Banking in the Metaverse: From Buzzword to Business Case
Why banks are optimistically cautious about the metaverse
From science fiction to technology buzzword, the metaverse has quickly become one of the most talked about emerging technology trends. Many industries are already exploring use cases of how to conduct business and leverage the opportunities in the metaverse, and the financial services industry is no exception. With its infinite possibilities, the metaverse has the potential to propel banks to the next level of truly engaging customer experiences.
In July 2022, Infosys surveyed regional banks in the US to better understand regional banks’ perceptions of the metaverse as they pursue investments in technology and assess preparedness in adoption. Over half of US banks believe that investing in the metaverse can achieve a return on investment within two years. Although 9% say they are already making a return on their investments, others do not expect a return within a year – or longer. Looking beyond the immediate future, financial institutions are optimistic about revenues the metaverse could deliver.
Our survey results suggest that while rightly cautious, there are still unexplored opportunities for the financial services sector to think about new business models to serve their customer base. This whitepaper explores what metaverse innovations are already underway for banks, as well as both challenges and opportunities to prioritize in the near future.