Working in the metaverse: how banks can create value

Working in the metaverse: how banks can create value

The metaverse spans physical places and digital spaces, enabling us to collaborate and exchange value through shared interactions and experiences. It’s a unique convergence of augmented reality (AR), virtual reality (VR) and blockchain that has created a place where people can meet and interact, and where avatars can be created and digital assets (land, buildings, items, non-fungible tokens [NFTs]) can be bought and sold.

But where should banks focus in this emerging and evolving landscape? What new capabilities do banks need to capture the significant opportunities that the metaverse uniquely offers? How do you avoid the hype?

We have developed a guide that looks at the key areas where banks could initially play in this space. We’re already working with clients on some of the scenarios we discuss in the guide. We recently held our first metaverse webinar for the financial services sector, covering topics such as payments, digital ethics, employee engagement and customer experience. We’re happy to share this here and would welcome your feedback.

The metaverse offers banks the opportunity to target groups they have traditionally struggled to engage with – such as GenZ, mass affluent and the under/unbanked – and who could not afford a financial advisor. It effectively democratizes access to financial education and literacy. It will also help move the conversation from basic transactions to a more managed financial relationship and justify further investment.

Presenting customer’s financial data in a 3D, immersive environment creates a new, more personalized, approach that leads to a higher value discussion and a stronger emotional connection with the bank, based on real-time ‘what if’ scenarios and product options from the banks’ partner ecosystem, including elements such as gamification. It also allows the bank to modify the look and feel of their personalities in the metaverse to reflect the different customer types they engage with. This all drives an approach that helps to ‘humanize the metaverse’ and offer a new level of interaction with customers.

Paul Daugherty, Group Chief Executive, Technology and Chief Technology Officer, Accenture, summed it up well: “These are early days, but the metaverse will take shape and advance very quickly. Companies that don’t act now will find themselves operating in worlds designed by, and for, someone else.”