Metamorphosis towards Metaverse Banking

Abstract

Global digitization precipitously booming all over and at such instant, theme of catalyzing new India’s Techade is no less than an avowal for new digital transformation. With the existing pace, 21st century may discernibly comply for digital revolution in its initial rung. Sectors that strive to tide with technological innovations, especially auxiliaries, are prophesying vast transition. Traditional yesteryears banking in the midst of its transformation into online banking have already proclaimed for its metamorphosis into Metaverse.

Coined in 1992, Metaverse is still experimental, crawling ploddingly. Traditional banking has paved a long way to serve on online mode, metaverse would have to be really proven challenging. In fact, it has become a social natter soon after Facebook named itself Meta. Consequently, many national and global giants are after it in order to adopt and be pioneer in this new technology.

Indian banks like Union Bank of India, HSBC, JP Morgan and others have already marched in their process to serve new virtual avtaars to their customers. Switching from two-dimensional to three or rather four-dimensional mode require entire switchover of infrastructure, team proficiency, regulated legislations, security policies etc.

This article endeavours to appraise present exertions and future prospects in the context, where the use of technology is still uncommon for the common world. It provides a conceptual framework of metaverse banking and eventually emphasises on financial assessment and proper cost-benefit analysis of next-gen banking.