Touch Points In The Metaverse

In the late 1990s and early 2000s, when the number of ATM machines went up in India and Internet banking took its baby steps, the footfall in banks started decreasing. People didn’t need to visit the bank for day-to-day transactions like withdrawing or transferring money or depositing cheques. Over the years, the banking experience was further revolutionised as digital transactions took centre stage. In the past couple of years, several processes, such as know-your-customer (KYC), also went online. The banking industry now finds itself at the precipice of another revolution—metaverse banking. The Union Bank of India recently launched its metaverse banking option called ‘Uni-Verse’. Though there is no information about other banks entering the domain in the near future, internationally, HSBC Bank and JP Morgan are already into metaverse banking. Metaverse banking...