Letters: Online banking, with a twist
[Re: HSBC dives into metaverse amid shutdown of bank branches, 16 March]
HSBC’s move into the metaverse is the latest in a line of high-profile brands exploring this new channel to engage with customers.
It shows that Web3 is here to stay. Metaverses and NFTs are not a fad, but something that will soon become part of our daily lives.
The success of metaverse launches such as this is based on trust: this is what will separate the winners from those that get left behind.
In fact consumers are increasingly concerned about the prevalence of hacks and scams which at worst gives the metaverse and NFTs a ‘wild west’ reputation. Businesses that already have an established close-knit community – such as luxury fashion brands and experiential companies – will be able to establish spaces built on a solid foundation of trust and reliability.
The challenge for companies like HSBC is to ensure they can transition users from real life or digital platforms into the metaverse.
Moving a community into this new sphere, allowing clients to experience the benefits of these immersive spaces will be an important step to increasing trust and establishing a strong foothold in this new market.