The metaverse is set to disrupt the banking and financial industry in an effective manner. The application of virtual reality and augmented reality offers innovative experience to the customers, which will create opportunities in the banking domain. The collaboration of VR and MR creates critical digital contact with real-world experience and support in augmenting the services in an effective manner. This will enable in creating rich experience and seen as the motive for many opportunities in the industry. The integration between AI and 5G will support the metaverse in enhancing the growth potential for better advantage and offering enhanced solutions. The study is focused on using the quantitative research tools for performing the analysis. The researchers focus on collecting information through survey method. Various closed ended questions are framed for understanding the responses of the sample population who are currently working in the banking industry.
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Metaverse is set to disrupt the banking and financial industry in an effective manner, the application of virtual reality and augmented reality offers innovative experience to the customers which will create opportunities in the banking domain. In today’s competitive environment, digitization is the key to possess better interaction with the customers and other stakeholders, understand their growing needs an offer innovative and creative solution for realizing the goals of the organization. (Koh et al., 2018). The collaboration of VR and MR creates critical digital contact with the real-world experience and support in augmenting the services in an effective manner. This will enable in creating rich experience and seen as the motive for many opportunities in the industry. The integration between AI and 5G will support the metaverse in enhancing the growth potential for better advantage and offering enhanced solutions (Alameda, 2020).
The metaverse is considered as the means of interacting with the individuals in an effectively this enables in addressing the need and requirements of the stakeholders effectively. In the financial services industry, employees are focusing in using the virtual reality (VR) and augmented reality (AR) for better interaction with the customers. It has been observed that the financial technology companies are supporting the financial services industry in making better integration with their customers and offer better services to them effectively. Many financial services companies are focusing in using the new technology so as to increase efficiency and provide speed of services, this leads to better customer engagement and experiences. The progressive growth in the IT has prompted in leveraging the digitalization of final services and enhance sustainable growth and development. (Bathla et al., 2021).
The advent of metaverse supports the financial services industry in improvising the customer experience by offering various real time experiences. Moreover, these tools enable in supporting efficiency, possess better engagement with the customers and create augmented virtual interactions for better experience.
The study is focused in using the quantitively research tools for performing the analysis, the researchers focus to collect information through survey method, various closed ended questions are framed for understanding the responses of the sample population who are currently working in the banking industry, nearly 82 respondents were chosen based on convenience sampling method. The researchers also gathered information from published journals, magazines, research reports to understand the impact of metaverse in the banking domain and to build the literature based on the same. (Liao et al., 2020).
On a conceptual level, metaverse is stated as the virtual reality space where the users can interact with each other, enable in possessing better gaming experience, render services and provide better engagement through enhanced collaboration in similar manner the things happen in the real world. The application of metaverse is gaining more importance in business as it enables in gaining better interaction with the customers effectively, analyse the overall requirements and support in better visual experiences. The combination of augmented reality, virtual works has enhanced the elements like light, sound and other sensory perspectives which can replicate the real-world experiences.
The term metaverse (is a combination of two words viz., meta and universe), is a virtual world which supports in combining critical technologies like the virtual reality and augmented realty for better performance. The enhanced technology supports in better interacting and shared virtual universe for providing better services, support in creating better and interconnected virtual experiences through the usage of technology. The digital world has compelled businesses to enhance their offerings to the customers, enable in understanding the requirements in an effective manner. The Metaverse is bound to become an effective digital domain which will enable in increasing the personal and business interaction, connect with the members around the world at quick span of time.