Indian FinTech Opens Banking Metaverse

Indian FinTech will debut a “banking metaverse” to allow users to visit a virtual bank branch in their own homes, a press release said Friday (June 3).

The press release touted this as a way to transact, access banking information and use a number of products virtually.

Called Kiyaverse, this will let users adopt an avatar, or “virtual humanoid,” and will let banks add features for clients, partners and employees.

It will also come with tokens as NFTs, and will support CBDC, and the release said Kiyaverse will interface its open API connectors with aggregators and gateways to allow for a super-app and marketplace on the metaverse.

And the release says there will also be a headset so users can access a more “realistic” banking experience with more believable interactions through the internet of senses.

The platform will offer banking services from the real world in a virtual world, and vice-versa. It will feature interactions with a relationship manager’s avatar and customization, AI-based digital customer interaction, portfolio analysis, wealth management, co-lending and corporate banking, the release said.

Rajesh Mirjankar, managing director and CEO, said digital banking can often be seen as “detached,” which the company wanted to remedy.

He said the metaverse could let banks to use tech “with a human touch” that the company believes will improve customer interaction.

See also: Meta Says Metaverse Will Be Worth $3T

The metaverse has been a new frontier for a number of industries, and Meta President of Global Affairs Nick Clegg has defended the choices of the company formerly known as Facebook, saying the tech will be a new shift in how people use the internet.

Clegg said the transition was somewhat like how innovations like desktop computers and smartphones were seen when they came out originally.

“Skepticism is a natural reaction to something that sounds like it’s straight out of a science fiction novel — in a way, it is — especially when there are wider societal concerns about how tech operates in the two-dimensional world,” Clegg wrote.