Decoded: Metaverse and the future of banking

economictimes.indiatimes.com:

Metaverse is and the components it consists of, is key to understanding the potential of the Metaverse for banking. The metaverse is simply a digital representation of our existing reality. Sounds interesting, isn’t it? It has moving pieces of the puzzle that can make it into a possibility followed by a business opportunity. Platform, technology, marketplace, and commerce play vital roles in developing the metaverse. Participants in each ecosystem are characterized by distinct evolution processes. Holographic and immersive gadgets will be used to create the Metaverse. Digital items are projected into the real world, appearing as if they are actually there, with holographic devices. Virtual reality replaces the physical environment and provides an immersive experience by concealing it. You might be thinking about how this is even affecting the business in general. Banks are a very great example of how the metaverse can change the way industries and individuals think about a product or service. One of the significant changes that the metaverse brings to banks is the potential for a highly immersive user experience. They can tailor their digital spaces to suit individual customers or provide a consistent experience across the board.

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Current applications have users perform basic tasks like transfers, balance checks, and so on from mobile devices. Yet, the read-write format of current iterations in mobile banking applications is what the metaverse can change. This not only extends to services but to products as well. Imagine doing all the banking activities that happen