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Metaverse in Banking - Thematic Intelligence

Publisher GlobalData
Published Aug 18, 2023
Length 98 Pages
SKU # GBDT18184467

Description

Metaverse in Banking - Thematic Intelligence


Summary

The metaverse is a virtual world where users share experiences and interact in real-time within simulated scenarios. The metaverse brings together a range of next-generation technologies, including cloud computing, artificial intelligence, blockchain, cryptocurrencies, augmented reality, virtual reality, and digital twins. While still largely conceptual, the metaverse could transform how we work, shop, communicate, and consume content. GlobalData predicts that the metaverse will grow from around $36 billion in 2020 to $627 billion in revenue by 2030, at a compound annual growth rate (CAGR) of 33% over 2020-30.

This thematic report takes an in-depth look at the impact of the metaverse in the banking industry. It identifies major challenges faced by banks and how the metaverse can help address them. Key players in the space are highlighted, including case study examples of metaverse implementations within the industry. An impact assessment details the areas of the metaverse where banking companies should focus their investments, while the data analysis section provides market size and growth forecasts.

Scope
  • One of the biggest challenges that banks face is channel shift. The metaverse can be viewed as a new channel where banks can facilitate virtual transactions through effective financial services.
  • The banking industry's adoption of cryptocurrency and blockchain has increased significantly in recent years and will account for 4% and 4.5% of metaverse revenue in 2025.
  • US companies dominate metaverse-related patent publications in the banking industry, publishing 1,663 patents from January 2017 to July 2023.
Reasons to Buy
  • Access market size and growth forecasts for the metaverse in banking.
  • Identify metaverse leaders and laggards across payments, retail banking, and wealth management.
  • Understand the key challenges facing the banking industry, and how the metaverse addresses these challenges.
  • Access case study examples of metaverse vendors and investments within the banking industry.
  • Understand metaverse adoption using alternative datasets and analysis showing M&A activity, mentions of metaverse technologies in company filings, and metaverse hiring trends in the banking industry.

