Metaverse is quite the buzzword in tech town these days. From Big Tech to startups, everyone wants to make a play for it. Kiya.ai, a digital solutions provider, has ambitious plans and announced India’s first banking metaverse. Kiyaverse offers meaningful applications in the metaverse that apply to relevant business use cases in the real world. It will enable banks to harness the potential of enhanced UX to bring out the best outcomes for data visualization and gamification of processes and procedures,” says Kiya.ai MD and CEO Rajesh Mirjankar. Kiya.ai has been working with financial institutions and governments to deliver digital solutions across financial services, and digital payments, among other areas. So it’s not a new domain but the playing field is certainly new.
How will a banking metaverse work for banks?
While it is a long-term play, initially Kiyaverse wants to help banks to extend their metaverse for clients, and employees among others. Services provided will include peer avatars, roboadvisors, and relationship managers. Relying heavily on Web 3.0, Kiyaverse wants to include tokens and NFTs as well. Mirjankar isn’t deterred by the idea of scepticism around Web 3.0. The advent of 5G, IoT will be key enabler for the banking metaverse. Kiyaverse wants to introduce haptics-enabled headsets — very much like Oculus devices — that will help give a sense of ‘real’ interactions in the banking metaverse.
How will banking users benefit from metaverse?
It will all begin with creating personalised avatars for customers. These avatars will be available on mobiles, laptops, VR headsets. Mirjankar is confident that as mixed reality becomes more mainstream, it will have a positive impact on Kiyaverse. What Kiya.ai wants to do is get banking services in the virtual world. Users will be able to interact with their relationship managers. AI-based digital interaction will be a key part of the banking metaverse. Users will also be able to get solutions like portfolio analysis, know about loan details, and wealth management among others.
Will the banking metaverse work?
It’s still very early days in the metaverse world and it’s dependent on a whole lot of factors. Educating users about it will be a challenge as there will be resistance to change. Early adopters — like Kiya.ai — are confident that they will be able to deliver. Whether it works or not, is something that remains to be seen.