UBI deploys Metaverse and Open Banking services

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Union Bank of India (UBI) deployed a Metaverse Virtual Lounge and Open Banking Sandbox environment, according to mint.

This initiative is in partnership with Tech Mahindra. Uni-verse, the bank’s Metaverse virtual trade show, will host product information and videos in the initial phase. Uni-verse would provide a unique banking experience for customers by providing information on deposits, loans, government welfare programs, digital initiatives, and more. bank as if they were in the real world.

The bank has also launched an Open Banking Sandbox environment through which it will collaborate with fintechs and partner startups to develop and launch innovative banking products. From the perspective of fintechs and startups, they will have the opportunity to have a platform to implement their innovative ideas.

A public sector bank, Union Bank of India, according to its website, has a network of over 8,850 domestic branches, over 11,200 ATMs, 8,216 BC (business correspondent) points serving over 120 million customers . It has a mobile banking application, ‘nxt’ which provides a host of services such as balance inquiry, mini statement, EMI loan payment, fund transfers, bill payments and the ability to make investments such as term deposits, PPF, etc.

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