1
Reduce Cost
We’ll work with you to develop a true ‘MVP’ (Minimum Viable Product). We will “cut the fat” and design a lean product that has only the critical features.
Talk to Metaverse Developer
In August, Decentraland launched its platform's first ATM in the metaverse. Players can use the ATM to easily buy cryptocurrency in the metaverse, similar to using an ATM in the physical world, thanks to a collaboration with Metaverse Architects studio and Transak payment gateway. Property owners on Decentraland can also add an ATM to their virtual land for easy access to cryptocurrency, similar to how a physical establishment would add an ATM for easy cash access.
JPMorgan Chase became the first bank to open a lounge and an office in the metaverse in February. The opulent space debuted on Decentraland in tandem with a paper released by JPMorgan's blockchain arm Onyx outlining what JPMorgan believes is the future of the metaverse, including a line stating that the metaverse will "infiltrate every sector in some way in the coming years."
In March, American Express registered trademarks for a virtual marketplace and cryptocurrency services in the metaverse. Its digital filings for real-world services include card payment services, an ATM, banking, fraud detection services, entertainment, travel, and concierge services for its virtual clients.
Quontic, an adaptive digital bank, provides banking services through its virtual offices. Its debit card debuted in April includes Bitcoin checking reward accounts and cash and high-interest checking accounts. Its digital outpost includes a teller, posters and website guides, and an interactive ATM. Visitors can enter a meta-pool party and receive a free NFT by opening a bank vault via the ATM. This summer, Cogni purchased a collection of NFTs from Bored Ape Yacht Club and is developing a Bored Ape debit card for a new range of Web3 experiences for customers.
In March, HSBC announced plans to open a metaverse office on Sandbox, and Siam Commercial Bank announced plans to launch a virtual headquarters on Sandbox. Financial services do not end with meta-banking: Visa began crypto literacy services in December 2021, and Mastercard in February of this year.
Many expected it to take longer for a world made out of innovations in AR, VR, IoT, XR, and MR to become a thing in our daily lives. It was worse to grasp for those who read Neil Stephensons Snow Crash and thought, what the hell was he talking about? Thanks to hard work stirred by unprecedented events like COVID, we all thought we wouldn't be enjoying our gathering long enough or that it may be unnecessary sometimes. Today, combining these technologies is poised to change the user experience, health, fashion, education, finance, and virtually every sector. The number of headlines is numerous, but there is more than meets the eye about a world where most teens spend much time doing God knows what.
The metaverse is a permanent virtual space where several persons or a few persons can interact, live, and act independently. With the people inhabiting the metaverse, such a space can exist as a virtual world, even though there are many avatars. It must also be possible to own houses and other goods in the metaverse. Items in the metaverse should also be moveable rather than static; wherever possible, it should also be possible to develop existing space. The original idea of the metaverse mimics the real world, even though we have yet to come to that point where we can eat in the metaverse. We can sit and have food physically while communicating in the metaverse in so far as I have my headset on, but there is no such thing as a virtual meal, at least not in the physical sense. It is possible at the moment to feel objects, thanks to advances in haptic gadgets, and you can now also visit places due to the evolution in covered landmarks. So the metaverse is the world, including the internet and the physical space of our daily interactions.
Another aspect of the metaverse that interests you is the possibility of taking objects from the physical world and having them in the metaverse. Imagine getting your new car into the metaverse as a unique object. Brands across the fashion and e-commerce industry are already exploring the possibilities of augmented reality. Before buying an item from IKEA, you can use an AR feature enabled through your mobile device to see a piece of furniture you buy at the exact spot where you want it to appear. How cool is that? Gaming enthusiasts can also play their favorite games with their friends even though they are miles away, blurring social distance as we knew it during the pandemic.
Before we talk about why this new virtual world is crucial in banking, it is important to note that most metaverses are decentralized economies existing on diverse blockchains. Centralized metaverses exist, but as we move from Web2 to Web3, it should only be natural to resolve the problems of earlier systems. Despite brands like Meta being centralized, they have plans to become decentralized soon since they have grasped the shortcoming of centralized systems. You must have experienced those times when you could not access your social media or other accounts simply because the centralized servers went down. Blockchain is the fundamental technology for the decentralized world, and transactions in decentralized economies require cash. We are sure you already know where we are headed from here, so let's now talk about the importance of the Banking industry in the metaverse.
