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Metaverse and Banking Industry – 2023 The Year of Metaverse Adoption

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  • Mr. Vivek Dubey

Abstract

This whitepaper discusses the potential of Metaverse to revolutionize the banking industry. It highlights the various ways in which banks can leverage Metaverse to improve their operations, including through the use of NFTs, blockchain technology, and smart contracts. The paper is aimed to explore the possibilities of Metaverse in the Banking Industry and understand its practical implementation radius. This paper navigates to various topics from the definition of Metaverse to business aspects in banking and financial services. Explores the various business opportunities in the customer communication domain, cross-border transactions, mortgages, digital assets, green loans, and achieving carbon net zero through Metaverse. The role of Innovation Leaders is discussed in detail assisting readers to understand and appreciate the value of innovation in today’s rapidly changing technology times. The paper argues that banks must take a proactive role in driving the adoption of Metaverse, support circular economy, and reduce waste by enabling web3.0 technology in the banking sector.

Suggested Citation

  • Mr. Vivek Dubey, 2022. "Metaverse and Banking Industry – 2023 The Year of Metaverse Adoption," Technium, Technium Science, vol. 4(1), pages 62-73.
    • Handle: RePEc:tec:techni:v:4:y:2022:i:1:p:62-73
    DOI: 10.47577/technium.v4i10.7774
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    References listed on IDEAS

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    1. Zaheer Allam & Ayyoob Sharifi & Simon Elias Bibri & David Sydney Jones & John Krogstie, 2022. "The Metaverse as a Virtual Form of Smart Cities: Opportunities and Challenges for Environmental, Economic, and Social Sustainability in Urban Futures," Post-Print hal-03997438, HAL.
    2. Golf-Papez, Maja & Heller, Jonas & Hilken, Tim & Chylinski, Mathew & de Ruyter, Ko & Keeling, Debbie I. & Mahr, Dominik, 2022. "Embracing falsity through the metaverse: The case of synthetic customer experiences," Business Horizons, Elsevier, vol. 65(6), pages 739-749.
    3. Belk, Russell & Humayun, Mariam & Brouard, Myriam, 2022. "Money, possessions, and ownership in the Metaverse: NFTs, cryptocurrencies, Web3 and Wild Markets," Journal of Business Research, Elsevier, vol. 153(C), pages 198-205.
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    Cited by:

    1. Kumar, Satish & Sureka, Riya & Lucey, Brian M. & Dowling, Michael & Vigne, Samuel & Lim, Weng Marc, 2024. "MetaMoney: Exploring the intersection of financial systems and virtual worlds," Research in International Business and Finance, Elsevier, vol. 68(C).

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    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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