The future of the metaverse in banking transactions

Metaverse technology is considered one of the most important aspects of digitization and technological transformation, which is now accelerating and being witnessed by the entire world from the Far East to the Far West, in all sectors and aspects of life, by virtue of its ability to shape real life again by integrating it with the technology of the virtual world, and it is among the most prominent sectors that seek to Breaking into the world of the metaverse is the financial and banking sectors, since the metaverse is part of a new technological world that includes digital currencies, which are considered the greatest threat to the banking sectors, and the investments of banks and financial sectors are often far from any industry that depends on entertainment, unlike the case in the world of the metaverse, Also, the organization and decentralized finance on which the metaverse is based are not at all consistent with the strict financial center system of banks.

Hence, banks become an undesirable player in the world of the metaverse, and despite the idea of decentralization in the world of the metaverse, banks have begun to search for a place for themselves in this world. Here it must be emphasized first that banks and financial institutions have limits in dealing with the metaverse. Today, they cannot use virtual technology to open bank branches in the Metaverse, or provide any banking transaction or service through virtual world platforms, because this could pose a risk to confidential customer data, and the only scope they are allowed to do is to use the virtual space as spaces for advertising and promotion, as well.