Global fintech and funding innovation ecosystem

Are we headed towards Meta-Banking?

Deloitte | Jun 27, 2023

Deloitte report Digital customers relevance for banks in time - Are we headed towards Meta-Banking?

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The new digital frontier. Banks and fintechs need to adapt to the changing landscape, offering immersive virtual services alongside traditional banking.

What is the metaverse opportunity for financial services?

  • The Metaverse presents a significant opportunity for banks to engage with customers in new and immersive ways. This includes the potential to offer traditional banking services in virtual environments, such as virtual branches and immersive advisory services.
  • The Metaverse also opens up possibilities for banks to provide solutions for virtual transactions, such as virtual purchases, peer-to-peer exchanges, and digital asset ownership.
  • Banks can leverage these opportunities to enhance customer experience, improve operational processes, and increase brand awareness.
  • A few examples of companies taking a leading meta-banking position:
    • JP Morgan has announced plans to open a shop in the Decentraland platform
    • Allied Bank has opened a virtual branch accessible with VR technology
    • Kookmin Bank has launched a VR Branch Testbed

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How should banks and fintechs prepare?

  • Banks and fintechs should prepare for the Metaverse by developing strategies that blend real and virtual services, offering products for both the real world and the Metaverse.
  • They should also consider partnerships with tech companies to leverage emerging technologies.
  • The risks involved include potential disintermediation by "Meta-Fintechs" (fintechs competing in the Metaverse), the challenge of adapting to new technologies, and the need to balance real-world services with virtual offerings. Additionally, there are potential security and regulatory risks associated with virtual transactions and digital asset ownership.

The Metaverse is more than just a trend; it's the next step in the evolution of banking.

Download the 19 page PDF report --> here

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