes and Domino License Cost Reduction in the World of DLAU
HCL Notes and Domino License Cost Reduction in the World of DLAUHCL Notes and Domino License Cost Reduction in the World of DLAU
HCL Notes and Domino License Cost Reduction in the World of DLAU
panagenda
 
Removing Uninteresting Bytes in Software Fuzzing
Removing Uninteresting Bytes in Software FuzzingRemoving Uninteresting Bytes in Software Fuzzing
Removing Uninteresting Bytes in Software Fuzzing
Aftab Hussain
 
Mariano G Tinti - Decoding SpaceX
Mariano G Tinti - Decoding SpaceXMariano G Tinti - Decoding SpaceX
Mariano G Tinti - Decoding SpaceX
Mariano Tinti
 
National Security Agency - NSA mobile device best practices
National Security Agency - NSA mobile device best practicesNational Security Agency - NSA mobile device best practices
National Security Agency - NSA mobile device best practices
Quotidiano Piemontese
 
Microsoft - Power Platform_G.Aspiotis.pdf
Microsoft - Power Platform_G.Aspiotis.pdfMicrosoft - Power Platform_G.Aspiotis.pdf
Microsoft - Power Platform_G.Aspiotis.pdf
Uni Systems S.M.S.A.
 
みなさんこんにちはこれ何文字まで入るの?40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの?えこ...
みなさんこんにちはこれ何文字まで入るの?40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの?えこ...みなさんこんにちはこれ何文字まで入るの?40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの?えこ...
みなさんこんにちはこれ何文字まで入るの?40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの?えこ...
名前 です男
 
UiPath Test Automation using UiPath Test Suite series, part 5
UiPath Test Automation using UiPath Test Suite series, part 5UiPath Test Automation using UiPath Test Suite series, part 5
UiPath Test Automation using UiPath Test Suite series, part 5
DianaGray10
 
Introduction to CHERI technology - Cybersecurity
Introduction to CHERI technology - CybersecurityIntroduction to CHERI technology - Cybersecurity
Introduction to CHERI technology - Cybersecurity
mikeeftimakis1
 
Building Production Ready Search Pipelines with Spark and Milvus
Building Production Ready Search Pipelines with Spark and MilvusBuilding Production Ready Search Pipelines with Spark and Milvus
Building Production Ready Search Pipelines with Spark and Milvus
Zilliz
 
GraphSummit Singapore | Neo4j Product Vision & Roadmap - Q2 2024
GraphSummit Singapore | Neo4j Product Vision & Roadmap - Q2 2024GraphSummit Singapore | Neo4j Product Vision & Roadmap - Q2 2024
GraphSummit Singapore | Neo4j Product Vision & Roadmap - Q2 2024
Neo4j
 
20240607 QFM018 Elixir Reading List May 2024
20240607 QFM018 Elixir Reading List May 202420240607 QFM018 Elixir Reading List May 2024
20240607 QFM018 Elixir Reading List May 2024
Matthew Sinclair
 
RESUME BUILDER APPLICATION Project for students
RESUME BUILDER APPLICATION Project for studentsRESUME BUILDER APPLICATION Project for students
RESUME BUILDER APPLICATION Project for students
KAMESHS29
 
GraphSummit Singapore | The Future of Agility: Supercharging Digital Transfor...
GraphSummit Singapore | The Future of Agility: Supercharging Digital Transfor...GraphSummit Singapore | The Future of Agility: Supercharging Digital Transfor...
GraphSummit Singapore | The Future of Agility: Supercharging Digital Transfor...
Neo4j
 
How to Get CNIC Information System with Paksim Ga.pptx
How to Get CNIC Information System with Paksim Ga.pptxHow to Get CNIC Information System with Paksim Ga.pptx
How to Get CNIC Information System with Paksim Ga.pptx
danishmna97
 
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAUHCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
panagenda
 

Recently uploaded (20)

