The killer Apps in the Metaverse and its future

TL;DR

The fintech industry is evolving from optimizing traditional banking services to embracing the opportunities presented by blockchain, crypto, and the metaverse, where collaborations and new banking models are emerging.

Transcript

[Applause] hello i'm your host effie pilarino and today i am connecting with a colleague a fintech influencer a futurist a blogger a creator chris gledhill from the uk hi chris welcome great great we haven't seen each other in such a long time we were just mentioning the last time was in dubai with that uh what was it magnificent uh yeah yeah yeah ... Read More

Key Insights

• ❓ Fintech has transcended its initial disruptive phase and is now moving towards embracing blockchain, crypto, and the metaverse.
• 🏦 The dynamics between banks and fintechs have shifted from competition to collaboration and inclusiveness.
• 🤩 Platforms and ecosystems are key players in the metaverse, with various entities vying to become the centralized hub.
• 👻 The future of the metaverse may involve placing customers in the center and allowing them more control over their data and assets.
• ❓ Startups focusing on identity management and authentication in the metaverse have great potential.
• 💱 Although unified standards and a singular digital currency in the metaverse would be ideal, it is more likely that various currencies and virtual economies will coexist.

Questions & Answers

Q: How has the fintech industry evolved from its early days of disruption?

Initially, fintech focused on optimizing 20th-century banking services in areas like loans, mortgages, and payments. However, it has now shifted towards exploring more exciting 21st-century banking models in the blockchain, crypto, and metaverse realms.

Q: What were the dynamics between banks and fintechs in the past?

In the past, there was a combative attitude between banks and fintechs, with the perception that fintechs would destroy traditional banks. However, this has changed, and now there is more collaboration and integration as all players recognize the value of fintech in the industry.

Q: How does the concept of platforms connect to blockchain, crypto, and the metaverse?

Many banks, big tech giants, and startups are building their own ecosystems and platforms, positioning themselves as the central hub for various products and services. However, the future may entail placing the customer in the middle, with other services and providers revolving around them.

Q: What is the metaverse, and how does it relate to finance and financial services?

The metaverse refers to the combination of augmented reality and virtual reality. In finance, it presents opportunities for virtual banking branches, investment portfolios, insurance for virtual assets, and new models of virtual commerce (v-commerce) and identity management.

Summary & Key Takeaways

• Fintech has transitioned from optimizing traditional banking services to exploring 21st-century banking models in the blockchain, crypto, and metaverse realms.

• The dynamics between banks and fintechs have shifted from combative to collaborative and more inclusive of diverse industries.

• Platforms and ecosystems are becoming central in the metaverse, as banks, big tech companies, and startups vie to control the centralized hub, while customers desire more control and ownership over their data and assets.