Online banking, with a twist

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Friday, March 18, 2022 7:15 a.m.

[Re: HSBC dives into metaverse amid shutdown of bank branches, 16 March]

HSBC’s entry into the metaverse is the latest in a series of high-profile brands exploring this new channel to interact with customers.

This shows that Web3 is here to stay. Metaverses and NFTs are not a fad, but something that will soon become part of our daily lives.

The success of metaverse launches like this hinges on trust: it’s what will separate the winners from those left behind.

In fact, consumers are increasingly concerned about the prevalence of hacks and scams that, at worst, give the Metaverse and NFTs a “Wild West” reputation. Businesses that already have an established tight-knit community — such as luxury fashion brands and experiential businesses — will be able to establish spaces built on a solid foundation of trust and reliability.

The challenge for companies like HSBC is to ensure they can transition users from real life or digital platforms to the metaverse.

Moving a community into this new sphere, allowing customers to experience the benefits of these immersive spaces will be an important step in building trust and establishing a strong position in this new market.

Anna Jones

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