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    Banking in 2024: An incremental transformation fuelled by AI and Metaverse

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    Written by Ajay Setia, Founder and CEO of Invincible Meta

    Big changes are coming in 2024 in the dynamic banking industry. However, these changes will not arrive as sudden cataclysms, but as gradual changes led by his two key elements: artificial intelligence (AI) and the metaverse. Ajay Setia, CEO of InvincibleMeta.AI, provides valuable insight into this evolving landscape, emphasizing that this transition will not occur instantaneously, but in stages.

    AI will play a pivotal role in this transformation. According to reports from prominent institutions such as PwC and McKinsey, the applications of AI in banking are multifaceted and diverse. First and foremost, we expect AI-driven chatbots and virtual assistants to become more sophisticated. These provide customers with personalized, real-time assistance, reducing response times and enhancing query resolution. This will definitely improve the overall customer experience, which is an important aspect of banking services.

    Beyond customer service, AI will also be used for risk management and security. AI algorithms are becoming more adept at detecting fraud, providing an additional layer of protection for both banks and their customers. Additionally, credit scoring models will be improved to make lending decisions more accurate and efficient.

    AI's potential doesn't end there. Banks will increasingly rely on AI-powered analytics to better understand customer behavior and preferences. This data-driven approach enables targeted marketing and product development. As a result, banks create more customer-centric services and foster loyalty and trust among their customer base. Metaverse is another term that has captured the imagination of the technology industry and will leave a lasting impact on the banking industry. His VRBank at InvincibleMeta.AI is at the forefront of this effort, working tirelessly to seamlessly integrate banking into the Metaverse. Although the concept of the Metaverse is still in its infancy, the possibilities are endless.

    Imagine a scenario where individuals seamlessly manipulate financial data and perform transactions within the virtual realm. Banking goes beyond traditional roles and becomes an immersive encounter. The vast potential of Metaverse banking extends beyond traditional boundaries. This has the potential to redefine financial education and advisory services. Imagine immersing yourself in a virtual financial academy, attending seminars, and consulting with financial experts within a dynamic 3D environment. VRBank is dedicated to turning this vision into a tangible reality.

    In conclusion, the transformation of the banking sector in 2024 will not be an overnight revolution, but a gradual process. AI powers many aspects of banking, enhancing customer experience, improving security, and enabling data-driven decision-making. At the same time, Metaverse with products like VRBank introduces a new dimension to banking, making it more immersive and engaging for customers.

    As we move forward in this era of change, it is essential to recognize that these developments did not occur in isolation, but are part of a larger trend. Banking is evolving, and it is doing so step by step with AI and the Metaverse as guiding forces. The journey may be gradual, but the destination promises a dynamic and technologically advanced banking environment that will benefit both customers and the industry as a whole.

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