UiPath Test Automation using UiPath Test Suite series, part 6
UiPath Test Automation using UiPath Test Suite series, part 6UiPath Test Automation using UiPath Test Suite series, part 6
UiPath Test Automation using UiPath Test Suite series, part 6
 
Let's Integrate MuleSoft RPA, COMPOSER, APM with AWS IDP along with Slack
Let's Integrate MuleSoft RPA, COMPOSER, APM with AWS IDP along with SlackLet's Integrate MuleSoft RPA, COMPOSER, APM with AWS IDP along with Slack
Let's Integrate MuleSoft RPA, COMPOSER, APM with AWS IDP along with Slack
 
How to use Firebase Data Connect For Flutter
How to use Firebase Data Connect For FlutterHow to use Firebase Data Connect For Flutter
How to use Firebase Data Connect For Flutter
 
GraphSummit Singapore | The Art of the Possible with Graph - Q2 2024
GraphSummit Singapore | The Art of the  Possible with Graph - Q2 2024GraphSummit Singapore | The Art of the  Possible with Graph - Q2 2024
GraphSummit Singapore | The Art of the Possible with Graph - Q2 2024
 
Essentials of Automations: The Art of Triggers and Actions in FME
Essentials of Automations: The Art of Triggers and Actions in FMEEssentials of Automations: The Art of Triggers and Actions in FME
Essentials of Automations: The Art of Triggers and Actions in FME
 
HCL Notes and Domino License Cost Reduction in the World of DLAU
HCL Notes and Domino License Cost Reduction in the World of DLAUHCL Notes and Domino License Cost Reduction in the World of DLAU
HCL Notes and Domino License Cost Reduction in the World of DLAU
 
Removing Uninteresting Bytes in Software Fuzzing
Removing Uninteresting Bytes in Software FuzzingRemoving Uninteresting Bytes in Software Fuzzing
Removing Uninteresting Bytes in Software Fuzzing
 
Mariano G Tinti - Decoding SpaceX
Mariano G Tinti - Decoding SpaceXMariano G Tinti - Decoding SpaceX
Mariano G Tinti - Decoding SpaceX
 
National Security Agency - NSA mobile device best practices
National Security Agency - NSA mobile device best practicesNational Security Agency - NSA mobile device best practices
National Security Agency - NSA mobile device best practices
 
Microsoft - Power Platform_G.Aspiotis.pdf
Microsoft - Power Platform_G.Aspiotis.pdfMicrosoft - Power Platform_G.Aspiotis.pdf
Microsoft - Power Platform_G.Aspiotis.pdf
 
みなさんこんにちはこれ何文字まで入るの?40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの?えこ...
みなさんこんにちはこれ何文字まで入るの?40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの?えこ...みなさんこんにちはこれ何文字まで入るの?40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの?えこ...
みなさんこんにちはこれ何文字まで入るの?40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの?えこ...
 
UiPath Test Automation using UiPath Test Suite series, part 5
UiPath Test Automation using UiPath Test Suite series, part 5UiPath Test Automation using UiPath Test Suite series, part 5
UiPath Test Automation using UiPath Test Suite series, part 5
 
Introduction to CHERI technology - Cybersecurity
Introduction to CHERI technology - CybersecurityIntroduction to CHERI technology - Cybersecurity
Introduction to CHERI technology - Cybersecurity
 
Building Production Ready Search Pipelines with Spark and Milvus
Building Production Ready Search Pipelines with Spark and MilvusBuilding Production Ready Search Pipelines with Spark and Milvus
Building Production Ready Search Pipelines with Spark and Milvus
 
GraphSummit Singapore | Neo4j Product Vision & Roadmap - Q2 2024
GraphSummit Singapore | Neo4j Product Vision & Roadmap - Q2 2024GraphSummit Singapore | Neo4j Product Vision & Roadmap - Q2 2024
GraphSummit Singapore | Neo4j Product Vision & Roadmap - Q2 2024
 
