Banking in Metaverse

24 जनवरी 2022

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Dear Reader,

For the uninitiated, Metaverse is fundamentally a virtual, 3D space for people to interact with one another and with businesses. There are various definitions floating in the market and as per Statista, the metaverse is a virtual space that allows digital representations of people, avatars, to interact with each other in a variety of settings, using virtual reality (VR) headsets, augmented reality (AR) glasses, smartphone apps, or other devices.

The global Metaverse revenue opportunity could approach $800 billion in 2024 vs. about $500 billion in 2020, based on Bloomberg’s analysis and Newzoo, IDC, PWC, Statista and Two Circles data. The Metaverse idea has been touted to have immense potential as it could be applied to just about anything.Talking about the banking sector, Korean banks have been the first to explore the opportunities that Metaverse has to offer with Korean banks such as Hana and Woori having launched their branches in the metaverse setting.

For enhanced customer engagement, KB Kookmin Bank has created KB Financial Town on metaverse platform Gather. The town consists of Financial and Business centre, Telecommuting centre and a playground. The first part has been prepared as a virtual branch where the customers can move with their avatars and talk to their banking advisers through video chat that will automatically start as soon as they stand in front of the latter. The bank also plans to use the virtual branch for educating young people on finance as well as training their employees.

Although this may sound like something that is still future-looking, but Financial Institutions are increasing gearing up for the virtual world. Last October, Bank of America has launched virtual reality (VR) training in nearly 4,300 financial centres across USA. This will allow approximately 50,000 employees to practice a range of routine to complex tasks and simulate client interactions through a virtual environment. In metaverse, digital banks will be in the right position to begin facilitating transactions in the environment. For example, the digital Bank viz. Mercobank, based in UK, has begun putting strategies to develop virtual environments for enabling its customers to access banking services online and manage financial transactions in the metaverse, “similar to real life.”

We believe that while traditional financial institutions may not be the primary players in the Metaverse, the technology will gradually gain popularity. When it does, finance will be a significant part of its operations and how it generates value, both for individuals and organizations.

Highlights of Issue 5 of FinTalk are:

  • Our Home grown StartUp Stories: Saral Designs, Mumbai

  • Fintech firm Legalpay launches healthcare focused fund

  • The rise of open banking:How Big Data is changing FinTech

  • Paris-based VC firm help European startups cross into Africa

  • Zingtree turns complex customer service processes into clear action plans

With Regards,
    Akhil Handa
Chief Digital Officer
Bank of Baroda

   

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    इस लेख/इन्फोग्राफिक/चित्र/वीडियो की सामग्री का उद्देश्य केवल सूचना से है और जरूरी नहीं कि यह बैंक ऑफ बड़ौदा के विचारों को प्रतिबिंबित करे। सामग्री प्रकृति में सामान्य हैं और यह केवल सूचना मात्र है। यह आपकी विशेष परिस्थितियों में विशिष्ट सलाह का विकल्प नहीं होगा । बैंक ऑफ बड़ौदा और/या इसके सहयोगी और इसकी सहायक कंपनियां सटीकता के संबंध में कोई प्रतिनिधित्व नहीं करती हैं; यहां निहित या अन्यथा प्रदान की गई किसी भी जानकारी की पूर्णता या विश्वसनीयता और इसके द्वारा उसी के संबंध में किसी भी दायित्व को अस्वीकार करें। जानकारी अद्यतन, पूर्णता, संशोधन, सत्यापन और संशोधन के अधीन है और यह भौतिक रूप से बदल सकती है। इसकी सूचना किसी भी क्षेत्राधिकार में किसी भी व्यक्ति द्वारा वितरण या उपयोग के लिए अभिप्रेत नहीं है, जहां ऐसा वितरण या उपयोग कानून या विनियमन के विपरीत होगा या बैंक ऑफ बड़ौदा या उसके सहयोगियों को किसी भी लाइसेंसिंग या पंजीकरण आवश्यकताओं के अधीन करेगा । उल्लिखित सामग्री और सूचना के आधार पर किसी भी वित्तीय निर्णय लेने के लिए पाठक द्वारा किए गए किसी भी प्रत्यक्ष/अप्रत्यक्ष नुकसान या देयता के लिए बैंक ऑफ बड़ौदा जिम्मेदार नहीं होगा । कोई भी वित्तीय निर्णय लेने से पहले अपने वित्तीय सलाहकार से सलाह जरूर लें।

