1、Act now to gear up for the futureBanking in the 2022 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.NDP384365

2、-1AAs more banks step into the uncharted reaches of the metaverse,bankers are searching for answers about how this virtual and immersive augmented reality can spur growth.The number of financial institutions entering the metaverse continues to grow.Though it is unknown where this potentially transfo

3、rmative-growth technology will lead,it is wise to remember that in the 1990s there were similar uncertainties,leading to questions about the internets commercial potential.Weve learned during the past 25 years that bank internet first-movers benefited far more than laggards,and there is no reason no

4、t to expect a similar result in the still-developing metaverse banking realm.“The metaverse and Web3 represent the next generation of the internet and will reshape the way businesses and consumers engage,transact,socialize,and work,”said Cliff Justice,leader of Enterprise Innovation at KPMG.“Busines

5、s leaders in financial services should consider the precursors to the metaverse like extended reality,blockchain,and new payment rails to begin long-term planning to thrive in this future market.”Our view is that banks not working on a metaverse strategy need to consider creating one now,along with

6、investigating whether they need an immediate presence in one of the many existing metaverse sites.Banks also must recognize that any metaverse site will change many times in the coming years,and the strategies that will set banks directions and goals also will be altered continually for the foreseea