Punjab National Bank embraces virtual reality with the launch of a Metaverse branch
Customers will be able to interact with their digital avatars in an immersive 3D environment while completing typical banking tasks.
Highlights
- Punjab will provide customers with an immersive 3D experience
- Users can perform traditional banking activities through their avatars
- The virtual branch will provide a unique way for customers to engage with PNB's offerings
As per a PTI report, on 6 June 2023, Punjab National Bank (PNB), a state-owned bank, unveiled ‘PNB Metaverse’, a virtual branch offering customers a distinct banking experience.
The Metaverse branch allows customers to access a virtual environment from the convenience of their homes or offices using mobile phones and laptops. Through this virtual platform, customers will have exclusive access to the bank's offerings.
Furthermore, PNB aims to enhance the banking experience by providing customers with an immersive 3D environment where they can engage in traditional banking activities using digital avatars.
PNB steps into the Metaverse
‘PNB Metaverse’ allows both current and prospective customers to explore the bank's range of products and services, including bank deposits, retail and MSME loans, digital offerings, specialised products for women and senior citizens, ‘Do It Yourself’ options, and government flagship schemes. The virtual branch aims to provide a unique and convenient way for customers to engage with PNB's offerings.
Atul Kumar Goel, the managing director of PNB, noted that going from a corporate setting to a social platform is as easy as walking from the office to the movie theatre across the street in this next phase of the internet, which transforms from a dispersed collection of sites and applications into a permanent 3D environment.
"With this technology, we are looking forward to increasing the customer engagement rate, improving the customer acquisition process, and providing a hyper-personalised customer experience."
A recent report by YouGov suggests that there is a growing awareness of the Metaverse among Indians. The survey, which included over a thousand participants, revealed that 53 percent of the respondents from India claimed to be familiar with the concept of the Metaverse. This indicates an increasing level of knowledge and understanding of the Metaverse among the Indian population.
By leveraging this virtual environment, the bank is providing customers with exclusive access to its services and offerings from the comfort of their own devices. As more banks embrace the Metaverse, we can anticipate further transformations in the way customers interact with financial institutions, ultimately shaping the future of banking and customer experiences.
