Banking in Metaverse Opportunities and Challenges

Abstract

Digital revolution over the last two decades transformed the banking industry on many fronts. While it provided banks with a better system to offer its services over the internet in a seamless cost-effective mode, it also resulted in an emotional disconnect between banks and the customers. This, at times, can be quite costly for banks attempting to retain their customers. Banking in metaverse can provide an effective solution to this problem. In addition, it may further bring limitless opportunities that can improve banks’ bottom-line significantly. The present article attempts to explore those opportunities of banking in metaverse. It also prescribes strategies for banks to succeed in metaverse along with highlighting the challenges they need to overcome.