Banks and insurance companies in the metaverse
The banking and insurance industry is one of the pioneers when it comes to new metaverse technologies. Especially due to the well-known blockchain technology and the crypto-currency Bitcoin, many banks have at least looked into the vision of Decentralized Finance (DeFi) and Web3.0 and analyzed the impact on their business model.
How can banks respond to the metaverse and benefit from innovation?
Which business models offer exciting approaches for banks and insurance companies?
Banks and insurance companies have been under constant pressure since the economic crisis of 2008/09: Low interest rates, high regulation and the innovative power of FinTechs threaten the classic business model.
The metaverse, with associated technologies such as blockchain or the idea of a decentralized financial system (DeFi), makes the challenges even greater.
The metaverse for banks and insurance companies
Decentralized networks, digital ownership via blockchain solutions (NFTs) or digital currencies such as cryptocurrencies will be an important part of the metaverse. The first use cases for banks and insurance companies are currently under development to bring the
the next wave of disruption in the financial world.
not to miss it again.
For banks and insurance companies, these can be the first approaches in the metaverse:
Start into the internet of the future with our Metaverse workshop
First banks in the metaverse
Banks and insurance companies are increasing their activities and investments in the metaverse and presenting initial implementation examples of how they intend to tackle this future market. The metaverse has taken on a new importance in the strategy and innovation departments of banks.
Liink from J.P. Morgan
Cross-border payments are expensive and slow for most companies. To avoid being replaced by decentralized blockchain solutions in the long term, J.P. Morgan has built a purpose-managed peer-to-peer blockchain network (Onyx Blockchain) to facilitate global payments.
Dekaverse – The fully functional virtual bank branch for customer service has yet to be achieved, but a first step has been taken. In the virtual world “Decentraland”, customers gain access to a digital branch of Deka-Bank to provide information on products and services
What is your metaverse strategy?
We enable the entry into the Metaverse
The metaverse is currently being built. Banks and insurance companies that get in early will benefit in the long run. Our team looks forward to discussing with you how to properly position your company in the Metaverse.
We support banks and insurance companies on their way into the metaverse...
The insurance and banking industries will have to actively address the metaverse to avoid being squeezed again by innovative startups. The metaverse offers banks and insurance companies new potential to implement and profit from their business model in a virtual world as well.