Banks have been the biggest forces for transactions in the global economy for years. Even though the metaverse promises to be decentralized, there is a lot of opportunity in it for banks if only they remain adaptable and open to the rapid change around the corner. Reports from industry giant Goldman Sachs estimate that the opportunity in the metaverse is so huge that it offers banks the opportunity to transform how they interact with their customers. The metaverse could bring the human aspect back to banking since it enhances customer convenience, which is one of the biggest issues in banking services. Banks have a role in enabling seamless transactions in the metaverse, whether through cash on-ramp or off-ramp. Several banks are already establishing their bases in the metaverse as the work needed to get there is low compared to the massive impact it could bring for financial institutions. The banks in the metaverse are creating lobbies and setting up the infrastructure that will let metaverse participants and gamers buy or sell tokens and convert them into cash.
Aside from enabling easy conversion of in-game tokens to cash and building the infrastructure that connects the virtual world with the physical world, banks can delegate new and better responsibilities to their employees. They can also raise their customer base and establish popularity among the growing juvenile population trying things out in the virtual world. There is also the emergence of a new asset class and potentially new forms of credit, all in the virtual world, which gives banks that venture in early on the opportunity to learn how to interact and connect with new worlds in virtual reality, where new items like virtual real estate and digital assets are the center of attention. The following are the benefits of the metaverse for banks:
The benefits of AR and VR can significantly transform how financial institutions interact with their customers and employees. For customers, flexibility and ease come with the ability to track, manage and transact with cash in augmented reality and virtual reality channels. Employees can learn in the safe and immersive experience of the virtual universe, and new staff members can go through the recruitment process and learn to be part of the existing community in an improved and convenient way. In a survey conducted by experts in the finance industry, global banking leads and top officials believe that coding the physical world into a new virtual environment will be a key differentiating factor in the banking industry.
User experience drives the global banking industry since customers can choose from multiple services in a few clicks. The metaverse presents one of the best ways for banks to engage their customers. When the option is available to resolve an issue by interacting with a customer service agent in the metaverse, customers will love to stick around and continue with the service. This is not far-fetched since it is expensive to visit a physical branch of the same bank.
With the possibilities in virtual worlds, banks can now offer top-rated services to customers who intend to invest in advanced financial products. Trained financial consultants can consult with such clients, reviewing their portfolios, planning their finance, and recommending products to help them achieve their goals while reducing the possible risks.
The metaverse is also where the noise is made. Innovative financial institutions can leverage the opportunity presented by virtual and augmented reality to showcase their products to their customers. A virtual lounge, for example, can serve as an excellent opportunity for a bank to present a video or other marketing materials. They can also lease these spaces to other services in the metaverse for a fee.
The metaverse also presents a huge opportunity for banks to launch new products and services to scale their operations. Such products could include digital payments, digital assets, and 3D objects. Payment products can be a decentralized digital wallet compatible with metaverses across multiple blockchains. The wallet can be used for payment for products and services in the metaverse. Banks can build tools for managing digital assets such as virtual real estate and NFTs. They can also offer derivative solutions backed by these assets.
A financial institution must keep its searchlights beyond consumer interaction to stay flexible in its operations. The metaverse can serve as that extra alternative to the physical world from where a bank can track and understand the dynamic behavior of its existing and potential customers. By doing this, such an institution can stay updated on the needs of its customers and respond timely by developing its products and services according to customer expectations. Building user experiences and products with the actual needs of users in mind will help banks stay ahead and relevant.
Banks risk being outpaced by the speed of the digital revolution. There is no denying that the future banks are tech companies and current financial institutions need to evolve accordingly if they would ever remain in the game. Exploring the metaverse can keep banks in the know of the requirements and talent needed to run tech-focused financial institutions.
