Moving towards Immersive and Embedded Banking

As industries get immersive, thanks to the new age tech such as AI, ML, Blockchain, IoT, RPA, and BaaS, banks don’t want to be left behind.

Going beyond merely being embedded into the virtual digital economy, banks can create a significant leverage with new data to enable additional immersive services worth $1.6 Trillion by 2030*. It is also interesting to see the wider acceptance of digital assets and 3D environments, especially among the tech-savvy Gen Z and Millennials. For example: Roblox, an immersive gaming platform, has around 230 million monthly active users.

This has opened a vast array of opportunities in nearly every aspect of Banking. Although being a highly regulated and complex industry, banking seems to be also testing the waters of emerging technologies. Take the example of global banks such as HSBC, BNB Paribas, Standard Chartered Bank, and JP Morgan, which have set foot in the waters of emerging immersive technologies ‒ a way for them to enable banking through network and entertainment means. In India, recently Union Bank of India has launched a 3D Virtual Lounge, with plans to host product information and videos and enabling customers to check account information. In addition, Kiya.ai has launched Kiyaverse – a platform empowering banks with their own immersive products and services.

Transactions and digital assets go hand in hand. Currently, purchase of the digital assets in any platform lacks trust, currency lacks stability, and using fiat currencies and/or cryptocurrency is inconvenient. Banks, being trusted intermediaries, can profit by facilitating payments and digital wallets in various platforms and getting new customers as a by-product. These factors, along with the emerging trends, lay a strong foundation for banks to shift to digital native immersive environments.

Today, we are witnessing the transition to a seamless, integrated, and immersive way of banking, where customers want to take advantage of the space to have fun, to effectively work, and to socialize, all at the same place. This gives birth to a more embedded form of banking, one where the product gets transformed into an experience which a bank facilitates.

Download the full infographic to find out more about – What’s new and awaiting next for financial services