BANKING
The metaverse seems like such nascent technology that it ’ s hard to believe that it ’ s a full seven years since Oculus Rift became the world ’ s first widely available VR headset . Indeed , the word ‘ metaverse ’ was first coined by sci-fi writer Neal Stephenson over 30 years ago – such is the amount of time it takes for technologies like VR and the metaverse to fully embed themselves into any industry , let alone one as regulated as financial services .
So when we talk about the future of banking existing in a virtual space , we are talking about an evolution that will be decades – not just years – in the making .
What are brands already doing in the metaverse ? There are , however , some banking brands that have already taken their first steps into the metaverse . At this point , much of the activity seems to be laying a foundation for a future where VR is a way of life – buying up retail space , establishing a brand presence , testing out the water . Indeed , from the tentative first steps that have been taken so far , it seems as though financial institutions are cautiously optimistic about the potential for metaverse technology .
But Rebecca Bezzina , SVP and Managing Director at R / GA London , believes that it ’ s just the next chapter in the evolution of banking : “ Digital banking has been undergoing a major transformation process where we have moved from bricks and mortar to digital banking , with the latter being the norm now ,” Bezzina says .
“ What were once high-touchpoint relationships are now , in some cases , completely virtual . This transformation has been driven by focusing on creating seamless experiences , often at the expense of human contact .” fintechmagazine . com 45