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Banking in the metaverse: a new frontier for financial institutions

Keng-Boon Ooi (UCSI Graduate Business School, UCSI University, Kuala Lumpur, Malaysia) (FORE School of Management, New Delhi, India) (Faculty of Business, Design, and Arts, Swinburne University of Technology – Sarawak Campus, Kuching, Malaysia)
Garry Wei-Han Tan (UCSI Graduate Business School, UCSI University, Kuala Lumpur, Malaysia) (Faculty of Business, Design, and Arts, Swinburne University of Technology – Sarawak Campus, Kuching, Malaysia) (School of Economics and Management, Yunnan Normal University, Kunming, China) (College of Business Administration, Adamson University, Manila, Philippines)
Eugene Cheng-Xi Aw (UCSI Graduate Business School, UCSI University, Kuala Lumpur, Malaysia)
Tat-Huei Cham (UCSI Graduate Business School, UCSI University, Kuala Lumpur, Malaysia) (Tashkent State University of Economics, Tashkent, Uzbekistan)
Yogesh K. Dwivedi (Digital Futures for Sustainable Business and Society Group, Swansea University, Swansea, UK) (Symbiosis Institute of Business Management Pune, Symbiosis International University, Pune, India)
Rohita Dwivedi (Prin LN Welingkar Institute of Management Development and Research, Mumbai, India)
Laurie Hughes (Digital Futures for Sustainable Business and Society Group, Swansea University, Swansea, UK)
Arpan Kumar Kar (Indian Institute of Technology Delhi, New Delhi, India)
Xiu-Ming Loh (Universiti Tunku Abdul Rahman – Kampus Perak, Kampar, Malaysia)
Emmanuel Mogaji (School of Management and Marketing, University of Greenwich, Greenwich, UK)
Ian Phau (Curtin University, Perth, Australia)
Anshuman Sharma (Department of Marketing, College of Business Administration, Ajman University, Ajman, United Arab Emirates)

International Journal of Bank Marketing

ISSN: 0265-2323

Article publication date: 25 September 2023

Issue publication date: 1 December 2023

840

Abstract

Purpose

Technological advancements have catalyzed disruption in the banking sector. The impact of the metaverse on the banking sector is no exception. In view of this, the current paper aims to provide valuable insights into four key areas (i.e. corporate banking, retail banking, banking employees and public policy) that the metaverse could significantly disrupt.

Design/methodology/approach

Insights into four key areas of the banking sector that the metaverse could significantly impact were gathered from various invited contributors.

Findings

The invited contributors first introduce the association between their respective key areas with the metaverse. Subsequently, the opportunities and challenges relevant to the key areas were identified. Finally, future research agendas were proposed for the attention of all relevant stakeholders.

Originality/value

The metaverse's impact on key areas of the banking sector is discussed in this paper. Following the metaverse's potentially wide application in the banking sector, insights from the invited contributions offer great value to the relevant stakeholders.

Keywords

Citation

Ooi, K.-B., Tan, G.W.-H., Aw, E.C.-X., Cham, T.-H., Dwivedi, Y.K., Dwivedi, R., Hughes, L., Kar, A.K., Loh, X.-M., Mogaji, E., Phau, I. and Sharma, A. (2023), "Banking in the metaverse: a new frontier for financial institutions", International Journal of Bank Marketing, Vol. 41 No. 7, pp. 1829-1846. https://doi.org/10.1108/IJBM-03-2023-0168

Publisher

:

Emerald Publishing Limited

Copyright © 2023, Emerald Publishing Limited

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