Are financial services ready for the metaverse?

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Major players such as HSBC and JP Morgan are already paving the way for adoption of the technology, with the latter’s report, Opportunities in the Metaverseestimating that the metaverse represents a $1 billion annual revenue market opportunity.

Create world-class digital experiences

As organizations look to the future, the presence of a metaverse has the potential not only to create virtual environments for staff and customers, but also to provide new ways to analyze trends, as well as ‘expand digital operations in areas such as cryptocurrencies, and generally provide a more immersive environment. client experience.

Although it’s been around in one form or another for over two decades, the Metaverse is finally becoming mainstream. Gartner predicts that over the next four years, one in four people will spend at least an hour a day in the metaverse, performing a range of tasks and activities from shopping and socializing to attending business events and distance learning. With leading tech companies like Meta (formerly Facebook, Inc.), Google and Microsoft investing billions of dollars in technology, there’s no denying it has the potential to revolutionize the way businesses engage and communicate. with customers, just like social media did. over the past two decades.

As our lives moved online during the pandemic, the way we consume digital services like mobile banking or online shopping has changed. As consumers, we don’t just compare digital experiences between competitors – but with the last great digital experience we had; whether it’s on our favorite fashion brand’s app or by speaking with a virtual representative from our bank. Customers are demanding new ways to engage and bridging the gap between the physical and virtual worlds could therefore help companies attract new digital native customers, as well as adopt and integrate new products such as metaverse mortgages” and NFTs.

However, ISP vendors face challenges when it comes to balancing these digital ambitions with the reality of their complex hybrid IT environments and modernizing their decades-old legacy environments.

Reconciling agility and governance

Despite a genuine desire by banks to accelerate the pace of digital change, this often comes on top of the proliferation of local and third-party technologies, platforms, systems and environments. To keep pace with change, banks have created DevOps-led product teams with a mandate to “go fast and break things.” Often these teams are isolated from the I&O (Infrastructure & Operations) teams who are responsible for ensuring that the infrastructure on which these new products and services are delivered is secure, compliant and safe, but this approach is often not enough. agile to meet the needs of developers. Needs.

This wall between DevOps and I&O is a barrier to the agility and resilience needed to realize digital ambitions.

Today more than ever, IT needs to be service-oriented rather than infrastructure-oriented. I&O teams must modernize their approach to IT service management (ITSM) and become the brokers that enable and govern services in these complex hybrid IT environments. This means bringing together Platform Ops, Cloud Ops, and SREs (Site Reliability Engineers) to form a modern I&O function that supports and collaborates with its product cousins ​​and provides them with well-governed self-service environments in which they can innovate.

Automation for truly complex IT environments

Essentially, to embrace new digital experiences, banks and financial services organizations need to embrace service-oriented orchestration and think about how they can scale to the environment as code.

Environment as code elevates infrastructure as code to connect product teams to I&O teams, prioritizing both developer agility and governance and enabling them to deliver , manage and orchestrate environments, platforms and services quickly, reliably, resiliently and at scale. This can be achieved with automation tools capable of providing full lifecycle orchestration for any application, in any environment and at scale and which provide the centralized control plane required for good governance. and compliance.

World-class digital experiences are built on these resilient and secure environments, and this approach can also free up developers’ time to focus on delivering innovative new services and products, such as those in the metaverse. It will be interesting to see how banks, financial services firms and insurers move forward with plans to adopt metaverse technology and not be left behind by their competitors.

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