20240607 QFM018 Elixir Reading List May 2024
20240607 QFM018 Elixir Reading List May 202420240607 QFM018 Elixir Reading List May 2024
20240607 QFM018 Elixir Reading List May 2024
 
RESUME BUILDER APPLICATION Project for students
RESUME BUILDER APPLICATION Project for studentsRESUME BUILDER APPLICATION Project for students
RESUME BUILDER APPLICATION Project for students
 
GraphSummit Singapore | The Future of Agility: Supercharging Digital Transfor...
GraphSummit Singapore | The Future of Agility: Supercharging Digital Transfor...GraphSummit Singapore | The Future of Agility: Supercharging Digital Transfor...
GraphSummit Singapore | The Future of Agility: Supercharging Digital Transfor...
 
How to Get CNIC Information System with Paksim Ga.pptx
How to Get CNIC Information System with Paksim Ga.pptxHow to Get CNIC Information System with Paksim Ga.pptx
How to Get CNIC Information System with Paksim Ga.pptx
 
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAUHCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
 

Banking In The Metaverse – The Next Frontier For Financial Services

  • 1. BANKING IN THE METAVERSE – THE NEXT FRONTIER FOR FINANCIAL SERVICES
  • 2. © 2021 Bernard Marr, Bernard Marr & Co. All rights reserved BANKING IN THE METAVERSE – THE NEXT FRONTIER FOR FINANCIAL SERVICES The metaverse is going to transform most industries, and banking is no exception. Here, we look at examples of how banks are already entering the metaverse and what the future might hold for financial services firms in the immersive digital world of tomorrow.
  • 3. © 2021 Bernard Marr, Bernard Marr & Co. All rights reserved Banks have long known that if they can capture the attention of customers when they are young, they are likely to get hold of them for life. For this reason, they have always been quick to jump on new and emerging trends, and today’s hot tech potato – the metaverse – is certainly no exception. Generation Z consumers are fully digital-native – online is the default option for them when they go looking for the products and services they need. The metaverse – persistent, immersive digital environments that potentially offer everything we need to live our lives digitally, under one roof – provides new ways for businesses to connect with customers. Banks, as ever, have been keen to capitalize on it. If you need a bit more information on what the metaverse is, and what it promises for the future, you can take a look at my Easy Explanation for Anyone article. Otherwise, let’s dive in and take a look at how banks and other financial services organizations are making their mark there:
  • 4. © 2021 Bernard Marr, Bernard Marr & Co. All rights reserved VIRTUAL LOBBIES One of the most obvious uses of the metaverse, as far as retail banks are concerned, is to create “virtual branches” where they can sell banking products to a new breed of digitally-native gen-z consumers, or provide customer service to their existing customers. Emerging metaverse platforms like The Sandbox and Decentraland attract hundreds of thousands of visitors each month, while established gaming platforms with metaverse-like functionality, such as Roblox or Fortnite, can attract millions. Their audiences are digital natives and are keen to do business with companies that share their understanding and enthusiasm for virtual worlds and gaming-style environments. Among those who have been first to set up virtual storefronts is HSBC, which purchased land in The Sandbox earlier this year, which it will use to engage with online sports fans and e-sports enthusiasts. It's CMO for the Asia Pacific region, Suresh Balaji said, "At HSBC, we see great potential to create new experiences through emerging platforms, opening up a world of opportunity for our current and future customers and the communities we serve.” Thailand’s Siam Commercial Bank also has a virtual branch on The Sandbox platform.
  • 5. © 2021 Bernard Marr, Bernard Marr & Co. All rights reserved JP Morgan Chase is another global banking giant that has already established a presence by setting up shop on the Decentraland platform. It created a lounge area called Onyx inside the platform's Metajuku virtual mall, which gives visitors information about blockchain and other technology- driven initiatives that the bank is taking part in. It also features a tiger and a portrait of the company CEO, Jamie Dimon. This trend is actually not as new as it seems, however. Linden Labs’ Second Life is often cited as one of the first metaverse environments, having been in existence since 2003. A few years later, in 2007, Danish investment bank Saxo opened an office on the platform, with many of the features that today’s metaverse bankers are building, such as the ability to interact and communicate via avatars.
