Which Indian Bank will be the first to join Metaverse?

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Which Indian Bank will be the first to join Metaverse?


As on date, I am still waiting for an announcement from an Indian bank that it has joined Metaverse.

Hopefully this announcement will come in the next 100 days.



Major software companies viz TCS and Infosys have started work on Metaverse.


For the uninitiated, Metaverse is fundamentally a virtual, 3D space for people to interact with one another and with businesses.


There are various definitions floating in the market and as per Statista, the metaverse is a virtual space that allows digital representations of people, avatars, to interact with each other in a variety of settings, using virtual reality (VR) headsets, augmented reality (AR) glasses, smartphone apps, or other devices.


The metaverse is a digital world that offers first-hand experiences, created by the convergence of physical reality and virtual spaces.



Metaverse history:-

The metaverse as a term was coined in Neal Stephenson's 1992 science fiction novel Snow Crash, where humans, as avatars, interact with each other. In Stephenson's novel, the metaverse refers to a digital universe that can be accessed through VR.


The global Metaverse revenue opportunity could approach $800 billion in 2024 vs. about $500 billion in 2020, based on Bloomberg’s analysis and Newzoo, IDC, PWC, Statista and Two Circles data.


The Metaverse idea has been touted to have immense potential as it could be applied to just about anything.


Talking about the banking sector, Korean banks have been the first to explore the opportunities that Metaverse has to offer with Korean banks such as Hana and Woori having launched their branches in the metaverse setting.


The major drawback in today's Metaverse is the Avatars need to hold a crypto-wallet. Without a crypto-wallet, users cannot do financial transactions in a Metaverse.


We have to wait and watch if the rules can be modified for our countrymen regarding crypto-wallets.


Indian Bank Association (IBA) can take the lead in developing a Metaverse platform for Indian Banks.


The platform can be extended to all Financial / Insurance companies in India.

This platform can enhance the trust in WEB3 / Metaverse for financial transactions.


The platform can be rolled in 3 Phases


Phase 1 – Display lounges highlighting the various products offered by the entities

Phase 2 – Simulation of the products, I.e the outcomes of a product chosen by the user

EG:

Housing / Vehicle Loan – EMI repayment schedule, effect of delayed payments

Saving Bank products

Micro Overdraft products


Micro Insurance product


Quote


An official from Kookmin Bank explained, “Unlike mobile banking, where communication is limited, in Metaverse, a virtual world mixed with reality, communication that combines online and offline is possible.”


Unquote


Q: Who can join the IBA Metaverse?

Ans: Reserve Bank of India regulated entities

IRDA regulated entities

SEBI regulated entities


Additional Reading:


JP Morgan Report on Metaverse – Opportunities in the metaverse @

https://www.jpmorgan.com/content/dam/jpm/treasury-services/documents/opportunities-in-the-metaverse.pdf



Time to navigate Indian metaverses @ https://www.orfonline.org/expert-speak/time-to-navigate-indian-metaverses/


KB Kookmin Bank Metaverse - A virtual banker as an avatar and a home employee video consultation @ https://www.newsdirectory3.com/a-virtual-banker-as-an-avatar-and-a-home-employee-video-consultation/



Banking and the Metaverse – The Future of Finance @ https://techbullion.com/banking-and-the-metaverse-the-future-of-finance/






Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More – Nothing Less.

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