Is Metaverse the next big thing in the banking industry?

Per GlobalData, 495 metaverse deals were executed by banks between Q1 2017 and Q2 2023. The metaverse can potentially address challenges banks face, particularly around ESG, financial inclusion, and demographics. However, banks investing in the metaverse will face a range of complexities, many of which they already face in the physical world, like cybersecurity. As the metaverse matures, it will serve more to create new revenue streams for banks instead of addressing challenges.