Challenges and Opportunities of the Metaverse in Financial Services

Metaverse in Financial Services

Experts agree that the metaverse, from both a technological and also a business perspective, still has a long way to go before reaching its full potential. Some sources, including Meta founder Mark Zuckerberg himself, estimate that it will take a minimum of ten years before his promise will be fulfilled. According to Gartner, only one in four people will spend an average of one hour per day in the metaverse by 2025 and only 30% of companies will have products or services ready for this new space.

The development of a metaverse by a financial institution brings multiple advantages both for the end customer and for the staff, and we are still not close to maximizing its potential. Although incorporating it into the commercial strategy of a financial institution entails several challenges such as data control or compliance with the regulatory system, the metaverse is not a fad that will disappear, but rather a necessity that will only become more useful when it comes to stay ahead of the competition.

At NTT DATA we understand the importance and value of early adoption of advanced technologies such as metaverse, Web3 or blockchain and turning them into a competitive advantage for companies in the financial sector.