The Metaverse is promoting a series of discussions on a global scale that go through issues that will move the entire economy – and the effects of this new technological era will be felt by all of us. It is estimated that by 2026 about a quarter of the world’s population will spend at least an hour a day in the Metaverse, according to Metaverse Hype, a study by the Gartner Institute.
In this virtual world, parallel to our real lives, people will be involved in work, leisure, shopping, education and entertainment activities, among others. In the banking sector, technology is already changing the way of interacting, creating and offering new products and services, and here too we will witness a true transformation of the sector under the influence of the well-known Metaverse era.
To serve communities in this virtual environment that simulates the real world, and where people are represented by their avatars, it will be necessary, among other things, to improve the customer journey. Although the banking sector has become increasingly flexible and accessible, it still needs to be more present in the dynamics of its customers. And the Metaverse seems to me to be a good instrument for this purpose, in addition to helping to strengthen relationships and generate greater interaction.
It is a fact that the digital world has opened new paths in contacting different generations, and we can already see financial institutions looking for new ways to communicate with their audiences, considering the agendas, purposes and specificities of each group. But what will the customer’s relationship with their banks and financial institutions look like in Metaverse?
New forms of service
We don’t know for sure yet, but it’s possible that they visit the virtual branches for customer service, do a mortgage analysis with an industry expert, discuss retirement plans with an avatar advisor, attend an investment seminar or , also, of a program of inclusion and financial education of some bank or entity of the sector. All using your avatar. There are many promising perspectives that organizations should consider when creating and offering products so that users can have their digital life as a continuity of the real one.
And the market is already moving in this direction. JP Morgan is one of the banks that entered the Metaverse universe, with its Onyx lounge. Kookmin Bank in South Korea now allows one-on-one consultations between customer and employee avatars, and provides personalized financial information to its customers. In Latin America, we have as a good example the Brazilian market, one of the most representative in the region: Banco do Brasil, in December of last year, announced its entry into the virtual environment with a video game. There, the client can open an account for his character to receive benefits and can still work for the bank, driving the armored car or filling up at ATMs.
Near future
In the very near future, it will be possible to virtualize interactions with customers at different levels than we have today. Maybe we can go to a virtual ATM, transfer money to the digital wallet, and proceed to make virtual purchases; hold a meeting with the avatar of our bank manager – and also through our avatar, in the Metaverse environment – and thanks to all the technology embedded in each step of these possible processes.
This new booming economy is still an untapped source of growth, and each institution will define what role it wants to play and how it can take advantage of expansion opportunities for its business and brand. Therefore, many major global players are already developing projects aimed at this world that connects, in the virtual environment, people, places, activities and things from the real world.
But for all this to happen, in fact, it is necessary to build trust in the actions developed in the Metaverse. It is not enough just to be present, move or monetize virtually. It takes hard work to build positive and solid relationships with audiences. It is necessary to air and seek inspiration outside the exact segments and rely on multidisciplinary teams from the physical world, for example. Anthropologists, architects, designers, sociologists have already contributed to the realization of the success that could become the Metaverse. Today, what we already know is that, without a doubt, this is a potential space for the development of new opportunities for financial institutions. For this reason, we have to stay alert and follow the movements and news that involve this topic.
Finally, wherever there are exchanges of goods and services, including in virtual worlds, there will always be relevance to banking services. The ecosystem therefore needs more technological development and the construction of solid and trusting relationships with users. Metaverso, in turn, needs standards and guidelines to meet industry expectations, in addition to including a clear value proposition for real customers.
