Banks have long known that if they can capture the attention of customers when they are young, they are likely to get hold of them for life. For this reason, they have always been quick to jump on new and emerging trends, and today’s hot tech potato – the metaverse – is certainly no exception.
Generation Z consumers are fully digital-native – online is the default option for them when they go looking for the products and services they need. The metaverse – persistent, immersive digital environments that potentially offer everything we need to live our lives digitally, under one roof – provides new ways for businesses to connect with customers. Banks, as ever, have been keen to capitalize on it. If you need a bit more information on what the metaverse is, and what it promises for the future, you can take a look at my Easy Explanation for Anyone article. Otherwise, let’s dive in and take a look at how banks and other financial services organizations are making their mark there:
One of the most obvious uses of the metaverse, as far as retail banks are concerned, is to create “virtual branches” where they can sell banking products to a new breed of digitally-native gen-z consumers, or provide customer service to their existing customers.