The banking industry has been embracing its approach toward a tech-driven future. Talks about inclusion of hyperautomation and Metaverse in one picture raise the hopes of a new outlook on banking processes. In fact, as per a digital banking report, by 2030, about 34% of banking services believe that up to 1/5th of their consumers will prefer digital reality (AR/VR) to conduct daily transactions. Simultaneously, there is an acceleration in automation of business processes and developing interest in new technology levers like Decentralized Apps (dApps).
Entrance of Metaverse in the banking industry
Banking using the Metaverse platform will potentially create a virtual financial hub. It can establish a telecommuting center for employees with the customers interacting with the virtual branch being able to contact a real-life agent via a video call. This immersive banking experience can eliminate the obstacles to receiving financial services due to geographical distances. With this, the Metaverse has offered financial institutions a much-needed avenue that brings humanity/experience back into financial services. It can potentially boost the connections with the existing customers by interacting with them in a personalized and meaningful manner.
The combination of these immersive experiences with additional technology levers like AI and Blockchain allows Metaverse users to create customized digital avatars as a unique identity they can use to leverage and explore financial services. It will enhance the quality of experience for the customers who visit virtual financial branches. The service experience would be much better than in the real world, and it could be the main driver of Metaverse adoption in the banking industry.
According to Brett King, “By 2030, I would say that you probably have two billion people that will be using day-to-day banking services, independent of banks” further substantiating the estimate mentioned earlier in the article.
How can hyperautomation make its way into Metaverse banking?
Progressive fintech and banks are already adapting to VR/AR features and demonstrating these technological advances in their products. One example is Fintech Acorns that provides an AR-based debit card that users can view through their phones. Another example is Westpac Banking Corporation which offers budgeting and access to financial data visualization through smartphone-based augmented reality. The primary aim of such tech advancement in banking is to make it more user-friendly and convenient.
These financial institutions can drive the next step change in their offerings by leveraging hyperautomation to connect the customer experiences to their operational infrastructure – whether it is Customer Relationship Management (CRM) systems or core banking systems or other systems of engagement.
Hyperautomation, Metaverse, and the Banking Experience
The AR/VR features of Metaverse combined with AI/ML, Blockchain based Decentralized Apps (dApps) and other relevant hyperautomation technologies will pave the way for high-quality banking customer experience such as:
Digital humans 24/7* Service
These are the 3D chatbot versions in the Metaverse built using AI tech that can interact and respond to users’ actions in the Metaverse. Banking sectors in Meta would leverage them to automate 24/7* assistance to their customers along with other financing tasks. With the connectivity to the bank’s backend systems driven by hyperatuomation technologies, the customer assistance can be real-time.
Anyone across the world would be able to access the assistance of Metaverse banking in their native language. Within a matter of seconds, AI can: Convert human language to machine-readable format, analyze it, create a response, and then convert it back to human-understandable language for users to understand.
Highly intuitive interface
The advanced sensors attached to AI-powered VR headsets would enhance human-computer interactions which can read and predict a user’s muscular and electrical patterns to facilitate them exactly how they want to use Metaverse and move inside it. Banking services would be leveraged with an authentic sense of touch in virtual reality, and voice-enabled navigation. There’ll be no need to use hand controllers for interacting with virtual objects.
Suggested Reading: Why is Business Process Automation the Way Forward for the Banking Industry?
The bottom line
With the rapid and continuous evolution of technologies, we can be sure to witness a never-seen-before digital transformation powered by hyperautomation and AR/VR banking experience. For a smooth transition to a new digital reality and to leverage it appropriately, the banking industry will now be required to redefine their financial products through a futuristic lens.