Present and Future of Metaverse Technology in the Finance Industry
Chapter from the book: Özer, G. & Yücel, R. & Er, H. (eds.) 2023. Digital Transformation in the Finance Sector.

Hülya Er
Bolu Abant İzzet Baysal University
Rahmi Yücel
Bolu Abant İzzet Baysal University

Synopsis

With the rapid development of technology, many sectors prefer to make radical changes in the products and services they provide to their customers. The financial sector, which puts dynamism at its center, is at the forefront of the sectors leading the digital transformation. Businesses in this sector quickly adapt to digital transformation and exhibit changes and transformations in the way they present their products and services to their customers. With the development of technology, financial technologies (FinTech) are focused on and it is seen that many enterprises invest in this field. It is known that businesses have the opportunity to present financial products and services developed for their customers in different ways and to interact with their customers, with the metaverse, which is also called the metaverse and expresses the potential of transitioning to the virtual universe through some technological hardware, even if it is not physically present. This study aims to examine the applications of businesses that adopt the metaverse, direct this field in the finance sector, and discuss the concepts of metaverse and financial technology. In addition, the advantages of businesses adopting the metaverse in the future are also examined in this context. As a result of the study, it is evaluated that the applications of the metaverse in the finance sector will increase as in many other sectors in the future, this technology will reduce the costs of financial institutions and provide faster and easier access to their customers.  In addition, it is thought that the increase in metaverse applications will positively affect the economies of countries.

How to cite this book

Er, H. & Yücel, R. (2023). Present and Future of Metaverse Technology in the Finance Industry. In: Özer, G. & Yücel, R. & Er, H. (eds.), Digital Transformation in the Finance Sector. Özgür Publications. DOI: https://doi.org/10.58830/ozgur.pub245.c1068

License

Published

September 27, 2023

DOI