Table of Contents

98 Pages
Executive Summary
The Metaverse Value Chain
Key players in the metaverse value chain
Foundation layer
Semiconductors
Components
Connectivity
Data management
Blockchain
Tools layer
3D engines
Artificial intelligence
Visualization engines
Payment platforms
Adtech
User interface layer
Experience layer
Banking Challenges
Impact Assessment
Banking in the metaverse
Intermediation
On-ramping and off-ramping
Metaverse mortgages
Cryptocurrency wallets
Future opportunities
The impact of the metaverse on banking challenges
How the metaverse helps resolve ESG challenges
How the metaverse can exacerbate cybersecurity risks
How the metaverse helps resolve demographic challenges
How the metaverse addresses the challenge of personalization
How the metaverse can help resolve the challenge of financial inclusion
How the metaverse addresses the challenge of cost containment
Case Studies
Transak: the world’s first metaverse ATM
Fintropolis: Ally’s financial literacy game in Minecraft
Axie Infinity: the rise and fall of play-to-earn metaverse gaming
Worldline opens a virtual showroom and shopping mall in Decentraland.
Ryugukoku: the Japanese metaverse economic zone
Binance.US opens a virtual headquarters and enables BNPL in Decentraland
Citi Group unveils a digital twin of its Global Wealth Center
Data Analysis
Market size and growth forecasts
Mergers and acquisitions
Patent trends
Company filings trends
Hiring trends
Social media trends
Metaverse timeline
Companies
Leading metaverse adopters in banking
Leading metaverse vendors
Specialist metaverse vendors in banking
Sector Scorecards
Payments sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Retail banking sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Wealth management sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Glossary
Further Reading
GlobalData reports
Our Thematic Research Methodology
About GlobalData
Contact Us
List of Tables
Table 1: Key challenges facing the banking sector
Table 2: Mergers and acquisitions
Table 3: Leading metaverse adopters in banking
Table 4: Leading metaverse vendors
Table 5: Specialist metaverse vendors in banking
Table 6: Glossary
Table 7: GlobalData reports
List of Figures
Figure 1: Key players in the metaverse value chain
Figure 2: The metaverse value chain
Figure 3: The metaverse value chain - Foundation layer: semiconductors
Figure 4: The metaverse value chain - Foundation layer: components
Figure 5: The metaverse value chain - Foundation layer: connectivity
Figure 6: The metaverse value chain - Foundation layer: data management
Figure 7: The metaverse value chain - Foundation layer: blockchain
Figure 8: The metaverse value chain - Tools layer: 3D engines
Figure 9: The metaverse value chain - Tools layer: artificial intelligence
Figure 10: The metaverse value chain - Tools layer: visualization engines
Figure 11: The metaverse value chain - Tools layer: payment platforms
Figure 12: The metaverse value chain - Tools layer: adtech
Figure 13: The metaverse value chain - User interface layer
Figure 14: The metaverse value chain - Experience layer
Figure 15: Metaverse deal activity across the banking sector has been strong
Figure 16: Thematic Impact Assessment
Figure 17: Banks will play a crucial role in enabling the metaverse
Figure 18: Metaverse currencies have unique functions within their respective platforms
Figure 19: A bank’s role in intermediating the metaverse depends on platform openness
Figure 20: Each potential metaverse currency has its limitations
Figure 21: Retail banks and payments companies have differing levels of crypto friendliness
Figure 22: Metaverse mortgages differ from conventional mortgages
Figure 23: The value of popular metaverse tokens fell sharply after November 2021
Figure 24: Crypto wallets store more than just a user’s metaverse tokens
Figure 25: DBS Betterworld in The Sandbox
Figure 26: The Ronin hack was the biggest crypto heist to date
Figure 27: OCBCx65Chulia in Decentraland
Figure 28: DeFi protocols are often referred to as “money legos” due to their composability
Figure 29: Bloom-o-rama – Fidelity’s flower-themed money mindfulness game in Decentraland
Figure 30: JPMorgan Chase’s Onyx lounge in Decentraland
Figure 31: Transak ATM outside Worldline’s shopping mall
Figure 32: Fintropolis was made in partnership with Blockworks
Figure 33: Each location in Fintropolis gamifies various aspects of financial education
Figure 34: Axie Infinity is a blockchain-based play-to-earn game
Figure 35: Axie Infinity engagement fell sharply after 2021
Figure 36: Worldline’s virtual showroom and shopping mall in Decentraland’s Crypto Valley
Figure 37: An early concept map for Ryugukoku
Figure 38: Each involved party will provide expertise and services to create Ryugukoku
Figure 39: Binance.US is located in the Crypto Valley area of Decentraland
Figure 40: Citi has promoted its Global Wealth Center across two different metaverse platforms
Figure 41: The metaverse will generate $627 billion in revenue by 2030
Figure 42: Metaverse-related patent activity steadily increased until Q4 2020
Figure 43: US banking companies dominate metaverse-related patent publications
Figure 44: Alibaba had the most metaverse-related patents in banking between January 2017 and July 2023
Figure 45: Digital assets is the most mentioned metaverse-related term in banking company filings.
Figure 46: Sharp growth in metaverse-related mentions across banking company filings started in 2021
Figure 47: Metaverse-related job vacancies in banking grew 208% between Q4 2021 and Q2 2022
Figure 48: Coinbase, a US cryptocurrency exchange, leads hiring activity by a wide margin
Figure 49: Metaverse-related social media mentions in banking increased exponentially before 2022
Figure 50: The metaverse story
Figure 51: Many banking companies have chosen Decentraland, The Sandbox, and Roblox to host their metaverse investments
Figure 52: Who does what in the payments space?
Figure 53: Thematic screen - Payments sector scorecard
Figure 54: Valuation screen - Payments sector scorecard
Figure 55: Risk screen - Payments sector scorecard
Figure 56: Who does what in the retail banking space?
Figure 57: Thematic screen - Retail banking sector scorecard
Figure 58: Valuation screen - Retail banking sector scorecard
Figure 59: Risk screen - Retail banking sector scorecard
Figure 60: Who does what in the wealth management space?
Figure 61: Thematic screen - Wealth management sector scorecard
Figure 62: Valuation screen - Wealth management sector scorecard
Figure 63: Risk screen - Wealth management sector scorecard
Figure 64: Our five-step approach for generating a sector scorecard

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