We have not witnessed a topic explode quite like the metaverse. While extended reality (XR) technology has been around for some time, the topic’s momentum has recently accelerated with some analysts now predicting the metaverse to be an $8 trillion opportunity. One of the most interesting fields that the metaverse will probaly engange at is banking. Accenture points out 3 main keypoints about how the metaverse will change the ways banks enable, engage, and invent:
- Enabling existing functionality in 3D – Banks should consider how banking would be enabled in a 3D world.
- Engaging with customers in meaningful new ways – the metaverse provides banks with a much-needed avenue to bring humanity back into banking and deepen connections with current customers by meeting them in more meaningful ways.
- Inventing new products and creating new markets – People will want to spend their virtual money in the real world.
The following video by accenture explains what is exactly the metaverse, how will the metaverse change the banking industry, metaverse in wealth managment, and the metaverse as an industry.