Banking in the metaverse: a new frontier for financial institutions

Ooi, Keng-Boon; Tan, Garry Wei-Han; Aw, Eugene Cheng-Xi; Cham, Tat-Huei; Dwivedi, Yogesh K.; Dwivedi, Rohita; Hughes, Laurie; Kar, Arpan Kumar; Loh, Xiu-Ming; Mogaji, Emmanuel; Phau, Ian; Sharma, Anshuman

doi:10.1108/ijbm-03-2023-0168

Cited by 26 publications

(9 citation statements)

References 41 publications

(79 reference statements)

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“…In contrast to the conventional digital evolution seen in high street banks, TDNBs represent a unique hybrid model that combines the evolving digital landscape of traditional banks with emerging fintech trends. This nuanced perspective positions TDNBs as pioneers in adopting cutting-edge technologies such as chatbots (Abdulquadri et al ., 2021), robots/humanoids (Mills, 2018), and venturing into the metaverse (Koohang et al ., 2023; Ooi et al ., 2023). This paradigm shift offers a dynamic insight into how banks can strategically position and brand themselves amidst such dual transformation.…”

Section: Discussionmentioning

confidence: 99%

High street banking on the app: branding strategies of traditionally-driven neobanks

Mogaji,

Nguyen

2024

IJBM

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PurposeSeveral high street retail banks are extending their brands into digital banking through fully digital, app-only neobanks, which have been described as traditionally-driven neobanks (TDNBs). These TDNBs are considered a form of brand extension, representing the increased complexity of branding banks and financial institutions. This study explicitly addresses the branding strategies employed by TDNBs.Design/methodology/approachThis study has adopted a case study research design, using a multi-stage data collection strategy. Initially, interviews were conducted with bank managers, followed by interviews with customers. Later, user-generated content was extracted through verified reviews from the app store. Subsequently, these three strands of data were thematically analysed and triangulated, in order to gain a holistic understanding of the branding strategies used by TDNBs.FindingsThree key themes emerged regarding the branding strategies of the TDNBs: aligning with the parent brand, reinforcing the digital experience, and enhancing the brand image.Research limitations/implicationsThis study contributed to the growing body of research on marketing, branding, and digital transformation of bank services. As more traditional banks are exploring opportunities to pivot and explore other fintech options, this study offers significant insights that will help in managing brand experience and promotion across customer journeys in the banking sector.Practical implicationsThis study contributes to the growing body of research on marketing, branding, and digital transformation of bank services. Even as more traditional banks explore opportunities to pivot as well as other fintech options, this study offers significant insights to help manage brand experience and promotion across customer journeys in the banking sector.Originality/valueWhile previous studies on banking and financial services have concentrated on traditional retail and high street banks, there is a need for a greater understanding of the brand positioning of digital banks, especially those created by traditional banks.

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Section: Discussionmentioning

confidence: 99%

High street banking on the app: branding strategies of traditionally-driven neobanks

Mogaji,

Nguyen

2024

IJBM

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“…With emerging trends of cryptocurrencies, blockchain and even banking in the metaverse (Koohang et al. , 2023; Fanning and Centers, 2016; Ooi et al. , 2023; Pal et al.…”

Section: Discussionmentioning

confidence: 99%

“…Considering financial services is a highly regulated industry, there are significant implications for policymakers as they come to terms with this new bank (Alalwan et al, 2023;Higgs et al, 2022). With emerging trends of cryptocurrencies, blockchain and even banking in the metaverse (Koohang et al, 2023;Fanning and Centers, 2016;Ooi et al, 2023;Pal et al, 2021), fintechs will continue to evolve and change banking services (Fan, 2022;Nejad, 2022). Policymakers need to recognize the evolving landscape of digital banking and fintech and adapt regulations accordingly, especially in many developing countries, as Mogaji and Nguyen (2022a, b) noted, where policymaking is slowly catching up with technologies.…”

Section: Policy Implicationsmentioning

confidence: 99%

Redefining banks in the digital era: a typology of banks and their research, managerial and policy implications

