There has been the invention and evolution of technology to thank for some of humanity’s most important advances. The invention of the airplane in 1903, the computer in 1937, and the Internet in 1974 completely changed our daily lives. As technology advances, how can Web3, Metaverse, Blockchain, DeFi, etc. change the future of Fintech?
Over the past few years, personalization has been the biggest challenge for fintechs. Organizations that failed to change their products to meet this demand were lost. As time goes on, it doesn’t seem like this will go away any time soon. In fact, fintech and other financial services need to do more to meet this demand. queue, metaverse.
As the metaverse has grown in popularity, many customers have asked their providers to provide it. To understand how this is impacting the fintech-customer relationship, Fintech Times I asked the industry for their opinion.
james WatsonChief Marketing Officer glimpse groupis a multi-solution, immersive technology that explains how the metaverse enables new layers of trust to be built. This just further supports the bridge between customers and fintechs.
“The Metaverse has the potential to transform the way fintechs interact with their customers by offering a much more personal and exciting experience for accessing financial services.
“For example, customers can receive personalized financial advice tailored to their unique needs and goals within a virtual environment. With real-time visibility into the data and information needed to make decisions, a deeper level of trust can be built between fintech companies and their customers.
“This could be a game changer for building trust between fintechs and their customers. In the metaverse, fintechs can analyze data and use machine learning to better serve their customers. This way we can continuously improve our products and services to better meet the needs of our customers.”
fill the gap
Digitization has revolutionized life as we know it. However, the speed of this change may have been a little too fast for some. Nicole ValentineFintech Director Milken InstituteA non-profit, non-partisan think tank explains how customers can use the Metaverse to understand the revolution.
“The Metaverse has the potential to solve the consumer experience gap created by the digital revolution. The Metaverse is an opportunity to re-engage and reconnect consumers with customized financial experiences in a virtual setting.
“Financial rituals like opening a bank account, receiving your first checkbook, or making a deposit at a bank teller are no longer the norm. and made trading easier, but there’s something the Metaverse can bring back to the financial experience – connectivity and customization.
“The metaverse is a container for enhancing experiences. It can be a tool that educates, informs, activates, and inspires. Imagine: Metaverse bankers can answer questions, suggest financial products, and generate reports on transactions at any time.
“What does this mean for bringing more people into the financial system and providing financial products with the added benefit of education and information to enable people to make data-driven decisions? I am very excited, and there is tremendous value in having a holistic view of financial activities and understanding how all financial activities affect each other.”
New payment experience
Deepak JainismCEO and Founder winkA biometric checkout service, describes how the metaverse creates a whole new payment experience:
“Typical e-commerce portals will be replaced with 3D experience portals that mimic real physical retail spaces. Brands without a store have the opportunity to make their virtual stores available to all visitors, regardless of time or place.
“Fintechs must find ways to integrate safely into the experiences brands offer. The metaverse makes it difficult for fintechs to establish their own brand identities. The Metaverse is a new addition to open banking and embedded financial fintech as virtually any brand will be able to offer financial services. provide a great opportunity.”
Some skeptics don’t like technological advances because they lack the human touch.The reliance on AI and chatbots is infuriating. Ironically, John barris,president meta juicedescribes how interaction in virtual 3D worlds can recapture the human element many feel has been lost to digitization.
“The Metaverse makes interactions and relationships more ‘human’. Interactions don’t have to be online forms or long FAQs. Instead, people in the new metaverse economy can interact with avatars in familiar 3D virtual environments. They can communicate with real people. And just as social platforms have brought brands and businesses closer to their customers and communities, the metaverse takes that one level deeper.
“With this ‘intimacy’, fintech companies and others need to ensure a great experience. This is because not only good/fun interactions are amplified in the metaverse, but bad interactions are also amplified. ”
Respond to customer behavior in real time
Of course, great organizations can only survive if they respond quickly to customer behavior. Inability to adapt is a sure way to failure. Paris NatarajanCEO ZinovManagement consulting firm comments on how the metaverse can help fintechs better serve.
“The Metaverse is making financial services more personalized, accessible, secure and attractive to consumers. Experience balance is a major factor in this shift.
“Fintech companies sit on a data payload. They have access to information about user preferences, behavior and financial habits. Services and products can be personalized for both consumers, many of whom are digital natives.
“Persistent, immersive digital environments also help fintech companies understand aspects of changing consumer behavior in real time. In addition, the Metaverse will enable blockchain transactions, giving consumers greater control and security over their financial assets, reducing the risk of fraud and making governance more transparent. Conducting transactions backed by a solid technology infrastructure builds a sense of security and trust at scale.”
Being eco-friendly is what customers are currently looking for in their companies. Demonstrating ESG awareness is absolutely necessary. Doctor Bobay, Chairman and Co-Founder of MVGX (MetaVerse Green Exchange) is a green digital asset marketplace that explains how the Metaverse is helping companies achieve their green promises.
“Today, we live in a digitally driven economy and the Metaverse is the nodal point for bringing together all digital possibilities into a virtual realm. It’s like we’re seeing now how we’re supporting
“Within the context of MVGX, we believe the Metaverse will provide three bridges connecting the physical and digital realms to strengthen the global trading network for carbon and green assets. We are bridging the gap between the financial and digital asset sectors by providing a full-service infrastructure for the tokenized economy.
“In addition, access to carbon trading for governments and institutions is also accelerating. For example, MVGX is already working with OCBC, one of the leading banks in Southeast Asia. MVGX will issue new green finance solutions for companies looking to simplify their journey. Indonesia Stock Exchange Japan’s first carbon credit trading platform.
Finally, the Metaverse allows more funding to be directed towards sustainable infrastructure and green projects. Fragmenting illiquid assets and lowering barriers to investing in critical green projects will accelerate global action towards net zero.