Banks and financial institutions should explore opportunities in this rapidly growing immersive world or risk being left behind.

In brief

  • The metaverse is a rapidly growing market attracting millions of gamers and interest from a variety of industries.
  • Banks can join the metaverse by opening virtual branches, attracting digital natives and becoming key players in the financial and payments ecosystem.
  • If banks do not join this tech revolution, they may risk losing business as decentralized finance reduces the need for intermediaries. 

The metaverse is an emerging 3D expression of the internet where the digital and physical worlds seamlessly integrate. Users can enter this immersive virtual space to play games, shop, attend concerts and even make payments. Millions of Generation Z and Generation Alpha gamers are already interacting in this multi-billion-dollar market, which is set to contribute over $3 trillion to global GDP by 2031. Bloomberg estimates the metaverse could be worth as much as US$800 billion by 2024.

The metaverse is not just a technological revolution, but also a social one that empowers people at all levels to create, share, transact, and monetize content. Industries such as ecommerce, automobile, healthcare, fashion, and manufacturing are already exploring this space to attract new customers and augment user experiences.

Banks and other financial institutions also have a huge opportunity to invest and participate in the metaverse – but they need to act fast, or risk being left behind. For example, decentralized finance using blockchain technology may remove the need for intermediaries such as banks.


Banks can start by building trust between customers and the metaverse through virtual branches that allow them to open bank accounts and access services – without having to walk into a physical bank. There is also an opportunity for banking and payments providers to establish themselves as fundamental stakeholders in the operation of the financial and payments backbone of the metaverse itself.




The emergence of the metaverse is a significant shift for the banking and financial payments industry, with massive potential for innovation and growth.


While banks can reinvent themselves through new services and capabilities facilitated by advanced technologies, they will need to remain compliant with global standards that are still unclear and ensure customer data privacy

Regulators will therefore also need to stay ahead of the curve as financial institutions contemplate how best to make use of the opportunities presented by the metaverse.

With the right laws in place, banks may have an entirely new landscape on which to operate – where digital assets, digital identities, virtual experiences, and frictionless payments power a new era of finance.


The metaverse, a 3D expression of the internet where users can interact, transact, and engage with various activities, is predicted to achieve a market size of up to $860 billion by 2024. Several industries, including e-commerce, healthcare and finance, are already investing in this immersive virtual world. Banks can participate in this opportunity by creating virtual branches to attract digital natives. However, they need to engage early with this technology or risk becoming side-lined as decentralized finance reduces the need for intermediaries.

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