The Second Act - Magazine - Page 40
It’s a trillion-dollar market, but most financial institutions don’t have
a metaverse strategy, nor do they know where to begin…
What is the Metaverse?
The metaverse is considered to be the next evolution of the internet.
A convergence of our physical & digital lives, creating a unified,
community where we can work, play, relax, transact & socialize. For
organizations, it's a massive opportunity to expand and deepen
customer relationships, and allows them to engage with new and
existing customers in ways they couldn't imagine before. FIs can build
relationships at a time when banking has become commoditized,
and deep emotional relationships have eroded.
The metaverse offers immersive experiences that have the potential
to put humanity back into the conversation in ways that would simply
not be possible with app notifications, text messages, emails, or
even phone calls. It promises to remove the barriers and challenges
between today’s 2D digital platforms and reinvent how data is used
across digital experiences. It will radically change the landscape of
how brands interact with customers and what they can offer.
Are people actually using it?
The biggest reason people want to join the metaverse is to experience
things they can’t in the physical world, and it is not surprising to note
that most of its users today are young males under 20. However, this
is changing. By 2026, Gartner predicts that 25% of people in North
America will spend over an hour a day in the metaverse.
They also state that 30% of organizations in the world will have
products and services ready for the metaverse. The biggest risk
people see is around the tracking and misuse of personal data.
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While these are early days, the metaverse is quickly becoming
a trillion-dollar industry and is evolving rapidly. It’s reminiscent
of when the iPhone first came out in 2007. No one had any idea
that it would change the world and that Apple would sell 1.7 billion
iPhones since its launch. And now it seems we’re facing a similar
trajectory with the metaverse. In fact, 74% of internet users would
join or consider joining the metaverse, according to Statistica. Yet
most organizations don’t have a metaverse strategy, nor do they
know where to begin. Those that don’t act now will find themselves