HSBC dives into metaverse amid shutdown of bank branches
HSBC is swapping the physical world for virtual reality with plans to build a metaverse amid the closure of dozens of physical bank branches.
HSBC has inked a deal with Sandbox to build a metaverse which will open up a host of opportunities for the bank to engage with virtual communities according to today’s announcement. While HSBC said it will initially target gaming and sports partners, financial services could also be coming to virtual reality with the bank yesterday announcing plans to shut down 69 physical branches across the UK.
“The metaverse is how people will experience Web3, the next generation of the Internet — using immersive technologies like augmented reality, virtual reality and extended reality,” said Suresh Balaji, the chief marketing officer for HSBC’s Asia-Pacific division.
“At HSBC, we see great potential to create new experiences through emerging platforms, opening up a world of opportunity for our current and future customers and for the communities we serve,” he continued.
The idea of a metaverse was thrust into the spotlight last year when Facebook changed its name to Meta to signal its belief that future social interactions will take place in virtual reality.
HSBC joins over 200 entities which have already started building a virtual world with Sandbox. Partners include major brands such as Gucci, Adidas and Warner Music Group as well as celebrities such as Snoop Dogg, Deadmau5 and Steve Aoki.
“Through our partnership with The Sandbox we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers,” Balaji said.
Read more: HSBC to permanently shutter 69 bank branches after footfall plummets