How significant the metaverse will eventually be in our lives remains unclear, but none the less its attracting some serious interest as it sits within the virtual economy that is currently generating roughly $54 billion in virtual sales every year.
Leaders at tech giants have staked out differing views on the metaverse. Perhaps you’ve seen the news coverage. Apple CEO Tim Cook expressed skepticism over the future of the metaverse, essentially questioning whether something people didn’t really understand could be the next big thing. Mark Zuckerberg takes the other side of the argument. He jumped into the metaverse with both feet—the company he runs is now called Meta. And it looks like Microsoft sides with Meta.
How will this clash of tech titans turn out? The world (much less the metaverse) is more complicated than a hit/miss argument implies. The leader of Apple, which has a history of giving people what they want before they know they want it, surely knows that wild ideas can quickly become must-have products and features.
Many top brands are ready, with companies like Nike opening stores in the metaverse. Even traditional banks are joining them. For instance, JPMorgan Chase opened a customer lounge in the metaverse.
To Amdocs, banking looks like a perfect fit for the metaverse. Many people have gone all-digital in the way that they bank. Empowering them to bank in the metaverse would give banks a new avenue to enhance the digital experience. A great metaverse experience could even become a key driver of customer choice in digital banking.
The trajectory of digital experiences favors banking in the metaverse
Take smartphones as an example of how quickly new technology can change customer expectations. They enable digital experiences that have led companies across all industries to rethink how they reach customers. Smartphones let us get more done faster than anyone could have imagined 20 years ago. They’re not just useful tools. Many of us fill hours of otherwise empty time staring at our smartphones.
Banking has undergone rapid changes as a result of smartphone-driven customer expectations. The metaverse could be the next frontier that defines competitive advantages. That’s not a sure thing, of course. But I wouldn’t be surprised if we’re banking in the metaverse years before driverless cars are in wide private use.
People already engage in activities like exercise and games in the metaverse. It’s easy to imagine them extending their stay with more mundane activities. Think: running errands in the metaverse. Just as you might stop at an ATM on the way home from a real-world gym, you could stop into a metaverse bank after a workout to pay bills or transfer funds. You could also schedule a post-workout chat with your private banker. Picture the possibilities.
Homebuying in the metaverse
Imagine buying a home and getting a mortgage in the metaverse. You could explore the home virtually first, experiencing it in greater detail than with a video-based tour. Invite others—like your partner or a friend—to help you check out the home. Don’t like something? Ask your contractor to have a virtual look. For changes like landscaping, the contractor could give an estimate while reviewing the property in the metaverse.
You decide if the property is worth an in-person visit quickly. In the metaverse, you see more properties in less time. When you’re ready to seal the deal, you connect with a mortgage specialist at your bank, meeting “in person” in their metaverse office. Embedded security features keep the experience safe and compliant. The lender could even share offers from partner companies—like furniture vendors—that show how products look in the home.
Experience that home and mortgage metaverse vision for yourself at Money 20/20 in Las Vegas. We created a metaverse demo that follows a couple as they explore and buy a home. Visit us at Money 20/20 and try the demo. We’d like to hear your ideas for banking in the metaverse.
Are you ready for banking in the metaverse?
Private banking, loan applications, and customer service could all be transformed by the metaverse. Consider an urgent banking need that causes an account holder to reach out to customer service. Now, they hold on the phone or stare at a chat box waiting for a live agent. Wouldn’t a metaverse waiting room with games or virtual puppies be fun? Yes, the metaverse has the potential to make waiting fun. If that’s not amazing, what is?
To us, banking in the metaverse is more a question of “when” than “if.” The banks Amdocs works with will be ready. That’s because they have the experience, product and infrastructure power they need to make whatever’s next amazing. Let’s discuss how we can help your bank leap ahead at Money 20/20.