You may wonder if there is still time to try these technologies or start building something. We shall answer that question negatively as the list of banks building in the metaverse continues to grow. JP Morgan, for example, released its reading list in its metaverse lounge on Decentraland, a decentralized virtual world on the Ethereum blockchain that has quickly become the acclaimed favorite of companies developing locations in the metaverse. Another bank, Quontic bank, which claims to be the first bank in the United States to offer Bitcoin rewards to its clients, also launched a building in the metaverse. According to the bank's chief marketing officer and global banking lead, the step will help the bank secure a position at the forefront of emerging technologies. Zelf, another US-based bank, is building an embedded banking system to exchange value from the virtual to the real world.
These examples are enough to let you know the downsides, if any, are infinitesimal compared to the potential. Not adopting the metaverse would amount to shutting the door of possibilities. It will be challenging to build the technical aspect of the projects, and technologies for accessing the metaverse are still in the works. Yet, in their current state, many folks are using them to explore the possibilities in the virtual world.
Considering the costs, you should do a proof of concept and test your idea to see if it is feasible before developing anything in the metaverse. In reality, most businesses, including the banks we just mentioned, still need to carry out their operations in the metaverse. The metaverse is just a part of what they do, so do not worry about moving all that you do into the metaverse, as that may only be needed later.
Metaverse use-cases in banking can include virtual banking branches, financial education and training in virtual reality, and virtual financial advisors and assistants. Metaverse developers create new opportunities for metaverse financial services within virtual reality environments. As the banking industry looks to expand its presence in the metaverse, almost every bank is partnering with a metaverse development company and utilizing its metaverse development services to create immersive and interactive customer experiences.
While the media makes it look like decentralization powered by blockchain technology, the metaverse is here to take banks and other institutions out of the game; the opposite may be true. AR, VR, IoT, and extended reality are promising technologies that can be expedient to banks willing to embrace the change before us without reservation. Like JP Morgan, Quontic, and HSBC, any bank can get started with its metaverse ambitions, no matter how small. We are always ready to help banks get started on their journey into the new internet. So if you want to take your metaverse development to the next level, do not hesitate to reach out to us.
Research
NFTs, or non-fungible tokens, became a popular topic in 2021's digital world, comprising digital music, trading cards, digital art, and photographs of animals. Know More
Blockchain is a network of decentralized nodes that holds data. It is an excellent approach for protecting sensitive data within the system. Know More
Workshop
The Rapid Strategy Workshop will also provide you with a clear roadmap for the execution of your project/product and insight into the ideal team needed to execute it. Learn more
It helps all the stakeholders of a product like a client, designer, developer, and product manager all get on the same page and avoid any information loss during communication and on-going development. Learn more
Why us
We provide transparency from day 0 at each and every step of the development cycle and it sets us apart from other development agencies. You can think of us as the extended team and partner to solve complex business problems using technology. Know more
So, here we will be discussing one of the most top trending Blockchain protocols named Solana Vs other Blockchain protocols.
If you have been following the news lately, you much have seen videos of teens boasting about the insane money.
Solana has been described by many as the next blockchain for launching decentralized financial applications.
We’ll work with you to develop a true ‘MVP’ (Minimum Viable Product). We will “cut the fat” and design a lean product that has only the critical features.
Designing a successful product is a science and we help implement the same Product Design frameworks used by the most successful products in the world (Ethereum, Solana, Hedera etc.)
In an industry where being first to market is critical, speed is essential. Rejolut's rapid prototyping framework(RPF) is the fastest, most effective way to take an idea to development. It is choreographed to ensure we gather an in-depth understanding of your idea in the shortest time possible.
Rejolut RPF's helps you identify problem areas in your concept and business model. We will identify your weaknesses so you can make an informed business decision about the best path for your product.
We as a blockchain development company take your success personally as we strongly believe in a philosophy that "Your success is our success and as you grow, we grow." We go the extra mile to deliver you the best product.
BlockApps
CoinDCX
Tata Communications
Malaysian airline
Hedera HashGraph
Houm
Xeniapp
Jazeera airline
EarthId
Hbar Price
EarthTile
MentorBox
TaskBar
Siki
The Purpose Company
Hashing Systems
TraxSmart
DispalyRide
Infilect
Verified Network
Don't just take our words for it
Technology/Platforms Stack
Mumbai OfficeLondon OfficeVirgiana Office
