The Union Bank of India launched its metaverse virtual lounge on July 8, 2022. It amounts to a visit to the bank without actually visiting the bank. You visit the bank as a digital avatar. The bank lounge has a variety of banking services. At present, the Bank will provide only informative services. The customers can get details about social security, loans and other banking products. The service is available on both the desktop and through virtual reality (VR) headsets.

Union Bank of India has joined the league of international banks such as JP Morgan Chase, HSBC and Kookmin (South Korea), which already have strided into the metaverse.

A digital service provider firm Kiya.ai has launched in first metaverse banking platform. It has generated interest both in the public and private sector banks as well as NBFCs.

Kiyaverse and Union Bank’s metaverse work on similar lines — VR and digital avatars.

Union Bank will not take this to banking transactions as yet. There are security and regulatory aspects here. The present version is in a nascent stage. There are issues of ownership of data, security, inclusion, diversity and risk management. Banking is built on trust. Metaverse in future will have to take care of all these aspects. Banks will require manpower well-versed in metaverse skills — 3D artists, game designers, platform experts, blockchain experts.