The Future of Finance and Financial Services: METAVERSE

Abstract

Metaverse is not a new concept for those who follow the changes and advances in technological fields. However, many fields are still too early for Metaverse applicability. Also, no one can make a clear prediction about how successful the Metaverse will be for its use in any field. However, it is known that large technology companies have invested huge amounts of time, resources and money for the use and development of Meteverse. Consulting firm PricewaterhouseCoopers predicts that the global Metaverse market will grow from $45.5 billion in 2019 to $1.5 trillion in 2030. In the event that this anticipated development in Meteverse is realized, the finance and financial services industry will also be able to use this potential new market as an area where they can develop their own products and services. In this study, a conceptual framework was created at the point of what Metaverse currently means for finance and financial services and what the potential opportunities for the field might be. In this context, the study deals with what the metaverse means in the first part with the title of What is Metaverse?, in the second part the Future of Finance and Financial Services is introduced, and in the last part, how the Metaverse Will Shape the World of Finance is analyzed.

Keywords

• Metaverse
• Finance
• Financial Services

FİNANS VE FİNANSAL HİZMETLERİN GELECEĞİ: METAVERSE

Öz

Teknolojik alanlardaki değişim ve ilerlemeleri takip edenler için yeni olmayan bir kavram: Metaverse. Bununla birlikte bir çok alanda Metaverse’ün uygulanabilirliğinden bahsetmek için henüz çok erkendir. Hiç kimse Meteverse’ün herhangi bir alandaki kullanımı için ne kadar başarılı olabileceği hakkında net bir öngörüde bulunamamaktadır. Ancak büyük teknoloji şirketlerinin Meteverse’ün kullanımı ve gelişimi için çok büyük miktarda zaman, kaynak ve para yatırımı yaptığı bilinmektedir. Danışmanlık firması PricewaterhouseCoopers, küresel Metaverse pazarının 2019'da 45.5 milyar dolardan 2030'da 1.5 trilyon dolara kadar büyüyeceğini öngörmektedir. Meteverse’deki öngörülen bu gelişimin gerçekleşmesi durumunda, finans ve finansal hizmet sektörü, potansiyel bu yeni pazarı kendi ürün ve hizmetlerini geliştirebilecekleri bir alan olarak kullanabileceklerdir. Bu çalışmada, Metaverse’ün finans ve finansal hizmetler için hali hazırda neleri ifade ettiği ve alan için potansiyel fırsatlarının neler olabileceği noktasında kavramsal bir çerçeve oluşturulmuştur. Bu bağlamda çalışmada Metaverse’ün ne ifade ettiği ‘Metaverse Nedir?’ başlığı ile birinci bölümde ele alınmakta, ikinci bölümde finans ve finansal hizmetlerin geleceği konusu ortaya konulmakta ve son bölümde Metaverse’ün finans dünyasını nasıl şekillendireceği konusu analiz edilmektedir.

Anahtar Kelimeler

• Metaverse
• Finans
• Finansal Hizmetler

Kaynakça

1. A virtual banker as an avatar and a home employee video consultation https://www.donga.com/news/article/all/20210718/108023154/1 Erişim Tarihi: 10.03.2022
2. Commercial banks, metaverse experiment… Creating a new path for financial services https://www.asiatime.co.kr/article/20210723500185 Erişim Tarihi: 13.03.2022
3. Digital banking redefined in 2021. Deloitte Development LLC. https://www.deloittedigital.com/content/dam/deloittedigital/us/documents/offerings/offering-20200611-retail-banking.pdf Erişim Tarihi: 10.03.2022
4. Global Banking Practice. The 2020 McKinsey Global Payments Report. October 2020
5. https://www.mckinsey.com/~/media/mckinsey/industries/financial%20services/our%20insights/accelerating%20winds%20of%20change%20in%20global%20payments/2020-mckinsey-global-payments-report-vf.pdf Erişim Tarihi: 08.03.2022
6. Yurcan B. Headed for the Metaverse: Banks’ Use of Virtual Reality Is on the Rise https://thefinancialbrand.com/124982/metaverse-banks-use-of-virtual-augmented-reality-facebook-training/ Erişim Tarihi: 10.02.2022
7. The metaverse could be tech’s next trillion-dollar opportunity: These are the companies making it a reality. https://www.cbinsights.com/research/metaverse-market-map/ Erişim Tarihi: 15.02.2022
8. Digital banking redefined in 2021 Reimagining And Delivering Digital Banking Experiences Post Covid https://www.deloittedigital.com/us/en/offerings/next-gen-digital-banking/digital-banking-redefined-in-2021.html Erişim Tarihi: 04.03.2022

