Metaverse can transform the business with the concept of virtual reality. Contactless banking gave a secure and safe way to do this process. To know more about this you can visit our website.

1. Metaverse to Re-
shape Contactless
Banking

2. What is
Metaverse?
Metaverse is an ecosystem where people traverse a virtual
world that behaves like a real world. They can use avatars
that represent them to interact in the virtual world. It is
also described as the first web 3.0 technology that brings
concepts of AR, VR, Blockchain, and Artificial Intelligence
together.
As mentioned already, Metaverse converge physical and
virtual reality. It leads to an independent virtual economy
empowered by NFTs and digital currencies. That means it
does not rely on a vendor monopoly. Thus, people can use
Metaverse for various activities meeting people, attending
a concert or event, and selling products.

3. Banking in the Metaverse:
How does the future look
like?
Given the countless opportunities, the future
of Metaverse looks flourishing. This virtual
space provides users with a more immersive
experience. They can interact, play, sell, buy,
and leverage banking services.
Over the years, the Fintech industry has
evolved significantly. It was a time when
banks relied on the pen-and-paper model,
which was time-consuming. The banking
system uses online solutions like mobile and
web apps thanks to the digital revolution.

4. Technology costs reduction
The primary advantage of using Metaverse in banking is
saving money to manufacture AR and VR equipment. It is
because manufacturers achieve a wealth of demand for this.
Initially, the cost of an Oculus VR headset was around $600.
But you can get your hands on high-quality headsets at less
than $100. Thus, dropping prices means the banking industry
can access the technology without spending a fortune.

5. Better
banking
experience
Banking with the Metaverse offers a stimulating and immersive experience
to users. As we learned, the current banking system is more transactional
without emotional quotient.
But users can have an immersive experience if they transverse into a
virtual world for daily activities.

6. Unlimited access to
customers and talent
If you look at the current banking system,
the bank operations are restricted by
borders. Banks have their set up to places
where they want to provide services. But
Metaverse can resolve this issue.
It is because this virtual ecosystem offers
access to unlimited talent and customers
across the globe. For example, an Indian
bank can have a relationship manager from
Australia interacting with customers from
Canada using Metaverse.

7. RESOURCES
• https://softprodigy.com/discussed-metaverse-to-re-shape-contactless-
banking/
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