Once part of a 90s science-fiction novel, banking in the metaverse as a term grew to become a modern-day disruptive phenomenon already adopted by tech giants such as Microsoft, Tencent, NVIDIA, and Facebook. The internet as we know is evolving and soon enough it might transition into a persistent 3D realm.
Underneath the experience of living in a fully digitized world but being totally present, the advanced technologies of the next generation have viable chances of generating trust, scarcity, and ultimately, worldwide adoption. What role does the banking system play in the metaverse? Read on to find out.
Understanding the potential of digital banking in the metaverse
Banking in the metaverse has always been an emotionally detached industry due to the numerous policies and legacy systems set in place. Although the advent of technology has enabled financial institutions to provide customer-oriented services and products, it seems that today’s modern customer expects more. Digitalization comes at a cost, and in banking, this usually means losing that connection people once had with their banking officials.
Over the years, people have lost faith in the system, many of them turning to neobanks and cryptocurrency to get their needs met. Leaving aside the innovative