At an event that took place in Mumbai on July 8, 2022, the Union Bank of India made the announcement that it will be launching the Metaverse Virtual Lounge as well as an Open Banking Sandbox environment.
In the beginning stages, the Uni-verse, the Metaverse Virtual Lounge of the Bank, will serve as a repository for movies and information regarding products
Customers will be able to roam around the lounge, get information about bank deposits, loans, government welfare schemes and digital initiatives, and other topics as if they were experiencing the real world, according to a statement released by the bank, which said that Uni-verse will deliver a one-of-a-kind banking experience to customers. This endeavor was started in conjunction with Tech Mahindra as a collaborative effort.
Additionally, the Union Bank of India has introduced the Open Banking Sandbox environment. This is a platform through which the bank will work with partners in the fintech and startup industries to create and introduce novel banking products. The sandbox environment gives developers and financial technology companies more influence by offering a platform on which their ideas can be realized.
According to A Manimekhalai, the Managing Director and Chief Executive Officer of Union Bank of India, the initiatives confirm that the bank has adopted the most recent technology, such as Metaverse, which takes the banking experience of customers to a new level. In addition, the Bank is ushering in an Open Banking environment with the launch of Sandbox. This environment will not only make the innovative ideas of Third Party developers a reality, but it will also pave the route for new paths to be explored.
The Executive Director of Union Bank of India, Nitesh Ranjan, reaffirmed the bank’s dedication to provide its customers with new banking experiences by announcing the launch of Metaverse and Sandbox.