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BW Businessworld

Closely Knowing Metaverse Banking Vs Online Banking

Kiya.ai has launched the country's first banking metaverse in the name of Kiyaverse, with the help of which all the work related to the bank can be done sitting at home

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Usually while some work related to bank, we have to be present there physically. But nowadays, its possible that all our bank work could be done from home by Metaverse Banking.

It is now possible that we could be able to transact, access banking information and avail various banking products from our home comfort. Under this feature, one will not need to meet an advisor for a conversation to understand an investment plan as these tasks can be done virtually. Now the question comes, is it like doing bank works online? For this, BW Businessworld had an interaction with Rajesh Mirjankar, MD & CEO of Kiya.ai, the first ever company in India to launch banking metaverse. Edited excerpts;

How does banking on metaverse work, and what are its pros?

With the advent of 5G the demand for richer UI and content with the abundance of speed of data transfers, firms can provide an enriched and immersive UI. The emergence of Web3.0 conceptualises use cases where data can be stored in a way so that it is only under the control of the person who owns it. Smarter interconnected devices drive the Internet of Things (IoT) or a system of physical devices or hardware that receive and transfer data over networks without any human intervention by continuously sending, receiving, and analysing data in a feedback loop. All these concepts put together create a new version of web experience that is the metaverse.
Metaverse creates a 3D virtual environment where people socialise, play games, shop or work. For banks the metaverse provides an opportunity to attract new leads from a generation that engages in a similar environment. The bank can offer a virtual world to its customers and prospects to visit and obtain information on products, and policies. Customers could use VR headsets, Desktops and soon, mobile handsets to access banking in a gamified and 3D user interface.

As Kiyaverse offers meaningful applications in the Metaverse that apply to relevant business use cases in the real world, banks can harness the potential of the enhanced UX to bring out the best outcomes for data visualisation and gamification of processes and procedures.

Users are provided cross-functional multi-experience using personalised avatars across the real world, mixed reality and virtual reality environments. Customers can transact, access banking information and avail various banking products from anywhere at their own comfort. Customers can walk into the virtual branch and will be able to access content and can even interact with the real-life agent or their digital twins (avatars) using VR headsets, MR devices, desktops, laptops or mobile handsets. Kiyaverse also provides APIs for integrating the metaverse experience with IoT devices for sending, receiving, and analysing data

What is the difference between banking on metaverse and online banking?

While Online Banking is functionally interdependent and inclusive, it is all too often seen as being emotionally detached. Online Banking usually offers a 2 dimensional interface through a browser and the customers can access the limited menus and clicks as configured.

Metaverse offers an interactive 3 dimensional user interface with interactions with avatars providing a human touch which significantly deepen and personalise customer interactions. Metaverse is an opportunity to restore the dialogues that have been lost in the digital channels. The ability to manage finances and transactions in this new environment will be key to making it as immersive and comparable or even better than in real-life interactions with the additional access to enhanced visualisation of information. They can also interact with their bankers if necessary through video conference or through their digital avatars thus making banking in the metaverse far more intuitive, interactive, and immersive.

Which one is better, metaverse or online banking?

Online Banking today renders most of the digital banking needs of customers. The advanced payment ecosystem in India enables real-time banking to be available through online banking and mobile banking.

The metaverse for banking offers hyper-personalisation instead of fixed menu options. This will enable the customers to seek solutions for complex banking needs such as trade finance and it enables online product design that provides tailored products for the customer.


How would banking on metaverse impact banks and customers?

The metaverse enables banks to extend their reach globally with a virtual presence that goes beyond a website to having personalised products for all segments. A truly AI driven and inter-operable metaverse presence extends the ability for banks to attract new business avenues from users of other virtual worlds to obtain banking services that are persistent and responsive to IoT, and devoid of physical constraints of presence. Banks will be able to configure customer journeys based on customer needs than just offering brochure driven products.

Customers will find banking on the metaverse more intuitive and engaging. The 3D visualisation of data and ability to use avatars will provide a gamified approach to resolving complex banking processes. The ability to traverse through virtual worlds will render utilities of marketplace for getting best rates and products to suit individual needs. The metaverse architecture natively offers the concept of a super-app where the all services can be available for shopping, travel, healthcare, education and financial advisory etc. IoT integration can enable smart devices such as self-drive cars, smart-home devices and industrial IoT to automate mundane banking and shopping tasks such as paying for fuel, ordering inventory, and self-diagnostics.



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Metaverse Banking Online banking