Exploring Banking Options: Online or in the Metaverse?

Exploring if Banking Europe will be completely virtual or physically present in the #Metaverse, Breaking Banks Europe is delving into the future of banking today. In Episode BBE 157, Roberto Capodieci—the industry's mastermind, who accepted our invitation to be part of hashtag#BBE this year—was the host. His special guest was Demetrio Migliorati from Banca Mediolanum, and our executive producer was Matteo Rizzi. Demetrio Migliorati holds the position of Head of Innovation at Mediolanum, from which he has a broad view of the changes taking place and of what competitors in the banking sector are doing. The hashtag#AI revolution is something that all banks need to take into account and prepare for. At the moment, banks are experimenting with this technology to assess the level of service they provide. The new generation of customers places a lot of value in the user experience, meaning that all tech must be tailored to their preferences in order to be accepted. Therefore, banks must find ways to communicate with their customers and spread awareness of the products they offer. Another essential part of the industry's future is regulation. The introduction of new technologies often requires the establishment of new regulations, due to the potential for misuse. From another perspective, the technology employed in the banking sector can be fascinating until regulations catch up and a suitable framework can be put in place to ensure customers are protected. An intriguing element is the way people react to new technologies and trends such as DeFi; while they want progress, they also have a tendency to exploit them for their own benefit. In the present day, virtually everything is reliant upon internet-based services, so banks must adapt to this shift, especially as there are multiple web-based financing services. Perhaps in the future banks will need to provide bundles of online services, for instance software like Photoshop. Teens nowadays have a totally different outlook on money. They may not be aware of the prior establishments related to it, such as a bank which implements risk management to determine and value the financial risks that it takes. A major function of financial institutions is to manage the assorted risks incurred by individuals and products. However, due to their standing, the integration of fresh technologies and products can be challenging since, should they falter, a lot of their customers could be lost. For instance, smart contracts are a recent development in the field, but financial institutions need to cautiously adopt them due to credibility concerns. Giovanni Scandroglio has written this article. This article was composed by Giovanni Scandroglio. Hear this: Access Apple Podcasts through this link: https://bit.ly/3IzHH1F Check out Google Podcasts through this link: https://bit.ly/BBE157G Check out Spotify at this link: https://bit.ly/3QvL0Zz The following URL will take you to YouTube: https://bit.ly/BBE157YT Use this URL to visit our website: bit.ly/BBEPVK157

Source: https://medium.com/@breakingbankseurope/the-future-of-banking-fully-online-or-in-person-through-the-metaverse-63486e938331?source=rss------fintech-5