Recently, the Union Bank of India launched “Uni-Verse” – a virtual lounge where customers can choose avatars, interact with other users, and browse through the various schemes, products, and services the bank offers. 

We sat down with Anil Kuril,  the CTO at Union Bank, to discuss this bold step forward. Here’s what he had to say on the importance of the metaverse and how it can help banks sell better:

👉 On customer response to the Uni-verse platform

We have received a tremendous response from our users as well as from various stakeholders for introducing another channel of banking with an enhanced experience.

In fact, an average of 3000+ customers are visiting our Virtual Lounge on a daily basis with over 69,025 hits since our launch on 8th July 2022!

👉 On collaborating with other FinTech companies through the Open Banking Sandbox

Our recently launched Open Banking Sandbox enables us to collaborate with other booming Fintech Companies and startups. This will help us provide innovative products and services to our users and the companies we work with to test their ideas/innovations in real-life environments.

👉 On how the metaverse can help sales forces sell better

Uni-verse reinvents existing customer experiences by enabling users to explore the various products and services our bank has to offer using

AR/VR channels and delivering immersive experiences in simulated environments. 

Banks as a whole can reimagine how they connect with customers, offering personalized advice, delivering empathetic service, and building trust.

👉 On the next steps banks in India and APAC should be taking

Digitalization isn’t just about technology adoption but also about organizational governance and cultural shifts. To be successful in the digital world, every organization needs to be ready for these shifts. 

👉 On the exciting new plans for Uni-verse

In the future, The Lounge will be capable of initiating basic banking services for your accounts like balance inquiries, account statements, and other services.

On the employee front, we are framing a roadmap where training can be held in virtual environments.

🧊 Ice Breaker 🧊

The metaverse has exploded in popularity in recent years, but you get extra brownie points for knowing when and where the term was first created!

Hint: It was in a work of fiction