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Banking in 2024: An incremental transformation fuelled by AI and Metaverse

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By Ajay Setia, Founder and CEO, Invincible Meta

In the dynamic world of banking, the year 2024 is poised to usher in significant changes. However, these changes won’t arrive as a sudden upheaval but rather as a gradual shift, with two key factors leading the way: Artificial Intelligence (AI) and the metaverse. Ajay Setia, the CEO of InvincibleMeta.AI, offers valuable insights into this evolving landscape, emphasizing that this transition will take place step by step rather than instantaneously.

AI is set to play a pivotal role in this transformation. According to reports from prominent agencies such as PwC and McKinsey, AI’s application in banking is multifaceted and diverse. First and foremost, AI-driven chatbots and virtual assistants are expected to become more sophisticated. They will provide customers with personalised and real-time assistance, reducing response times and enhancing query resolution. This will undoubtedly improve the overall customer experience, a crucial aspect of banking services.

Beyond customer service, AI will be harnessed for risk management and security. AI algorithms will become more adept at detecting fraudulent activities, offering an additional layer of protection for both banks and their customers. Moreover, credit scoring models will be refined, making lending decisions more precise and efficient.

AI’s potential doesn’t stop there. Banks will increasingly rely on AI-powered analytics to gain a deeper understanding of customer behavior and preferences. This data-driven approach will enable targeted marketing and product development. As a result, banks will create more customer-centric services, fostering loyalty and trust among their customer base. Metaverse, another term that has captured the tech world’s imagination, is set to leave a lasting impact on the banking industry. InvincibleMeta.AI’s VRBank is at the forefront of this endeavor, working tirelessly to seamlessly integrate banking into the metaverse. Although the concept of the metaverse is still in its infancy, its potential is boundless.

Envision a scenario where individuals seamlessly navigate their financial data and execute transactions within a virtual realm. Banking transcends its traditional role and transforms into an immersive encounter. The metaverse’s expansive possibilities in banking extend beyond conventional boundaries. It has the potential to redefine financial education and advisory services. Imagine immersing yourself in a virtual financial academy, participating in seminars, or consulting with financial experts—all within a dynamic 3D environment. VRBank is dedicated to transforming this vision into a tangible reality.

In conclusion, the transformation of the banking sector in 2024 is an incremental process rather than an overnight revolution. AI will underpin many aspects of banking, enhancing customer experiences, improving security, and enabling data-driven decision-making. Simultaneously, the metaverse, with products like VRBank, will introduce a new dimension to banking, making it more immersive and engaging for customers.

As we move forward into this era of change, it’s essential to recognise that these developments are not isolated occurrences but part of a larger trend. Banking is evolving, and it’s doing so step by step, with AI and the metaverse as guiding forces. While the journey may be gradual, the destination promises a dynamic and technologically advanced banking landscape, benefiting both customers and the industry as a whole.

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