Web3, the metaverse and similar emerging technologies continue to be subject to significant hype, yet many in financial services remain skeptical of their potential role in the industry.
While a few major players, such as HSBC and JPMorgan, have been quick to adopt such technology, with JPMorgan's “Opportunities in the Metaverse” forecasting that the metaverse could reach $1 trillion in annual revenue, most have been reluctant to explore the transformational potential of these technologies.
Innovations like the metaverse will be vital to the advancement of the financial services sector and have the potential to deliver unique business benefits. But will customers adopt these innovations on a large scale? Where does the real value lie in such technologies if they are to be more than a short-term fad?