Union Bank of India, a government owned public sector bank, forays into metaverse with the launch of its virtual lounge and a banking sandbox environment in the virtual world. UBI is the first Indian bank to launch such initiative for their customers.
Metaverse is a fast-evolving digital environment where individuals can interact with real as well as virtual characters in a 3D virtual space.
UBI has partnered with Tech Mahindra to open its virtual lounge named ‘Uni-verse’. The IT services firm recently launched a new practice – TechMVerse – to transform customer experience and deliver real business outcome by delivering interactive and immersive experiences in the Metaverse.
UBI customers can now enter into the ‘Uni-verse’ to get all sorts of banking information like deposit rates, loan rates, government welfare scheme details and others.
Rajiv Mishra, CTO, Union Bank of India, said:
“You choose a digital avatar for yourself, enter the bank lounge and access the available banking services. Currently, we are giving informative services through which customers can seek details on social security services, loans and other banking products.”
Union Bank of India also launched Open Banking Sandbox environment through which it will collaborate with FinTechs and Start-Up partners for developing and launching innovative Banking products.
The bank said in a press release that the Sandbox environment empowers FinTechs and developers by providing a platform which will realize their ideas.
Ms. A Manimekhalai, MD & CEO, Union Bank of India, affirmed Bank’s adoption of latest technologies including Metaverse which transforms Customer’s Banking experience to another level. Further, with the launch of Sandbox, Bank is ushering into Open Banking environment which will not only turn Third Party developers’ innovative ideas into reality but will also pave path for new avenues.
Shri Nitesh Ranjan, Executive Director, Union Bank of India, reiterated Bank’s commitment of facilitating innovative Banking experience to its Customers through the launch of Metaverse and Sandbox.
On a global scale, the largest bank in the US, JPMorgan was the first bank to enter into the Metaverse. Earlier this year, JPMorgan opened a virtual lounge in the popular blockchain-based virtual world Decentraland. Visitors to the lounge, located on a large plot in Decentraland’s Metajuku shopping mall, are greeted by a roaming tiger and a digital portrait of Jamie Dimon, the CEO of JPMorgan.
According to a report by JPMorgan, “The Metaverse is likely to infiltrate every sector in some way in the coming years, with a market opportunity estimated at more than $1 trillion in annual revenue.” The report also notes that $54 billion is already spent in virtual goods each year: double what is spent on buying music.
Since the metaverse concept is still in its infancy and evolving, it is difficult to predict what its immediate effects will be on the banking industry. However, it certainly represents an advancement in digitalization as we currently understand it and that it will eventually present a sizable business opportunity.
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