Metaverse, the end of banking digital transformation?

Perhaps, Metaverse is the end of the digital transformation of banks.

What is the meta universe?

The movie has already thought about the meta universe.

In 2009, “Avatar” was released. The original meaning of the English name Avatar was “incarnation.” In Hinduism and Buddhism, it specifically refers to a god transformed into a human or animal form. The movie “Avatar” is about a disabled veteran. The veteran’s mentality and the body of the cloned Avatar man are one. The body of the disabled veteran died in a box in the control room, and his soul was transferred to the body of this newly cloned Avatar man to survive.

In 2018, “Number One Player” was released. In 2045, the real world on the brink of chaos and collapse is disappointing. People pin their hopes of redemption in the “oasis”, a virtual gaming universe. As long as people wear a VR device, they can enter this virtual world that contrasts sharply with reality. Even if you are a loser struggling on the margins of society in reality, you can still become a superhero in the “oasis”.

The concert also has meta universe.

On July 21st, more than ten virtual singers from China and Japan sang on the same stage for the first time at the Mercedes- Benz Cultural Center on the banks of the Huangpu River in Shanghai , dedicating a rare virtual song to nearly 10,000 audiences. Japan’s famous virtual singer “Hatsune Miku” and Chinese virtual singer “Luo days in accordance with” the same stage sang “B WITH U”, followed by the B station represents the figure “22” “33” co-sang station B song, “another drink “At 10 am on November 19th, the famous American pop singer Justin Bieber and the virtual entertainment company Wave held a meta-universe concert to meet everyone. Bieber uses his avatar to enter the virtual world, and fans can sing Use virtual emoticons to interact directly with Bieber during the meeting.

What is the concept of meta universe?

The term Metaverse was born in the science fiction novel “Avalanche” in 1992. The novel depicts a huge virtual reality world, where people use digital avatars to control and compete with each other to improve their status. Until now It seems that the description is still ahead of the future world.

Yi through- popular explanation is that “meta-universe” is a collection of a virtual space of time, a series of augmented reality (AR), virtual reality (VR) and the Internet (Internet) composed. “Meta universe” is a virtual world parallel to the real world and highly interoperable, using AR/VR, cloud computing, AI, 5G, blockchain and other technologies. Metaverse has six characteristics: continuity, real-time, compatibility, economic attributes, connectivity, and creativity.

From the point of view of time and space, the universe is a virtual and real yuan on the time dimension digital world on a spatial dimension; In terms of accuracy, meta universe, both in the real world of digital copying objects, but also to create a virtual world of creation ; from independent From the perspective of sex, the meta-universe is a parallel space that is closely connected to the external real world and is highly independent; from the perspective of connectivity, the meta-universe is a sustainable and extensive coverage that includes the network, hardware terminals, and users. Virtual reality system.

The giants began to lay out the meta universe.

Nvidia CEO Huang Renxun “We wasted a lot of things to compensate for the fact that we did not perform simulations. We want to simulate factories in the meta universe, simulate plants, and simulate the grid in the real world.” The market value of Nvidia on the meta universe express. Over 700 billion U.S. dollars, Omniverse Enterprise will be officially launched soon.

Microsoft has launched Microsoft Teams that supports Together Mode’s meta-universe mode, which supports devices such as laptops, mobile phones, VR, and Microsoft’s Hololens headsets for immersive meetings in Microsoft Office 365.

Meta is the three starting points of the meta universe: one is the immersive smart hardware-VR device Oculus. The second is AI cloud services based on PyTorch. In the future meta-universe, various voice and vision AI cloud services are equipped. The third is the digital currency Libra initiated by Metavase.

The exploration of the financial industry in the meta universe

American venture capitalist Matthew Bauer Metacosmos defines payment as “support for digital payment processes, platforms, and operations, including the exchange of legal currency and digital currency, and currency transaction finance such as Bitcoin and Ethereum. Services, and other blockchain technologies.”

If there is a cross-border transaction in Metaverse, there will be an exchange rate problem. In order to improve the efficiency of cross-border payment, SWIFT has successively launched projects such as GPI and SWIFT Go. In addition, the Group of Twenty (G20) also reached a consensus and launched the “G20 Roadmap on Strengthening Cross-border Payments” to comprehensively improve the efficiency of global cross-border payments, which is expected to benefit the development of Metaverse.

