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Challenges and Opportunities of the Metaverse in Financial Services

As we begin to grow increasingly familiar with the concept of the metaverse, financial institutions are faced with multiple opportunities to maximize its potential – both for the end customer and for employees. While there will still be hurdles when incorporating the metaverse into commercial strategy, the value and competitive advantage of early adoption far outweigh the challenges.

17 April 2023 • 2 min read

Although it is presented to us as a new concept, many of the technologies that underlie the metaverse have been with us for years. The video game industry, for example, has made great strides to the point that the new generations have been accustomed to navigating open and almost infinite virtual worlds for years.

But the advantages of this technology are not limited to the entertainment sector. For financial institutions such as banks and insurance companies, where the customer perception is that it is not necessary to interact regularly with their agent, investing in the development of a metaverse can bring great benefits – such as attracting and acquiring new clients, fostering self-learning, attracting talent, improving process, and socializing among employees.

However, as with any other new technologies, companies do not go from zero to one hundred in a short period of time. Therefore, the challenge for financial services companies in this early stage is not to plunge into the metaverse with a defined idea, but rather to explore its different possibilities and test its application in different use cases.

In this white paper, you’ll discover:

  • The potential for the metaverse, and the clear advantages for companies making moves now: Gartner predicts by 2025, one in four people will spend an average of one hour per day in the metaverse – but only 30% of companies will have products or services ready for this new space.
  • How the technologies on which the metaverse is being built – Web3, blockchain and NFTs, and augmented and virtual reality – are allowing us to superimpose three-dimensional information on the real world, and interact in completely new ways.
  • What the metaverse means for the financial industry, and the doors it could open, such as educating on a particular topic, helping clients achieve their goals and supporting employees in day-to-day work.
  • Challenges and use cases for the banking industry and insurance, from interoperability and security to connection with users, and the metaverse’s potential to improve financial education, develop commercial growth strategies, train the workforce, attract new talent, and so much more.

Although incorporating it into the commercial strategy of a financial institution entails challenges such as data control, the metaverse is not a fad that will disappear – but rather a necessity that will only become more useful when it comes to staying ahead of the competition.

At NTT DATA UK we understand the importance and value of early adoption of advanced technologies such as metaverse, Web3 or blockchain and turning them into a competitive advantage for companies in the financial sector.

Find out more here

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