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अभी खरीदें, बाद में भुगतान करें- नया फाइनेंस बज़वर्ड

बाय नाउ, पे लेटर (बीएनपीएल) एक प्रकार का अल्पकालिक वित्तपोषण है जो आपको निर्दिष्ट समय अवधि के अंत तक किश्तों में भुगतान करने की सुविधा देता है। भारत में कई ऑनलाइन व्यापारी और फिनटेक कंपनियां हैं जो बीएनपीएल को एक सुविधाजनक भुगतान विकल्प और क्रेडिट कार्ड के लिए एक उत्कृष्ट विकल्प के रूप में उपलब्ध हैं, जिसमें जेस्टमनी, लेज़ीपे, सिम्पल, अमेज़ॅन पे लेटर, ओला मनी पोस्टपेड, पेटीएम पोस्टपेड, फ्लेक्समनी, ईपेलेटर, कैपिटल फ्लोट आदि शामिल हैं। बिना किसी लागत वाली ईएमआई की पेशकश करके और सुलभ होने के साथ-साथ पारदर्शी होने के कारण, बीएनपीएल विशेष रूप से युवा वयस्कों के लिए ऋण परिदृश्य में क्रांति लाने के लिए पूरी तरह से तैयार है।

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Beyond Organic, consider Hydroponic

With climate change becoming a prime concern for the world alongside other contemporary world environmental issues and the Indian government’s mission to dramatically increase the incomes of our farmers, we are presented with yet another opportunity for a revolution. And this revolution can come in the form of hydroponic farming for not just agricultural communities but also urban dwellers struggling in the relatively worse-off environment situation in the cities.
Hydroponics is a contemporary method of horticulture or growing plants, usually farm produce, without using soil. In this method, the crops are grown on water, rich in essential micro and macronutrients. According to studies, plants grown hydroponically grow faster and healthier than plants in the soil, since they are provided nutrients directly to their roots through the water in the form of an aqueous solvent, and not through the soil.
Several startups in India are using this technique to produce organic food in the obvious lack of land availability considering the expense of buying a large piece of land for business. These are startups that are also helping urban inhabitants build urban gardens in limited spaces. Leveraging technology to grow high-quality, low-cost vegetables for the masses while promoting a healthier way of living, Eeki Foods is a venture by IIT alumni that provides nutritious and residue-free vegetables at affordable prices all year round. A wholesale hydroponic, organic gardening and wellness product distribution company, with a focus on integrating sustainable and moral concepts into a modern economic model.
Acqua Farms is helping urban Indians grow their own food using the limited material available for farming activities in an urban setting with a starter kit. They also offer larger planter systems with 24, 48, 72, 96, and 1,000 depending on the user's demands, a subscription-based service to individuals who are unfamiliar with hydroponics, in which they assign the customer an agronomist who takes care of their plants and monitors them once a week for a monthly charge.
Urban Kissan, another startup aims to incorporate the 'In My Backyard' concept into sustainable farming. With the Urban Kissan's assistance and supervision, you can now grow fresh food such as lettuce, herbs, greens, and exotic veggies all year. They may be grown everywhere, from rooftops to balconies.
As more startups are sure to come into the hydroponics space, Urban farming will pick pace in India and indeed around the world. What is needed is for rural agriculture, the primary agriculture, to also make use of this method that does not require high-end technology but provides environmental as well as economic benefits. The country which has been feeding the world, not just in the way of exports but in the sense that India makes 1/6th of the world, should garb on to this innovation for the collective benefit of the world.

credit : Akhil Handa

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हम अपनी वेबसाइट पर आपके अनुभव को बढ़ाने के लिए कुकीज़ (और इसी प्रकार के उपकरण) का उपयोग करते हैं। हमारी कुकी नीति, गोपनीयता नीति और नियम एवं शर्तों के बारे में अधिक जानने के लिए, कृपया यहां क्लिक करें। इस वेबसाइट को ब्राउज़ करना जारी रखते हुए, आप कुकीज़ के उपयोग हेतु सहमति देते हैं और गोपनीयता नीति एवं नियम और शर्तों से सहमत होते हैं।