The metaverse is still in its early days, but it is already starting to build out much of the infrastructure and necessities we see in the physical world. Part of this build-out includes banking. Specifically, ATMs are beginning to pop up. Landowners can now add an ATM to their locations just as we see them on the premises of business in the real world.
Bank branches allow customers to do a lot of their regular banking in the metaverse. Some banks have ATMs and tellers and let users buy cryptocurrencies and convert them into cash. Major banks such as JPMorgan Chase, American Express, and HSBC are all establishing a banking presence in the metaverse.
Currently, the metaverse may be the playground of mostly gamers. That doesn't stop banks from experimenting and figuring out how to best interact with those users.
So how does one access the metaverse? There isn't a single place to go that makes up the metaverse. Maybe in the future, there will be a main point of entry. Currently, three main players allow access to the metaverse — Decentraland, The Sandbox, and Somnium Space. The latter two are mainly for gamers, while Decentraland may be a better representation of the metaverse.
In Decentraland, users can buy land, create a business, get married, buy a house, and establish an avatar.
The metaverse doesn't have the same constraints as the real world and provides plenty of creativity. This lets banks experiment with user experiences and new business models and products. The metaverse will create various new products outside of banking that will require new financial services to transact with those products.
Additionally, it's an opportunity for banks to strengthen their brand. When a user comes across a bank in the metaverse, it creates brand continuity across the physical and virtual spaces.
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