A visitor tries a screen called “metaverse Service” at SK Telecom stand during (MWC), in Barcelona, Spain.
Doha: The metaverse technology can be of immense benefit to Islamic banks in terms of managing cost and serving the business community effectively noted speakers at the recently concluded 9th Islamic Finance Conference in Doha.
Speaking on financial products and services in the spectrum of metaverse Founder in IBF Net Group –Indonesia Prof. Mohammed Obaidullah said the benefits of using metaverse in the financial sector is enormous and added that these benefits can be of immense use to Islamic banks to set up virtual financial centres where customers could access financial services in a virtual environment.
“Virtual financial centers may be able to provide many of the same services as physical financial centres but with the added benefit of being accessible from anywhere in the world,” he said adding that the metaverse technology can help Islamic banks to create virtual marketing campaigns that would allow them to reach out to new customers and engage with others in a virtual setting.
Experts also noted that Islamic banks could utilize the metaverse technology to create virtual branches or offices where customers can interact with financial advisors or other staff in a virtual environment. These virtual branches may be able to provide a more personalized and convenient customer experience while reducing the need for physical infrastructure and overhead costs.
Islamic banks also could utilise the metaverse to host virtual events such as seminars, trade shows allowing attendees at attend from anywhere in the globe, they noted.
These banks according to the speakers also could use the metaverse technology to provide virtual training and development for their employees, enabling them to learn new skills and knowledge in a virtual setting.
The speakers also noted that Islamic banks can use metaverse to facilitate employee and partner collaboration and communication allowing them to collaborate in a virtual environment as if they were in the same physical location.
Speaking on the functionalities of Augmented Reality (AR) and Virtual Reality (VR) Founder and CEO of ZaryahX-India Jubran Sidique said as technology continues to evolve the metaverse or virtual reality shared space is becoming increasingly accessible and prevalent to people across the globe. The two cornerstones of the metaverse, AR and VR play a crucial role in creating more immersive and interactive experiences in the development of the new digital world offering new possibilities for education, entertainment and commerce.