Banks Have Come to the Metaverse. 👀
💰 Several big-name financial institutions have set up shop in virtual worlds, making inroads to a whole new generation of clients.
🌐 With a user base and audience that are young, tech-savvy and in the early stages of their financial lives, metaverse applications offer banks unique opportunities to build relationships with a digitally native and growing consumer base that has long embraced fintech.
💳 Leading institutions in TradFi from different parts of the world have begun to set up shop in the metaverse, including JPMorgan's blockchain-based platform for wholesale payment transactions and HSBC's purchase of land on The Sandbox to engage with clients and offer them novel experiences through emerging platforms.
💵Asian banking giants such as Kookmin and DBS have also entered the metaverse and begun offering various services, including Kookmin Bank's own native metaverse-based financial services and DBS's development of interactive experiences aimed at promoting a more sustainable world.
🧑💼 The impact of the metaverse on the financial services sector is a representation of the next evolutionary stage in banking and capital markets.
💻 As banks prepare for Web3-based financial products, this includes metaverse ETF and metaverse index products, fueled by the growing market capitalization of metaverse tokens and a shift to investing in digital assets by millennials, Gen X and Gen Z clients.
📈 A report by Capgemini entitled “Wealth Management Top Trends 2023” revealed that 70% of high-net-worth individuals (HNWIs) globally have invested in digital assets, including more than nine out of 10 HNWIs younger than 40 choosing cryptocurrencies as their favored asset class to invest in.
👨💼 Advisors are taking measures to educate themselves about a wide range of cryptocurrencies beyond the two most influential assets, which is resulting in the development of digital asset education and curricula.
✅ The potential of the metaverse for the financial sector is huge.
#Metaverse #Fintech #Insights
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