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Union Bank of India launches MetaVerse Lounge and Open Banking Sandbox environment

Union Bank of India has announced the launch of a Metaverse Virtual Lounge & Open Banking Sandbox environment. With Tech Mahindra, this project is being undertaken.

Uni-verse, the bank’s Metaverse Virtual Lounge, will first host product information and videos. Customers will receive a distinctive banking experience from Uni-verse by receiving data on the bank’s deposits, loans, government assistance programmes, digital initiatives, etc., in a way that makes it feel like they are in the actual world.

The bank has also started an Open Banking Sandbox environment where it will work with start-up partners and fin-techs to create and introduce cutting-edge banking products. Fintech companies and start-ups will get the opportunity to use a platform to put their innovative ideas into operation.

A Manimekhalai, MD&CEO, Union Bank of India, affirmed the bank’s adoption of the latest technologies, including Metaverse, to transform customers’ banking experience to another level at the launch event organised in Mumbai. Nitesh Ranjan, Executive Director, Union Bank of India, reiterated the bank’s commitment to facilitating an innovative banking experience for its customers through the launch of Metaverse and Sandbox.

According to its website, the public sector bank Union Bank of India has a network of more than 120 million customers served through 8850+ domestic branches, 11200+ ATMs, and 8216 BC (business correspondent) points. It features a mobile banking app called “nxt” that offers various services like checking your balance, getting a mini-statement, paying loan EMIs, transferring funds, paying bills, and the option to make investments such as fixed deposits and PPF.

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