9. Metaverse in Finance Market By Component (Hardware, Software), Technology (Blockchain, Metaverse Wallets, Virtual Assistants, NFT), End Use (Brokerage Firms, Investment Banks, Financial Institutions, Fintech Companies, Digital Asset Management Companies, Financial Advisory Companies, Commercial Banks), and By Region Forecast
10. https://www.emergenresearch.com/industry-report/metaverse-in-finance-market Erişim Tarihi: 19.03.2022
11. Virtual and augmented reality could deliver a $1.5 trillion boost to the global economy by 2030 – PwC https://www.pwc.com/th/en/press-room/press-release/2020/press-release-29-01-20-en.html Erişim Tarihi: 10.01.2022
12. Jeon, H. J., Youn, H. C., Ko, S. M., & Kim, T. H. (2021). Blockchain and AI Meet in the Metaverse. DOI: 10.5772/intechopen.99114. https://www.intechopen.com/chapters/77823
13. Lee, B. K. (2021). The Metaverse World and Our Future. Review of Korea Contents Association, 19(1), 13-17.
14. Lee, J. Y. (2021). A Study on Metaverse Hype for Sustainable Growth. International journal of advanced smart convergence, 10(3), 72-80.
15. N. Stephenson, Snow Crash, US, Bantam Books, 1992.
16. National Pension Service - Internet & Security Agency, 'Electronic Verification Blockchain Agreement' on Metaverse https://www.yna.co.kr/view/AKR20210721139000530 Erişim Tarihi: 20.02.2022
17. Ning, H., Wang, H., Lin, Y., Wang, W., Dhelim, S., Farha, F., ... & Daneshmand, M. (2021). A Survey on Metaverse: the State-of-the-art, Technologies, Applications, and Challenges. arXiv preprint arXiv:2111.09673.
18. Palermo, F. (2022). What you need to know about the state of the metaverse today. https://venturebeat.com/2022/03/19/what-you-need-to-know-about-the-state-of-the-metaverse-today/. Erişim Tarihi: 18.04.2022.
19. Park Hyun-Young, The Combination of Metaverse and Blockchain, Digital Daily [Internet]. 2021. Available from: http://m.ddaily.co.kr/m/m_article/?no=208850 Erişim Tarihi: 10.03.2022
20. Seok, W. H. (2021). Analysis of Metaverse Business Model and Ecosystem. Electronics and Telecommunications Trends, 36(4), 81-91.
21. Suzuki, S. N., Kanematsu, H., Barry, D. M., Ogawa, N., Yajima, K., Nakahira, K. T., ... & Yoshitake, M. (2020). Virtual Experiments in Metaverse and their Applications to Collaborative Projects: The framework and its significance. Procedia Computer Science, 176, 2125-2132.
22. The Metaverse Market Map: 90+ Companies Changing The Way We Socialize, Work, And More In A Virtual World https://www.cbinsights.com/research/metaverse-market-map/ Erişim Tarihi: 10.01.2022
23. The Sandbox [Internet] 2020. Available from: https://installers.sandbox.game/The_Sandbox_Whitepaper_2020.pdf Erişim Tarihi: 10.02.2022
24. Virtual and augmented reality could deliver a $1.5 trillion boost to the global economy by 2030 – PwC https://www.pwc.com/th/en/press-room/press-release/2020/press-release-29-01-20-en.html Erişim Tarihi: 10.02.2022 Weston (2021). Frequently Asked Questions About Metaverse. https://101blockchains.com/metaverse-faqs/ Erişim Tarihi: 02.01.2022
25. Woori Bank, Metaverse-based 'Future Finance Business' Full-scale Startup https://www.asiae.co.kr/article/finance/2021080515404878359 Erişim Tarihi: 10.03.2022