What imagination does the Metaverse bring to finance? It will open a new territory for the banking, insurance and securities industries

The Metaverse was born, how does the financial industry embrace it?

Today, more and more financial institutions and technology companies have begun to join the research and practice of the Metaverse. On May 13, at the online press conference of the “Financial Metaverse Research White Paper” held by the China Financial Information Center, the guests of the meeting described the future appearance of the “Financial Metaverse”.

The white paper believes that the new economy of the Metaverse has huge development potential and will guide the financial development and innovation direction of a country or region. The in-depth development of the Metaverse will likely reshape the model and ecology of the financial industry, and people are still the most important research and service subjects. The deep integration of digital space and physical space will accelerate the digital transformation of the financial industry and create new financial industry opportunities.

The banking and insurance industries are the frontiers of technology applications, and the “financial Metaverse” will open up a new territory for them. Ma Zhaolin, Dean of the Internet Top Profit Wisdom Research Institute, said that when finance and the Metaverse are combined, traditional finance will also break through the shackles of “time” and “empty” scenarios, and when customers gain an experience with a sense of technology, immersion and compensation , finance will also usher in new opportunities in business expansion, touch marketing and other businesses.

“Insurance + Metaverse”: Enriching Marketing Methods and Creating Virtual Employees

According to Ma Zhaolin, “Insurance + Metaverse” will innovate application scenarios in terms of insurance, fee adjustment, simulation, simulation, experience, etc., centering on the core idea of ​​personalized immersive experience, and implant insurance scenarios.

“Insurance + Metaverse” can expand and open up the four ecosystems of health, pension, living consumption, and finance. It is expected to combine life science and technology to refresh the value proposition of life insurance customers and enrich the content and means of insurance marketing. For example, life insurance companies can sell A new insurance portfolio that integrates wearables and health management data.

Insurance companies can also use “digital twin” technology to reproduce insurance scenarios such as emergency hedging, and provide new technology support for precise adjustment of underwriting rates.

Ma Zhaolin believes that the essence of insurance is financial services, and it is necessary to maintain a stable service level in each process. The virtual employees in the Metaverse are a timely solution, which can be closer to real employees in terms of speech intelligence and language temperature, so as to generate more low-cost and replicable model employees, which can effectively improve customer relations externally. Virtual digital humans can also replace the internal trainers of insurance companies, and can complete internal training courses with a continuous and unified image, which can improve training efficiency.

“Bank + Metaverse”: Immersive Virtual Outlets, New Entrance to Open Banking

Nowadays, the rate of out-of-the-counter business processing at bank outlets is getting higher and higher, and “Bank + Metaverse” can innovate in terms of remote service of outlets and virtualization of outlet forms.

According to the white paper, immersive remote branch services are most likely to be the first to achieve breakthroughs. Customers can wear finger-capturing devices and VR glasses to conduct screen-free self-service business processing through gestures.

Ma Zhaolin said that “Financial Metaverse” has advantages in customer acquisition that are not available in real physical space, and the immersive and technological experience is more in line with the experience needs of millennials, Generation Z and other young customers. Not only can it save costs, but it may also become a new entry for customers to attract customers. It will first increase the stickiness of young customers and further convert it into business volume.

The fusion of scenarios in the Metaverse will make open banking possible. Open Banking is ubiquitous. It integrates banks into scenic spots, restaurants, supermarkets and other scenarios. For example, when traveling in scenic spots, you can call the interface of Open Banking in the park, wear VR glasses and place an order for drinks through screenless gesture operations. Or micro drones for quick delivery. In addition to mobile phones, smart glasses and smart cars will also become new entrances to financial services.

There’s more to the “financial Metaverse”

Zhao Yongxin, deputy director of the Metaverse Industry Committee of China Mobile Communications Federation and professor of Hebei University of Finance, believes that the advantage of the “financial Metaverse” is that it can realize real-time supervision and penetrating supervision, and financial activities in the Metaverse will be included in the scope of supervision.

In order to better prevent risks, Zhao Yongxin suggested that financial institutions should accelerate digital transformation, strengthen industry self-discipline and investor education, and at the same time broaden the application scenarios of digital renminbi.

Yan Yang, Deputy Secretary-General of Zhongguancun Big Data Industry Alliance, put forward an idea for Metaverse’s innovation in the securities industry, such as using social media public opinion to forecast stock indexes, using VR and AR technologies to break through barriers to upgrade investment systems and trading systems, and create a first-person, capable Immersive conference system and office environment.

Yan Yang suggested that the financial industry should do a good job of top-level design when embracing the Metaverse, and incorporate regulatory requirements into the Metaverse system. Instead of “filling old wine in new bottles”, innovations should be made around the rigid needs of the industry to create value for serving the real economy.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-imagination-does-the-metaverse-bring-to-finance-it-will-open-a-new-territory-for-the-banking-insurance-and-securities-industries/
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