How the next generation of the internet will boost open banking solutions from fintech companies

Although many of us turn our minds to the vast social media applications of metaverse, this new technology landscape extends far beyond the realm of social networking and entertainment and into more traditional sectors. The growth of virtual and augmented reality has enabled the buying and selling of goods In virtual environments, revolutionizing how consumers transact online. This, along with several innovations in spending and fintech services are already beginning to bring new optimism to the emergence of open banking.

As a sprawling virtual space, fintechs and more traditional organizations alike have been quick to embrace the metaverse and the technology that drives it. JP Morgan (NYSE: JPM), for example, hurried to
Create your own digital lobby Within the Decentraland metaverse, HSBC has recently chosen to build its own space within the Sandbox,
Stating that “The agreement opens the door for other global organizations to continue to innovate in Web3 as consumer adoption requires more powerful experiences in the metaverse through decentralized offerings and the game.”

(picture: grayscale)

Asset management company Grayscale highlights the potential the metaverse can provide to companies across a range of industries. Throughout the total addressable market for the metaverse, we can see the huge potential of more comprehensive payment solutions and financial frameworks. With the metaverse highlighted as a $1.4 trillion market opportunity, it’s certainly worthwhile for fintech companies to turn their attention to the Web 3.0 era sooner rather than later.

While the metaverse is still many years away from realizing its full potential, we can see that it is already beginning to build on the potential offered by open banking solutions. Over the coming years, we may not be able to physically walk through our investment performance charts, or take ourselves digitally to a trading floor to showcase our investments in cryptocurrency, but the advent of Web 3.0 is set to fundamentally change our relationship with our money. Let’s take a deeper look at how the next generation of the Internet will make this possible:

The future of data visualization

Being able to explore the rich levels of user-generated data about spending habits, investment choices and different assets in the age of big data and unprecedented levels of insight is a key aspect of
open banking.

The financial industry is becoming increasingly complex as it embraces new technologies such as blockchain and cryptocurrency, and users’ wealth can be spread in a more diverse way than ever before.

As the metaverse grows, AR and VR solutions will be able to generate experiences that can help users decipher complex information about their accounts. With this in mind, Vivek Dube, author of the 2020 Fintech Book, suggests we look at the model that Salesforce implemented Using the Oculus Rift as a way to create a 3D space in which information can be divided.

“Constancy Labs, part of Fidelity Investments, has also tapped into the innovation behind Oculus Rift,” adds Dube. “They created a virtual world called ‘Stock City’ where stock portfolios are transformed into a 3D virtual city, where financial professionals can immerse themselves in information.”

Such a move could pave the way for much greater levels of financial education and more overall control over financial management among users.

In the age of Web 3.0, we are likely to be generating more amounts of big data than ever before. Fintech companies will have a duty to find more comprehensive ways to transform the data we produce
Imaginations that can be controlled It can provide actionable insights.

Today, users can still access insights into spending patterns through platforms like Revolut — which has become an innovator in
Open banking age.

The way to reach

The metaverse will be the single largest tool in the development of open banking. This is because it can lay the foundations for truly democratizing finance.

By embracing these new digital frontiers, it can help fintech companies shift away from a one-dimensional market to one
More volumetric virtual scene With different dimensions and a creative economy.

By taking advantage of an interconnected global landscape, the metaverse could pave the way for digital financial access, ultimately, to billions of users – who in turn will contribute to a thriving online economy.

In their commitment to take advantage of open banking services, such as fintech RevolutionStarling and Nubank (NYSE: NU) have already boosted the number of channels available to users by some margins — making financial services, capital and assets more accessible to users around the world.

By accelerating the growth of an industry that was initially slow to modernize, we can already see the effects of democratization. This is especially true with Nubank’s success in providing banking solutions to those without access to banking services in Latin America.

As the metaverse continues to grow, we will see more users conduct their banking in a virtual way. In a borderless digital ecosystem, fintech companies have been given an unprecedented opportunity to thrive on a global scale. Leveraging big data insights and boosting financial literacy will likely be just the beginning of the open banking revolution.

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