Towards an understanding of metaverse banking: a conceptual paper

Abstract

Purpose

This study aims to synthesize the current literature and present a definition of future smart banking services known as “metaverse banking” as well as to discuss its future potential.

Design/methodology/approach

This paper proposes a suitable definition for metaverse banking that includes the important elements of metaverse banking and sheds light on its impending potential from distinct aspects.

Findings

Metaverse banking is a banking channel actualized through the integration of metaverse and online banking services, enabled by a mix of numerous advanced technologies, that provides customers with synchronous banking services accompanied with 3D experiences in a virtual world. There is a high likelihood in the future that metaverse banking is able to be marketed intensively yet effectively, and incur progressive demands, as well as progress significantly in terms of development.

Practical implications

This study assists bank managers in understanding metaverse banking better and simultaneously makes them realize the metaverse banking’ growth opportunity which can be pursued.

Originality/value

To the best of the authors’ knowledge, this is the first paper to establish a definition for metaverse banking and expound on the upcoming potential of metaverse banking. There is a lack of related literature because this concept is relatively new. This study assists in enriching the concept and providing future research directions.

Citation

Zainurin, M.Z.L., Haji Masri, M., Besar, M.H.A. and Anshari, M. (2023), "Towards an understanding of metaverse banking: a conceptual paper", Journal of Financial Reporting and Accounting, Vol. 21 No. 1, pp. 178-190. https://doi.org/10.1108/JFRA-12-2021-0487