Sibos 2022: Banking introducing new services in the metaverse

Michael Abbott, Accenture Banking’s global lead and responsible for its vision and strategy, set out to change the hearts and minds of the sceptics in the audience, making the case for setting up shop in cyberspace through a five-point alliterative argument.
His five Ps; purpose, place, population, property, and portability, gave insight into Accenture’s motivations for encouraging banks to get stuck into these unfolding virtual worlds.
“If you’re going to be in the metaverse, it starts with a purpose. You have to have a reason for being in the metaverse and banks are already starting to find a purpose,” Abbott explains.

For example, some banks are allowing people to have conversations with their financial advisors in the metaverse. “In today’s digital age where we’ve been remote for two years, that’s a unique concept, having a conversation again, maybe like we used to have in the branches 50 years ago,” Abbott muses.

At the same time, the metaverse is a place that has its own spatial logic and consistency. “Banks are already figuring this out, too. Many have joined JP Morgan and others around the world in creating their own branches in the metaverse.”
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