A notable 40% of executives expressed uncertainty or anticipated no impact from the metaverse. Furthermore, 31% of respondents see a limited role for this technology, while just 29% expressed optimism about its potential.

The findings imply that—at least for the consumer metaverse in financial services where individuals play and engage—clear and relevant use cases or applications have not been established. It may not be as promising as developments in the industrial and enterprise sectors that currently offer considerably more practical applications, such as aerospace testing and manufacturing simulations.

What is often compounding the challenges is that the financial services industry is not offering any new insights into the metaverse’s advantages for consumers in their financial journey. Initiatives piloted by banks often emulate existing physical infrastructures, for example, the branch in the metaverse. This suggests that the full potential of the metaverse’s most effective applications within financial services have yet to be fully realised.

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