Why opening bank branches in the metaverse is not a good idea

Digital Reinvention
Q+
02/08/2022 article
Boris Plantier Qorus Content Strategy Manager & Innovation Lead

A few weeks ago, an Indian fintech called Kiya.ai launched Kiyaverse, the first banking metaverse. Kiyaverse will enable customers to use their personalized avatars on digital banking units, mobiles, laptops, VR headsets, and mixed reality environments. The platform will bring banking services from the real world to the virtual world and vice versa, allowing interaction with a relationship manager’s avatar creation and customization, AI-based digital customer interaction, portfolio analysis, wealth management, co-lending, and corporate banking.

Before that, South Korea’s Kookmin Bank announced its offer for customers to meet with financial advisors in virtual branches.

Nothing very new though. Others have been doing it for years. A few years ago, before Meta, formerly known as Facebook, made the word ‘metaverse’ fashionable, there was a lot of talk about virtual worlds – in particular Second Life, an online multimedia platform that allows people to create an avatar for themselves and have a second life in an online virtual world. Second Life was created in 2003, and in 2007 Deutsche Bank built the first virtual bank branch, called ‘Q110 – die Deutsche Bank der Zukunft’. Many other banks have gone this way and none have made it there.

One could say that the world was not yet ready for virtual worlds. Since then, technology has progressed, virtual reality headsets make the experience more immersive, and their prices are starting to drop which will lead to a democratization of these devices. However, there is another question that is essential to ask. If virtual reality became the new trend and revolutionized our lives, would it have an impact on our banking experience?

This content is reserved for our members

Join Qorus to keep reading

Related news & insights

Digital Reinvention
28/11/2022 Study

Financial services must learn from other sectors to industrialize and accelerate data analytics

Through one-to-one interviews supported with online questionnaires, Teradata and Qorus have researched the opinions and actions of leaders in data...

28/11/2022 Article

CB 2022 Forum: Continuously adapting to a rapidly changing world

On November 24, the Maison de la Chimie in Paris hosted the annual forum of CB, the French Economic Interest...

Sustainability & Regulation
28/11/2022 News

Bank Nizwa offers Shari’ah-compliant home finance solutions for the sustainability city – Yiti

Signs MoU with sustainable development and investment company.

Premium
28/11/2022 Article

TAL implements online tool to engage, educate and empower members to make more informed decisions

TAL designed a digital campaign tool, Discover, to proactively prompt superannuation fund members to engage in and make informed decisions...

Digital Reinvention
25/11/2022 Article

What’s happening in South Korea and Japan: November 2022

Qorus has senior advisors and regional directors around the world. KyongSun Kong is our eye in South Korea and Japan....

Digital Reinvention
25/11/2022 News

Union Bank of India launches super app

Union Bank of India, country’s 5th largest public sector bank, launched super app- Union Vyom app & various other digital...

Premium
22/11/2022 News

Fourth OCBC Financial Wellness Index finds young crypto investors still keen on cryptocurrencies despite crash

The fourth edition of the OCBC Financial Wellness Index finds that two in five Gen Z and young millennial Singapore...

Premium
22/11/2022 News

KBank launch the POLICE PLUS App

Police General Hospital and KBank have teamed to launch the POLICE PLUS application, using state-of-the-art technologies to pave the way...