The Metaverse poses an exciting opportunity for the asset and wealth management industry, says Wealth Wizards co-founder Tony Vail.
Vail, also chief strategy officer of Wealth Wizards, has emphasised the possibilities presented by virtual worlds, beyond the vision of a Metaverse where people socialise, work, own property and trade virtual goods using cryptocurrencies.
One particular aspect that stands out, he says, is the potential to educate and inform consumers.
“They could be virtually guided through various savings and investment scenarios to help them better understand possible outcomes.
“Where the potential of the Metaverse comes to life is as an income, expenditure, and outcomes visualisation tool. A numerical dashboard is fine, but some people would want to access it differently or more interactively. Accessing data via the Metaverse could greatly enhance user experience.”
“Different use cases will be developed in the future, including opportunities to engage consumers with their investment holdings like never before.”
According to Wealth Wizards, which develops technology for banks, mastertrusts and financial advice firms, financial services businesses will need to consider how to engage with their users in a way that brings to life their brand and values.
“If you’re in the business of helping people, then giving value and help to people via the Metaverse could be a way to start building trust and consideration,” explains Vail.
Vail also believes the Metaverse will help firms internally, for example with data visualisation and internal collaboration, offering teams working remotely new ways to work together.
While there are still numerous legal hurdles to overcome, Vail is urging the financial services industry to start learning and experimenting with the Metaverse now.
“As an industry, until recently, we have not been good at helping people understand and engage with what they own. By embracing the Metaverse, the financial industry can facilitate their customers in building a more tangible relationship with their pensions, savings and investments, thereby aligning with the growing focus on financial well-being in the UK.
“The potential is in front of us; as an industry, we need to look at how we start to use it – experimenting, building brand and trust, and using it for meaningful engagement.”
[Main image: chris-appano–sTwytNnqWw-unsplash]
