How the metaverse will help financial organizations transform employee and customer experience on Microsoft Cloud
The
metaverse—a
fast-emerging
combination
of
technologies
including
augmented
and
virtual
reality,
IoT,
and
blockchain—is
poised
to
change
the
way
financial
services
organizations
and
other
companies
do
business.
The
metaverse—a
fast-emerging
combination
of
technologies
including
augmented
and
virtual
reality,
IoT,
and
blockchain—is
poised
to
change
the
way
financial
services
organizations
and
other
companies
do
business.
“By
blending
the
physical
and
the
digital
worlds,
the
metaverse
is
changing
the
rules
of
engagement
and
enabling
us
to
connect
without
barriers,”
says
Anupam
Singhal,
a
Senior
Vice
President
at
Tata
Consultancy
Services
(TCS).
“For
financial
institutions,
it
can
transform
the
way
they
offer
services
and
training,
making
them
more
convenient,
engaging,
accessible
and
inclusive.”
Metaverse
applications
are
developing
quickly.
According
to Gartner,
25%
of
people
will
spend
at
least
an
hour
in
the
metaverse
by
2026.
While
financial
institutions
are
starting
to
experiment
with
pilot
programs,
they
must
ensure
that
they
have
the
right
infrastructure
and
security
protections
in
place
to
reap
the
full-scale
benefits
the
metaverse
has
to
offer.
Innovative
products
and
services
In
the
metaverse,
financial
institutions
can
offer
customers
and
employees
personalized
experiences
that
leave
a
lasting
impression.
For
example,
clients
can
hold
virtual
consultations
with
investment
advisors
across
the
globe
and
improve
their
financial
knowledge
by
using
3D
interactive
tools.
Financial
institutions
can
also
cater
to
underserved
and
underbanked
customers
with
minimal
to
no
charges.
Employees,
even
the
ones
situated
in
isolated,
remote
locations,
can
take
virtual
tours
and
gain
knowledge
faster.
TCS
is
developing
an
application,
for
example,
that
leads
new
employees
on
a
lifelike
journey
through
a
bank’s
corporate
buildings
and
history
as
part
of
their
onboarding
experience.
And
with
virtual
training,
employees
can
practice
skills
in
a
realistic,
risk-free
environment.
Metaverse
services
can
also
help
banks
attract
new
customers.
“We
have
a
lineup
of
exciting
projects,
including
creating
a
virtual
bank
for
retail
transactions
and
a
non-fungible
token
marketplace
using
blockchain,”
Singhal
says.
“We
have
already
implemented
augmented
marketing
and
branding
solutions
in
retail,
and
we
are
working
on
pilots
in
the
business-to-business
and
business-to-consumer
spaces.”
A
seamless,
secure
infrastructure
To
make
these
dynamic
services
possible,
organizations
must
create
digital
replicas
of
the
real
world,
supported
by
dedicated
offerings
on
Microsoft
Cloud.
Seamless
connectivity
and
extremely
low
latency,
enabled
by
specialized
graphics
and
edge
processing,
are
also
critical
to
providing
vivid
experiences
and
near-real
time
interactions.
“With
decentralized
Web3
technology,
users
can
also
take
advantage
of
peer-to-peer
capabilities,
running
some
tools
and
platforms
on
their
devices
instead
of
relying
on
the
cloud,”
Singhal
says.
In
addition
to
creating
ground-breaking
experiences,
the
metaverse,
like
other
emerging
technologies,
brings
a
new
set
of
security
challenges.
Rogue
actors
could
attempt
to
steal
target
NFTs
and
tokens,
or
use
deepfake
techniques
to
impersonate
financial
advisors.
Personal
data
collected
by
AR
and
VR
applications
creates
greater
opportunities
for
identity
theft.
“We
must
rethink
how
we
address
data
privacy
and
security
in
the
metaverse,”
Singhal
says.
“We
need
strong
regulations
like
GDPR
to
define
clear
boundaries.
We
also
need
more
security
measures
like
multi-factor
authentication
and
digital
encryption
to
ensure
secure
experiences.”
Getting
started
in
the
metaverse
Every
organization
must
carve
its
own
path
to
the
metaverse,
a
process
that
starts
by
examining
existing
technology
and
defining
services
to
prioritize.
“TCS
has
a
successful
history
of
helping
businesses
grow
and
transform
through
technology
and
make
a
meaningful
difference.
We
can
help
leaders
identify
areas
where
they
can
improve,
whether
that
means
upgrading
infrastructure,
investing
in
new
technology,
or
bringing
in
new
talent.
We
can
co-develop
metaverse
strategies
that
align
with
their
business
goals
and
objectives,”
Singhal
says.
Organizations
can
then
co-create
experiences
on
the
TCS
Avapresenceä
platform,
which
uses
blockchain,
AI,
AR,
VR,
and
mixed
reality
technologies
to
address
customer
needs.
For
financial
services
companies,
TCS
has
developed
a
specialized
program
that
involves
training
their
associates
to
become
proficient
in
using
several
3D
engines
and
platforms
to
address
industry
challenges,
including
security,
data
privacy,
and
compliance
concerns.
Financial
organizations
that
want
to
gain
a
competitive
edge
should
get
started
soon.
“Banks
that
offer
virtual
services
are
going
to
have
a
larger
consumer
mindshare,
particularly
among
younger
generations,”
Singhal
says.
“By
engaging
with
the
right
experts,
leaders
can
break
boundaries
and
take
advantage
of
the
metaverse’s
limitless
opportunities.”
Learn
how
to
master
your
cloud
transformation
journey
with
TCS
and
Microsoft
Cloud.
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