Towards an understanding of metaverse banking: a conceptual paper

Purpose - This study aims to synthesize the current literature and present a definition of future smart banking services known as metaverse banking as well as to discuss its future potential. Design/methodology/approach - This paper proposes a suitable definition for metaverse banking that includes the important elements of metaverse banking and sheds light on its impending potential from distinct aspects. Findings - Metaverse banking is a banking channel actualized through the integration of metaverse and online banking services, enabled by a mix of numerous advanced technologies, that provides customers with synchronous banking services accompanied with 3D experiences in a virtual world. There is a high likelihood in the future that metaverse banking is able to be marketed intensively yet effectively, and incur progressive demands, as well as progress significantly in terms of development. Practical implications - This study assists bank managers in understanding metaverse banking better and simultaneously makes them realize the metaverse banking' growth opportunity which can be pursued. Originality/value - To the best of the authors' knowledge, this is the first paper to establish a definition for metaverse banking and expound on the upcoming potential of metaverse banking. There is a lack of related literature because this concept is relatively new. This study assists in enriching the concept and providing future research directions.

Automated summary

The purpose of this study is to synthesize existing literature and provide a definition for future smart banking services known as metaverse banking, as well as discuss its future potential. The paper proposes a suitable definition for metaverse banking and highlights its impending potential from various aspects. Metaverse banking is a combination of metaverse and online banking services, enabling customers to access synchronous banking services with 3D experiences in a virtual world. It is likely to be marketed intensively yet effectively in the future, leading to significant development.