In 2019, Facebook launched the cryptocurrency project Libra. Libra is a blockchain-based, low-volatility cryptocurrency and smart contract platform. Libra anchors a “basket of currencies” composed of multinational legal currencies, also known as “stable currencies”. Libra was later renamed Diem, and aim at the dollar stable currency, and released a few words currency wallet project Novi. After changing its name to Meta, Facebook used its cryptocurrency project to lay the foundation for its Meta universe payment business.

South Korea’s MetaCity is a “MetaCity” based on blockchain, covering a wide range of fields such as finance, public education, government departments, e-commerce, and entertainment. IBK Investment Securities will open a meta branch in the “Meta City” to provide various financial investment services such as investing in the real economy.

Kookmin Bank of Korea has opened a branch in the meta universe environment. Provide customers with virtual branches and financial playgrounds in branches, and provide employees with “remote office” centers. Customers can walk into virtual branches, interact with content, and talk with real-life customer service through video calls.

The domestic banking industry began to think about the meta universe.

On November 18, 2021, Baixin Bank issued a digital collection commemorating the fourth anniversary of the “4 in love”, and simultaneously launched the second-element image of the “AI virtual brand official”, creating a virtual IP with a sense of technology and fashion. The collection is issued based on blockchain technology and is unique and immutable. It is the first NFT digital collection in the banking industry. Baixin Bank said, “This is an attempt to welcome Metaverse to the issuance of digital collections. As the next generation of the Internet, the way banks interact with customers, the way of products and services, and even the form of banks may undergo major changes in the future. AI digital people, immersion Digital experience and blockchain-based digital assets are the three directions we are most concerned about, and the results will be announced gradually in the near future.”

November 12, trick-linked consumer finance official micro-channel number ” trick UFJ Financial ,” issued a document that entered the yuan universe, strokes Union Financial has recently filed a trademark registration, “Dr. UFJ Financial yuan Universe”, the follow-up will launch a new brand, “buy it consumes Finance”-Metacfc. In terms of building a meta-universe of consumer finance, the China Merchants Union Consumer Finance Plan has been deployed in three aspects: automation of inclusive services, full consumer experience, and customization of smart butlers.

Inclusive service automation includes the use of iris recognition, cloud computing and other technologies. It only takes 1 microsecond to complete the entire financial process such as identity verification, credit evaluation, and lending, so as to achieve more flexible loan product matching; full consumer experience is based on Internet of Things, holographic projection, glasses-free 3D, physical simulation mode, and new generation of gesture tracking technologies, get rid of venue restrictions and enjoy an immersive shopping experience; the customization of smart butlers is to call AI smart butlers by voice, and output customized inclusive financial services plan.

How Meta Universe will change banking

Experience financial products without feeling

Metaverse is all gamified payment and financial transactions. If you ask customers to enter their name, mobile phone number, ID number, card number and other information in Metaverse, the customer will definitely turn around and leave. Therefore, in Metaverse, it is suggested that identity verification can be performed through hardware chips, and a non-inductive account opening process can be developed. Face recognition and agreement confirmation can be executed smoothly in the way of games. For example, VR glasses and Metaverse sensor devices come with a security chip. Identity and account information can be stored in the chip to interact with Metaverse’s financial system in a safe and senseless background.

Immersive financial client companionship

In Metaverse, the account manager interacts with the client like a game. As long as the interaction is good, there is no need to worry about deposits. What’s the point of sending WeChat and eating with your customers every day? If you can interact through the gamification of Metaverse, it will enhance the interaction between customers and you, and increase customers’ understanding of you. For example, in the virtual world, accompany customers to the beach in Mexico to watch the sunset, to climb the summit of Mount Everest, to see the Potala Palace in Tibet, and to listen to virtual singer concerts with customers. After a long time, customers will recognize you, so don’t worry about making a deposit. Future bank recruitment, will add a , it will give preference to play the universe yuan oh.

