At first, the interaction between customers and financial institutions was face-to-face. Then came phone calls, ATMs, digital channels and, in the midst of a pandemic, online meeting platforms. The next step in this movement could be service in the metaverse. And in it, the options will be several, such as answer customer questions about products and create a “square” where clients discuss investment options and the bank or insurer has AI-based advisors or avatars to accompany, talk and help in the evaluation. of available options.
That is what Capco, a global management and technology consultancy of the Wipro group – a specialist in the financial services sector – predicts in the study “Metaverse: Beyond the Hype Cycle“.”We are at a tipping point where the various technologies that make up the metaverse are poised to unleash transformative change. in our digital world. While many aspects of the technologies need to be refined, many solutions are ready and need to be explored to make organizations more productive and more attractive to customers who are embracing the metaverse.“, says Aline Lemos, senior consultant at Capco Brazil’s Innovation Laboratory.
In addition to the new possibilities for interaction and a closer relationship between financial institutions and customers, the metaverse will also allow the creation of products, such as digital assets that represent real assets. And that was right at the beginning of the use of this new space. “After all the hype surrounding the launch of the Meta (ex-Facebook) metaverse, it’s important to revisit what this space is, why it’s compelling, what it takes to go mainstream, and what that means for people, finance, and business. insurance”, comments Aline Lemos. “Companies and consumers are already attentive, waiting for the promised news and solutions“, Add.
The Capco study notes that the concept is not new. Basically, the metaverse is defined as a universe that transcends our own (in Greek, ‘meta’ means beyond, above or transcending). You can use, for example, Virtual Reality (VR) and Augmented Reality (AR), providing new experiences and interactions. It can also include 3D technology to create virtual real estate and blockchain to represent it in non-fungible tokens (NFTs). The sum of these technologies makes the metaverse a space for activities ranging from games to activities such as studies, work and investments.. Virtual Reality, by the way, is what differentiates the current metaverse from other virtual worlds that have emerged, such as Second Life. Released in 2003, it also had features like avatars, content building, and its own currency. “However, it lacked an immersive feature using Virtual Reality hardware”, Lemos explains.
While the technologies that make up the metaverse have evolved to the point that banks and insurance companies can no longer ignore them, it is necessary to start this journey in a planned and internal way, as the study shows. Therefore, financial institutions will be able to use the large number of parameters of existing experiences for use in business effectively. The process must begin with a group of employees who will be the “early adopters“, with activities such as VR meetings to evaluate what works and what should be avoided. This includes aspects such as avatar appearance (facial type, hand representation), virtual reality movement, spatial audio and real-time translations.
“To understand the metaverse and virtual reality, it is necessary to put on a device for this purpose and experience it for oneself. At the beginning, it is important to convince stakeholders that the technology is evolving into something that improves interaction and productivity.”, highlights Aline.
Once the early adopter team is familiar with the metaverse, other activities can be tried. One of them could be to connect the VR glasses to the desktop and generate more than one monitor in virtual reality. Thus, the employee’s work area extends beyond his room or desk. Also it is possible to carry out training in VR, which has proven to be more efficient than other types of computers or face-to-face trainingfor instance.
As people learn to use virtual reality, the technology is in a unique position to simulate the “do“. When familiarity grows in the organization, customers can participate. “It is necessary to guarantee a comfortable environment to embark them in this space and financial institutions have a crucial role in this journey.”, says the Capco executive.
Boarding can be made easier by offering the goggles, as the lack of accessories is a barrier to them experiencing the metaverse. It will also be an opportunity to offer a benefit to that customer, the study indicates. Marketing teams, therefore, will play an important role in creating actions in this regard. Conferences with investors, the agency in this space and the simulation of accidents or weather disasters to test the insurance can help in its adoption.
Also, according to the Capco study, as new space is explored and understood, so too will give the organization the opportunity to better understand the digital assets that exist in the metaverse, generating ideas on creating products to meet customer demands. You will need to educate them on what constitutes a metaverse digital asset. As well as what ownership of a digital asset means, how that ownership can be protected or transferred, and whether it can be held and how to assess its value.
“What all of this means is that financial institutions will gain insight into the metaverse and its technologies at a level that will not only transform the consumer experience and the consumer’s relationship with the bank and insurance company. But they will also create new avenues of business, new revenue, and all in an environment that will make companies more productive and efficient.”, concludes Aline Lemos.
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