The banking system of the world and India are strong believers in it. Banks have long banked on two phenomena- if they can get the attention of customers when they are young, they can hold on to them for life and the customer-executive relation in a traditional physical space. But with time, the sector has aced spotting which change to adapt and which to avoid. Safe to say, they have been open to the adoption of Metaverse and virtual realities in their systems.
One of the two technologies to have been in the public eye, Metaverse is a virtual reality supported by sub-technologies such as augmented reality, virtual reality, mixed reality, blockchain, cryptocurrency, NFTs, and digital twins.
THE NEED TO ADOPT METAVERSE
Indian youth is a growing base for Metaverse and its subsequent technologies. Banks know that they need to leverage the virtual environment to retain a digitally-inclined customer base. Financial institutions will also be extending their offerings to decentralized platforms and communities, giving them an opportunity to expand their customer base.
Blockchain and tokenomics have given rise to a new form of currency- cryptocurrency, which can be traded, invested, or transacted by holders. Having cryptocurrency also enables one to buy virtual assets such as NFTs and engage in virtual gaming. This form of currency does not have banks as an intermediary between users and banks, and this is a point of concern for them. According to Statista, the number of users is expected to amount to 328.70M by 2027 in India alone.
This story is from the September 2023 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the September 2023 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
How To Succeed With Gen Z Workers
People often say that younger employees are different. But are they? We asked six business leaders what they've learned, and how their teams thrive.
How To Ask Family For Money
Your friends-and-family fundraising round doesn't have to be scary and awkward. Here's advice from one of the world's leading investors.
Data Breach Drama: When Trust Turns Costly In A Digital Age
Amid data breaches surges, Indian businesses are prone to financial and reputational fallout. Can cyber insurance emerge as a safeguard?
THE TERRAIN TAMER
Spearheading a California-based, Series D SaaS company is no easy feat. It requires a blend of ownership, innovation, and the ability to handle stress. But Anand Jain, co-founder and chief product officer of Clever Tap, finds his calm by escaping to rough terrain whenever he gets the chance-be it India or Colombia.
THE INTELLIGENT READS
Hardika Shah founded Kinara Capital in 2011 with the mission to address the acute credit gap in the micro-small-medium-enterprises (MSME) sector in India, by providing fast and flexible business capital to small business entrepreneurs. Despite operating in highly competitive and tough market of collateral free loans, Kinara Capital has been steadily growing in Hardika's leadership. In conversation with Entrepreneur, Hardika shares insights on her favourite books.
THE CURSE OF GROWING TOO FAST
FAIRE is a platform for small businesses, but it grew big the wrong way-almost becoming a $12 billion wreck. Here's how it fixed the problem, and why you should think twice before skyrocketing.
There's No Perfect Answer
I worked the same job for 19 years. I hated it, but it paid the bills. Then, in 2017, I entertained an exciting but terrifying question: Could I be an entrepreneur? I wasn't sure, so I needed something that felt like a guarantee. I searched for signs that would feel like a big, clear \"yes!\"
Give Yourself the Gift of Time
Happy holidays! Emmy Award-winning tech expert Mario Armstrong has five recs to get more hours in the day.
How to Become a Main Street Millionaire
It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.
Want to Better Serve Your Clients? Become Them.
As a designer for brands, starting my own product company gave me a dose of humility-and it changed the way I relate to clients.
