What imagination does the Metaverse bring to finance? It will open a new territory for the banking, insurance and securities industries

The metaverse was born, how can the financial industry embrace it?

Today, more and more financial institutions and technology companies are beginning to join the research and practice of the Metaverse. On May 13, at the online press conference of the "Financial Metaverse Research White Paper" held by the China Financial Information Center, the participants described the future of the "Financial Metaverse".

The white paper believes that the new economy of the metaverse has huge development potential and will guide the direction of innovation in the financial development of a country or region. The in-depth development of the metaverse may reshape the model and ecology of the financial industry, and people are still the most important research and service subjects. The deep integration of digital space and physical space will accelerate the digital transformation of the financial industry and create new opportunities for the financial industry.

The banking and insurance industries are the frontiers of technological applications, and the "Financial Metaverse" will open up a new territory for them. Ma Zhaolin, Dean of the Internet Top Profit Intelligence Research Institute, said that when finance and metaverse are combined, traditional finance will also break through the constraints of "time" and "empty" scenarios. , Finance will also usher in new opportunities in businesses such as customer expansion and contact marketing.

According to Ma Zhaolin, "Insurance + Metaverse" will innovate application scenarios from the aspects of guarantee, fee adjustment, simulation, simulation, experience, etc., centering on the core idea of personalized immersive experience, and implanting insurance scenarios.

"Insurance + metaverse" can expand and connect the four major ecological circles of health, pension, living consumption, and finance. It is expected to combine life science and technology to refresh the value proposition of life insurance customers and enrich the content and means of insurance marketing. A new type of insurance portfolio product integrated with wearable devices and health management data.

Insurance companies can also use "digital twin" technology to reproduce insurance scenarios such as emergency hedging, and provide new technical support for precise adjustment of underwriting rates.

Ma Zhaolin believes that the essence of insurance is financial services, and it is necessary to maintain a stable service level in various processes. The virtual employees in Metaverse are a timely solution, which can be closer to real employees in terms of speech intelligence and language temperature, thereby deriving more low-cost, reproducible model employees, which can effectively improve customer relations externally. The virtual digital human can also replace the insurance company's internal trainers, and can complete internal training courses with a continuous and unified image, which can improve training efficiency.

Nowadays, the out-of-the-counter rate of banking branch business is getting higher and higher. "Bank + Metaverse" can innovate in terms of remote branch service and virtual branch form.

According to the white paper, the immersive remote branch service is the most likely to be the first to achieve a breakthrough. Customers can wear finger capture devices and VR glasses, and perform screenless self-service business processing through gestures.

Ma Zhaolin said that the "Financial Metaverse" has advantages in acquiring customers that real physical spaces do not have. The immersive and technological experience is more in line with the experience needs of millennials, Generation Z and other young customers. Not only can it save costs, but it may also become a new entry point for customer drainage. First, it will increase the stickiness of young customers, which will further be converted into business volume.

The fusion of scenes in the metaverse will make open banking possible. Open Banking is ubiquitous. It integrates banks into scenes such as scenic spots, restaurants, and supermarkets. For example, when traveling in scenic spots, you can call the interface of Open Banking in the park, wear VR glasses and use screenless gestures to place an order to buy drinks, and then the robot will Or micro-drones for quick delivery. In addition to mobile phones, smart glasses and smart cars will also become new entrances to financial services.

Zhao Yongxin, deputy director of the Metaverse Industry Committee of the China Mobile Communications Federation and a professor at Hebei University of Finance, believes that the advantage of the "Financial Metaverse" is that it can realize real-time supervision and penetrating supervision, and financial activities in the Metaverse will be included in the scope of supervision.

In order to better prevent risks, Zhao Yongxin suggested that financial institutions accelerate digital transformation, strengthen industry self-discipline and investor education, and at the same time broaden the application scenarios of digital renminbi.

Yan Yang, deputy secretary-general of Zhongguancun Big Data Industry Alliance, put forward ideas for Metaverse’s innovations in the securities industry, such as using social media public opinion to predict stock indexes, using VR and AR technologies to break through barriers and upgrade investment systems and trading systems, and create first-person, capable Immersive conference system and office environment.

Yan Yang suggested that the financial industry should do a good job in top-level design when embracing the Metaverse, and incorporate regulatory requirements into the Metaverse system. Instead of “packing old wine in new bottles”, it should innovate around the rigid needs of the industry and create value for serving the real economy.