WILL APAC GUIDE FINANCIAL SERVICES INTO THE METAVERSE?
- Paul Sommerin and Leon Leung
Published: 08 March 2023
Financial institutions need to consider the metaverse in their omnichannel strategies. However, it is already apparent that far from being a single ‘big bang’ revolution, the metaverse will go through a long period of multi-stranded evolution, including commercial dead-ends – not unlike the early internet. Exactly what a more mature metaverse will look and feel like, remains very uncertain.
This article explores what we mean by a ‘metaverse’, why the Asia-Pacific (APAC) region and its online gaming industry may prove central to shaping to a successful early metaverse, and initial bank responses to metaverse opportunities. We offer new data on APAC consumer attitudes to using banking services in the metaverse and discuss how – given the uneven rate of progress – financial institutions can develop a flexible set of strategies to compete in the new virtual realms, whatever shape these realms take.