Real-time creation of financial products

In the meta universe, financial products are ever-changing and no longer static. The vegetable market needs a loan for selling vegetables-acquisition and settlement, a snack bar needs a loan for food and beverage-food material purchase, and a pig farm needs a loan for pig raising-agricultural material purchase. Yuan universe of financial products will demand a real, real scene when the fight mounted digital natives manufacturing capabilities. In Metaverse, according to customer needs, under financial supervision and bank management regulations, product managers use gestures to drag and drop the entire process of digital product manufacturing on site. Product real-time manufacturing requires very high technology platform capabilities, requiring a powerful modular and componentized Meta universe business center. Past project establishment, development scheduling, testing, and compliance inspections are all required in Meta universe. It is completed in an instant, which requires strong cloud computing capabilities, a high degree of AI intelligence, and an automated smart contract approval process.

Games and attractions become the source of bank traffic

You can open branches on Mount Everest, in the Tarim Basin, on the Kunlun Mountains, or in Jiuzhaigou. The bank will combine these magnificent landmarks to fully personalize its branches and display its products. The virtual attractions will bring high-viscosity traffic to the branch of Yuan Universe. Based on these locations and combining myths and stories, Yuan Universe Branch will develop barrier-breaking games and scenes that combine scenic spots to increase the attractiveness of traffic.

Bank digital human labor force will be highly prosperous

There is a technology company stepping on the meta-universe node: Soul Machines, also known as Soul Machines, located in New Zealand. The company is designing artificial intelligence-driven digital humans for customers for customer service, promotional videos, and education. In the future, banks will develop a large number of digital financial robots that can serve, acquire customers, and manage traffic in the meta universe. These digital people can be driven by real people, semi-real people, or fully AI-driven. These digital souls will be able to acquire customers, funds, brands and business development for the bank based on the ever-evolving intelligence, knowledge and emotions.

Blockchain and digital currency will become high-frequency financial products

In the meta universe, blockchain and digital currency have natural advantages. Due to the natural digitization of these technologies, the virtual industry chain can be better connected in the meta-universe. The national credit endorsement of legal digital currency will not change. It has encryption features, programmable features, and traceability features. After combining scenes, games, industrial ecology, roles and other elements in the meta universe, the innovation of digital currency will far exceed that of paper currency. And electronic cash. Smart contracts will all become high-frequency tools for bank digital programming. The ecological function and value exchange function of Ethereum will also enable banks to exchange value, data, and business with industries and inter-bank institutions more conveniently.

Meta universe will be able to let small banks “kill” big banks

Now the apps of China Merchants Bank and Ping An are doing well. But if some parts of the agribusiness line, city commercial banks to play good in the universe yuan. Developed practical information services, fascinating games, developed a large number of digital employees, completed virtual customer companionship, and achieved rapid product creation. It is not impossible for small banks to defeat large banks in the meta universe. In addition to ESG in the bank’s annual report in the future, it is very likely that the description of the branch of Meta Universe will be added.

Digital marketing will transform and upgrade

In the past, precision marketing for banks was to build a marketing model, tag, circle customer groups, send text messages, and push products. This is far from enough in the meta universe. It is necessary to use the psychology of “playing” to do Metaverse’s digital marketing, and it will test the ability to acquire the minds of bank customers. Experts in psychology of the future will be popular in the Meta Universe Bank. Specialized personnel will analyze and explore the psychology of people in Metaverse, and acquire customers by designing high-value and high-stick interactions, which will become the characteristics of Metaverse digital marketing.

The wave of banking digital twins

In digital twins, there is still a big difference between online and offline. The dream maker of Inception is the talent that the bank in the future meta universe needs very much. In the digital twin, the scene construction of the bank will be prosperous, and the bank will master more of its own scenes. It will also fully integrate Meta Universe and offline businesses, and use Meta Universe to superimpose offline, bringing new value.

Meta universe, the era of digitization of banking

During the great voyage, some Europeans chose to travel across oceans to reach the new continent of America , looking for new development opportunities. This has brought about a large-scale exchange of species and cultures, and has promoted the prosperity of the global economy. Yuan era of the universe, the real world is big Pathfinder digital world sailing era , this era will be more magnificent, the bank will change dramatically in the meta-universe age.

Perhaps, Metaverse is the end of the digital transformation of banks.

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