Mogaji

2023

IJBM

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PurposeThis study aims to shed light on the evolving nature of banks in the digital era and the implications for bank marketing and management. The research addresses the need for a comprehensive typology of banks that integrates fintech and explores how traditional and app-only banks strategically position their brands. The key argument is that understanding the changing landscape of banking and the impact of technological advancements is crucial for banks to navigate the challenges and opportunities presented by fintech and digital transformation.Design/methodology/approachThis study examines literature and practices to develop a typology of banks, describing their characteristics, strengths, weaknesses and providing examples. It also proposes new research agendas for scholars and practitioners in the field.FindingsThis paper introduces a typology of banks based on their adoption of fintech and digital technologies. Three distinct types of banks are identified: Traditional banks adopting FinTech (TBAF), Traditionally Driven Neo Banks (TDNBs) and Digitally Driven Neo Banks (DDNBs). TBAF are traditional banks that have embraced fintech solutions to enhance their operations and customer experiences. TDNBs represent a hybrid model, combining the trusted brand and infrastructure of traditional banks with the digital capabilities and agility of neo banks. DDNBs are purely digital banks that operate exclusively online, offering innovative and user-friendly banking services.Originality/valueThis study is a pioneering work that classified banks based on their utilization of fintech and digital technologies. The study provides a typology of banks based on fintech adoption, offering valuable insights for bank managers, policymakers and researchers. The research also outlines a research agenda, suggesting future investigations to further enhance understanding of the evolving banking landscape and its implications.

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“…Just like in many other areas (e.g., Koohang et al, 2023; such as banking and finance (Ooi et al, 2023), fashion (e.g., Mogaji, Dwivedi & Raman, 2023), and transport (Mogaji, 2023), several factors have facilitated the growth of the use of immersive technologies such as AR and VR in international business (Table 1). First, advancements in ICTs, especially in VR and AR, have stimulated the use of immersive technologies in international business.…”

Section: Facilitators and Barriers For The Use Of Immersive Technolog...mentioning

confidence: 99%

“…It is evident from the previous discussion that, much like in other domains (e.g., Koohang et al, 2023;Mogaji, Wirtz, Belk & Dwivedi, 2023) such as banking and finance (Ooi et al, 2023), fashion (e.g., Mogaji, Dwivedi & Raman, 2023), transportation (Mogaji, 2023), and tourism (Buhalis et al, 2023), immersive technologies like AR and VR are emerging as significant forces in the realm of international business. While a substantial body of research has explored the roles of the Internet in facilitating internationalization activities (e.g., Bui et al, 2006;Gabrielsson & Gabrielsson, 2011;Morgan-Thomas & Bridgewater, 2004;Sinkovics et al, 2013;Tajpour & Razavi, 2023;Yamin & Sinkovics, 2006), there has been limited research examining how AR and VR contribute to the process of internationalization.…”

mentioning

confidence: 99%

How can virtual and augmented reality facilitate international business?

Kshetri,

Dwivedi

2024

Thunderbird Intl Bus Rev

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While extensive research has explored the internet's role in internationalization, there is limited understanding of how augmented reality (AR) and virtual reality (VR) contribute. Our objective is to address and fill this gap by investigating the roles of AR and VR in international expansion of services and cultural products. The paper addresses facilitators and barriers for the use of these technologies in international business. It argues that advancements in information and communication technologies have played a pivotal role in fostering the integration of AR and VR into global business operations. The study examines the role of these technologies in inward internationalization, particularly in the tourism sector The article also delves into the disintermediation effects of AR and VR compared to Internet‐based platforms, emphasizing their potential to outperform traditional e‐commerce websites. Additionally, the research explores how AR and VR stimulate the internationalization of cultural products, such as concerts and visual art, overcoming geographical constraints. AR and VR technologies are currently in use by a variety of entities, including national tourism authorities, destination management organizations (DMOs), and service providers in the travel and hospitality industries, such as airlines and hotels. They are also employed by producers of cultural products, such as concerts and visual art. The ongoing advancements in these technologies are expected to broaden their existing applications.

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Banking in the metaverse: a new frontier for financial institutions

Cited by 26 publications

References 41 publications

High street banking on the app: branding strategies of traditionally-driven neobanks

High street banking on the app: branding strategies of traditionally-driven neobanks

Redefining banks in the digital era: a typology of banks and their research, managerial and policy implications

How can virtual and augmented reality facilitate international business?

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