Be familiar with metaverse banking versus online banking


Usually, during some bank-related work, we have to be physically present there. But nowadays, it is possible that all our banking work is done from home by Metaverse Banking.

It is now possible that we can conduct transactions, access banking information and enjoy various banking products from the comfort of our homes. With this feature, there is no need to meet with an advisor for a chat to understand an investment plan, as these tasks can be done virtually. Now the question arises, is it like doing banking work online? For this, BW Businessworld had an interaction with Rajesh Mirjankar, MD and CEO of, the very first company in India to launch the banking metaverse. edited excerpts;

How does betting on the metaverse work and what are its benefits?

With the advent of 5G, the demand for richer user interface and content with the abundance of speed of data transfers, enterprises can provide an enriched and immersive user interface. The emergence of Web3.0 conceptualizes use cases where data can be stored in such a way that it is only under the control of the person who owns it. Smarter interconnected devices drive the Internet of Things (IoT) or a system of physical or hardware devices that receive and transfer data over networks without human intervention by continuously sending, receiving, and analyzing data in a loop of feedback. All these concepts together create a new version of the web experience that is the metaverse.
Metaverse creates a 3D virtual environment where people socialize, play games, shop, or work. For banks, the metaverse offers an opportunity to attract new prospects from a generation that engages in a similar environment. The bank can offer a virtual world for its customers and prospects to visit and obtain product and policy information. Customers could use VR headsets, desktop computers and soon mobile handsets to access banking services in a gamified and 3D user interface.

As Kiyaverse offers meaningful applications in the Metaverse that apply to relevant business use cases in the real world, banks can harness the potential of improved UX to achieve the best results for data visualization and gamification of processes and procedures.

Users get a multi-functional, multi-functional experience using personalized avatars in real-world, mixed reality, and virtual reality environments. Customers can transact, access banking information and avail of various banking products from anywhere at their convenience. Customers can enter the virtual branch and will be able to access content and even interact with the real agent or their digital twins (avatars) using VR headsets, MR devices, desktops, computers laptops or mobile phones. Kiyaverse also provides APIs to integrate the metaverse experience with IoT devices to send, receive and analyze data

What is the difference between metaverse banking and online banking?

Although online banking is functionally interdependent and inclusive, it is too often seen as emotionally detached. Online banking usually offers a 2-dimensional interface through a browser and customers can access configured menus and limited clicks.

Metaverse offers an interactive 3-dimensional user interface with human-touch avatar interactions that greatly deepens and personalizes customer interactions. The metaverse is an opportunity to restore dialogues that have been lost in digital channels. The ability to manage finances and transactions in this new environment will be key to making it as immersive and comparable to, or even better than, real-world interactions, with additional access to enhanced visualization of information. They can also interact with their bankers if needed via video conference or through their digital avatars, making banking in the metaverse much more intuitive, interactive and immersive.

Which is better, metaverse or online banking?

Online banking meets most of the digital banking needs of customers today. The advanced payment ecosystem in India enables real-time banking services to be available through online banking and mobile banking.

The banking metaverse offers hyper-customization instead of fixed menu options. This will enable customers to seek solutions for complex banking needs such as trade finance and it will enable online product design which will provide tailor-made products for the customer.

How would betting on the metaverse affect banks and customers?

The metaverse allows banks to expand their reach globally with a virtual presence that goes beyond a website to offer customized products for all segments. A truly AI-driven and interoperable metaverse presence expands banks’ ability to attract new business opportunities from users in other virtual worlds to achieve persistent, IoT-responsive banking services free of physical presence constraints . Banks will be able to configure customer journeys based on customer needs instead of just offering brochure-based products.

Customers will find metaverse banking more intuitive and engaging. 3D data visualization and the ability to use avatars will provide a playful approach to solving complex banking processes. The ability to traverse virtual worlds will make market utilities to get the best rates and products tailored to individual needs. The metaverse architecture natively offers the concept of a super-application where all services can be available for shopping, travel, healthcare, education and financial advice, etc. Industrial IoT to automate mundane banking and shopping tasks such as fuel payment, inventory ordering and self-diagnosis.

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