The Indian-government-owned Union Bank of India forays into the metaverse by announcing the launch of a Metaverse Lounge and Open Banking Sandbox environment.
At an event held in Mumbai, the Union Bank unveiled the Metaverse Virtual Lounge titled “Uni-verse” which will feature product information and videos in its initial phase.
As per the announcement, Uni-verse will provide customers with a “unique” banking experience, allowing them to stroll around the Lounge and learn about the bank’s deposits, loans, government welfare schemes, and digital initiatives as if they were in the real world.
The Union Bank of India is launching the Metaverse Virtual Lounge in collaboration with the indian multinational information technology firm Tech Mahindra.
The bank also introduced the Open Banking Sandbox environment, whereby it will work with Fintechs and startup partners to create and introduce “innovative” banking products.
Sandbox environments give developers and financial technology companies a platform on which to implement their ideas.
Through the introduction of Metaverse and Sandbox, Nitesh Ranjan, Executive Director, Union Bank of India, reaffirmed the bank’s dedication to providing its clients with innovative banking experiences.
The initiatives underline the bank’s embracing of the most recent technology, including Metaverse, which elevates the customer banking experience, according to A Manimekhalai, MD and CEO of Union Bank of India.
Also Read: Kiya.ai Unveils India’s First-ever Banking Metaverse: Kiyaverse
Additionally, with the introduction of Sandbox, the bank is establishing an environment for Open Banking that will not only enable the creative ideas of Third Party developers to reality but also open up new opportunities.
