The Metaverse is a concept that has been gaining a lot of attention lately, particularly in the tech and finance industries.
It refers to a virtual world that is created by the convergence of physical and virtual reality, in which users can interact with each other and with digital objects in a fully immersive and interactive environment.
Rrahul Sethi, Global Metaverse Expert & Founder Metaverse911 recently participated in an online webinar where he discussed the potential impact of the Metaverse on the financial services industry. Rrahul is among the top 100 Metaverse tech influencers in India and has coached over 3,500 professionals and 2,500 students on web three and Metaverse.
According to Rrahul Sethi, the Metaverse can play a significant role in enhancing the customer experience in financial services. For example, augmented reality or mixed reality could help users with difficult form-filling processes or mortgage applications.
Banks are also creating digital twin branches on the Metaverse to allow customers to experience and explore different products in a virtual environment, thereby creating a deeper connection with the financial institution.
However, it is critical to keep the humane side of this experience in mind. As Rrahul pointed out, many customers may not be aware of this technology, and it is essential to use storytelling techniques to visually connect with clients and help them understand the behavior patterns that will follow when implementing this experience.
While the term Metaverse has gained a lot of attention, it is important to note that augmented, virtual, and mixed reality are the fundamental technologies supporting these initiatives. Startups are actively working in this industry, but they need significant capital to grow. As Andrea, a venture catalyst, pointed out, originality, a strong team, and a clear business model are essential for startups seeking investment.
In the financial services industry, the Metaverse can become another channel in the omnichannel experience, bringing multiple layers of engagement with customers. It can be a virtual branch, a way to train people about new products, or a tool to encourage healthy financial habits. The Metaverse can also be an enabler for personal connections with customers without the need to visit a physical branch.
In conclusion, the Metaverse has the potential to revolutionize the financial services industry by providing an immersive and interactive environment for customers. As the industry continues to evolve, it will be exciting to see how the Metaverse shapes the future of finance.