  • 6. © 2021 Bernard Marr, Bernard Marr & Co. All rights reserved BRIDGING THE GAP BETWEEN VIRTUAL ECONOMIES & REAL ECONOMIES With spending in the metaverse expected to hit $5 trillion by 2030, it’s big business, and banks are already thinking about the profits that will be made by moving money and perhaps other assets between the digital and physical worlds. Metaverse platforms allow users to buy virtual goods – including sneakers from Nike and clothes from Gucci – to decorate their avatars and their virtual homes. Money can be earned in online play-to-earn games such as Axie Infinity and the Meta Cricket League. This usually involves dealing in cryptocurrencies and unique digital assets like NFTs. Transferring this money into the real world involves exchanging it for real currencies, which are paid into a bank account. Startup Zelf – which calls itself the “bank of the metaverse” – offers regulated services for transferring money between virtual worlds and the real world, as well as trading valuable in-game items between players.
  • 7. © 2021 Bernard Marr, Bernard Marr & Co. All rights reserved IT’S ALL ABOUT IMAGE Banks and financial services companies have a vested interest in developing their image as tech-savvy, pioneering high-tech organizations. With new technologies like artificial intelligence (AI), automation, virtual reality (VR), and internet of things (IoT) revolutionizing so many aspects of our lives, banks have to ensure that they are seen to be on the cutting edge. One of the reasons for doing this is so that they will continue to attract top talent – which otherwise might prefer to look towards technology giants like Google, Facebook, or Apple for the most exciting and lucrative career opportunities. Much has been written and said about the skills crisis facing organizations that want to leverage the most powerful and potentially world-changing technologies. By making sure they have a prominent place in the metaverse, banks, and financial institutions help to ensure that they are seen as top destinations for the brightest and most skilled graduates and job hunters – those that hold the keys to leveraging the most truly transformative technologies.
  • 8. © 2021 Bernard Marr, Bernard Marr & Co. All rights reserved THE FUTURE OF BANKING? So, is banking in the metaverse just another fad that will die out as consumers lose interest? Well, with actual physical bank branches closing down at an unprecedented rate, it makes sense that financial institutions may well be looking to the metaverse and virtual worlds as a way of maintaining connection with customers and providing basic banking services. It's also clear that virtual economies, and the trade in virtual goods and services, are set to grow. As today's younger generation of consumers grows up and wants to bank and engage with financial services in environments they feel comfortable in, it seems likely that virtual environments will provide a familiar platform for them to do just that. It's true that no one really knows exactly what the metaverse is yet, much less what it will look like in five or ten years' time. However, it's clear that banking and finance feel that it will be an important part of our lives and want to make sure they are a part of it, too.
  • 9. © 2021 Bernard Marr, Bernard Marr & Co. All rights reserved To stay on top of the latest on new and emerging business and tech trends, make sure to subscribe to my newsletter, follow me on Twitter, LinkedIn, and YouTube, and check out my books ‘Tech Trends in Practice’ and ‘Business Trends in Practice, which just won the 2022 Business Book of the Year award.
  • 10. © 2021 Bernard Marr , Bernard Marr & Co. All rights reserved Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a strategic business & technology advisor to governments and companies. He helps organisations improve their business performance, use data more intelligently, and understand the implications of new technologies such as artificial intelligence, big data, blockchains, and the Internet of Things. LinkedIn has ranked Bernard as one of the world’s top 5 business influencers. He is a frequent contributor to the World Economic Forum and writes a regular column for Forbes. Every day Bernard actively engages his 1.5 million social media followers and shares content that reaches millions of readers.