The Union Bank of India has launched the Open Banking Sandbox and Metaverse Virtual Lounge. Tech Mahindra is a co-sponsor of this project.
FUni-verse, the Metaverse Virtual Lounge of the bank, will serve as a repository for product information and films. Bank deposits, loans, government assistance programmes, and digital initiatives will all be made available to clients in a manner that makes them feel like they’re in the real world.
For the first time, the bank is collaborating with start-ups and other fin-techs to create new banking products in an Open Banking Sandbox environment. Fin-techs and start-ups will be able to use this platform to execute their creative ideas.
What do the officials have to say
According to A. Manimekhalai, Union Bank of India’s Managing Director and CEO, this newest technology would change consumers’ banking experiences to a new level.
An executive from Union Bank of India reaffirmed the bank’s commitment to providing its clients with a cutting-edge banking experience with the introduction of Metaverse and Sandbox. Nitesh Ranjan
The Union Bank of India, a public-sector bank, has a network of 8850+ domestic branches, 11200+ ATMs, and 8216 BC (business correspondent) terminals servicing more than 120 million clients, according to the bank’s website.
One of the features of its mobile banking software, called “nxt,” is that it offers a variety of services such as checking your balance, seeing a mini-strategy, making loan payments, and transferring funds.