The Metaverse revolution: how banks can tap into a $860 billion market

Banks and other financial institutions also have a huge opportunity to invest and participate in the metaverse – but they need to act fast, or risk being left behind. For example, decentralized finance using blockchain technology may remove the need for intermediaries such as banks.

Banks can start by building trust between customers and the metaverse through virtual branches that allow them to open bank accounts and access services – without having to walk into a physical bank. There is also an opportunity for banking and payments providers to establish themselves as fundamental stakeholders in the operation of the financial and payments backbone of the metaverse itself.

Conclusion

The emergence of the metaverse is a significant shift for the banking and financial payments industry, with massive potential for innovation and growth.

While banks can reinvent themselves through new services and capabilities facilitated by advanced technologies, they will need to remain compliant with global standards that are still unclear and ensure customer data privacy
 

Regulators will therefore also need to stay ahead of the curve as financial institutions contemplate how best to make use of the opportunities presented by the metaverse.
 

With the right laws in place, banks may have an entirely new landscape on which to operate – where digital assets, digital identities, virtual experiences, and frictionless payments power a new era of finance.