Woori Bank has launched a metaverse banking service for small businesses. The Korean commercial banking giant thus joins a growing list of financial institutions that have launched metaverse experiences.
Woori Bank in the metaverse
Woori Bank’s metaverse banking service for small businesses will offer experiences on both computers and mobile devices.
The carrier will function from 9 a.M. To four p.M. And will allow users to “talk with the center supervisor about authorities-backed loans, evaluation of business districts and their region, and aid in growing various enterprise plans,” the financial institution stated in a press release Friday.
The new metaverse service is an enhancement of Woori’s 2D banking experience, “Woori Metabranch,” which has now been transformed into an immersive 3D experience.
According to the announcement, Woori, which is one of the four largest commercial and corporate banking institutions in Korea, also plans to offer 3D virtual training services to its employees in the metaverse.
Employees can receive training and lectures from guest specialists in the digital space, which complements the disadvantages of face-to-face and non-contact training,” the bank says.
The training program is part of the company’s strategy to strengthen its employees’ digital skills through an IT training center.
A Woori Bank official commented on the launch of the metaverse service: “We plan to officially launch the metaverse service in the first half of this year, taking into account feedback from users. We will offer different services that customers will be able to experience through various means, such as XR devices.”
The metaverse enables companies to offer immersive 3D experiences such as gaming, commerce, education and virtual events. However, more and more companies are offering conventional services, such as banking, to take advantage of the digital economy.
Banks in the metaverse
HSBC, Fidelity, Commercial Bank International of the United Arab Emirates, and Nedbank of South Africa have launched 3D virtual experiences in the metaverse. Companies want to take advantage of an opportunity that could be worth $5 trillion by 2030, according to a report by market research firm McKinsey & Co.
HSBC will be the first global financial services provider to enter The Sandbox metaverse.
Commercial Bank International (CBI), a Dubai-based corporate and retail bank, announced the official launch of its virtual office in Decentraland, becoming the first UAE bank with a presence in the metaverse.
Swiss crypto bank Sygnum has announced the opening of a metaverse hub in the virtual equivalent of New York’s Times Square in Decentraland.
Asia’s DBS Bank announced that it has partnered with virtual gaming platform The Sandbox to create DBS BetterWorld, an interactive metaverse experience to promote its environmental, social, and governance (ESG) agenda.
Commercial Bank International confirmed that it is the first UAE bank to enter the Decentraland metaverse.
Standard Chartered Bank became the present-day essential bank to go into the metaverse. The financial institution sold “digital land in the Mega City community of the metaverse The Sandbox, a cultural hub based totally on or stimulated through Hong Kong expertise.”
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