By Shubhangi Shah
Banks are already at our fingertips via mobile phones. The next leap in technology promises to bring a human touch to the digital experience of virtual interactions in the Metaverse. As Union Bank of India did on Friday, we launched the Metaverse Virtual Lounge, which allows customers to access the bank without actually going to the bank. Rajiv Mishra, Bank’s Chief Technology Officer, told FE: “Choose your own digital avatar, enter the bank lounge and access the available banking services. Now we offer useful services that allow customers to find out more about social security services, loans and other banking products. “We do,” he added, adding that the service is available on both desktop and virtual reality headsets.
As a result, the bank has joined domestic and foreign banks that have already expanded into the Metaverse, such as JP Morgan Chase, HSBC, and Kookmin Bank of South Korea.
As Rajesh Mirjankar, CEO of Kiyaverse, India’s first metaverse banking platform, explained, digital banking will be even bigger, allowing remote access to services as well as adding personal touch. Launched by digital service provider company Kiya.ai last month, Kiyaverse has witnessed strong interest from private and public sector banks and NBFC (Non-Bank Financial Company).
Mirjankar points out that this new technology, like mobile banking, differs from existing technology, saying: The Metaverse enables banks to use cutting-edge, humane technology that significantly deepens and personalizes customer interactions. This is an opportunity to recover lost dialogue on digital channels. “
Sonari Kurkarni, leader of Accenture India’s financial services sector, feels the same way.
“In addition to the potential for product and service innovation in payments, investments, insurance and loans, the Metaverse is an opportunity for banks to develop deeper customer connections,” she added. Lacking digital channels, it helps to provide the next generation of banking customers with a memorable experience. Many of them may not have to set foot in a bank branch in their lives. “
Both Kiyaverse and Union Bank’s Metaverse are working on similar technology lines, including virtual reality and digital avatars. Currently, Union Bank “has not taken the next step in providing transactions and other services,” said the bank’s CTO, explaining that there are security and regulatory aspects that need attention.
Mirjankar also acknowledges that the banking industry is still in the “early” stage of the Metaverse and banks need to consider adopting immersive technology “for the future of their business.”
Similarly, as the world progresses, Kulkarni said, “Indian banks have begun assessing their technical readiness for the Metaverse, developing prototypes to help employees understand their potential, and finally these. We need to be ready to quickly expand our prototype. “
She emphasizes “trust” and is “most important” for the adoption of new experiences, and Metaverse is responsible for developing data ownership, security, inclusion and diversity, risk management, and other parameters. It states that it needs to be done.
Regarding the need for a talented and skilled workforce, she states: “The future driven by the Metaverse, just as banks need to develop their digital, data and cloud skills in the workforce to realize digital native business models.” These include 3D artists and games. Includes designers, platform experts, and experts with multiple blockchain expertise.
Meanwhile, Union Bank’s CTO said that in addition to being the first bank to enter the Metaverse in India, other banks will soon come up with the same. “It’s only a few days. It was us who did it today. Tomorrow we’ll find others,” he said.