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Metaverse: Application areas for banks

Growing customer interest is forcing companies worldwide to address the metaverse topic. This is especially true since the metaverse offers the possibility of positioning oneself very directly with younger customer target groups and banks are willing to spend large sums of money to attract precisely these customer groups.

The possible use cases for financial institutions can be roughly divided into four categories:

  1. Marketing & education
  2. Client support
  3. Banking services
  4. Metaverse Finance (MetaFi)

Due to the lack of authentication methods and the aforementioned technological obstacles, it is mainly the use cases in marketing and education as well as customer support that seem realistic. This is therefore also the current focus of the banking industry. In the long term, the added value offered to customers will be the key success factor for metaverse presence and services.

So while the JP Morgan Onyx Lounge in its current state will not be sufficient as a metaverse presence, early investments like this are just as important because it takes a lot of time to build up relevant knowledge.

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