Revolutionizing Banking: UBI and Tech Mahindra's Metaverse Transformation

Overview

Union Bank of India (UBI) faced challenges in its online presence, making it difficult for less tech-savvy customers to access services. As young digital natives gravitated toward private banks, UBI sought a digital transformation to enhance customer experience and reposition itself in the market. Traditional expansion through physical branches was costly, prompting the bank to explore innovative digital solutions.

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Challenges

  • Limited digital adoption: Struggled to attract younger customers.
  • Complex website navigation: Made accessing products/services difficult for non-tech-savvy users.
  • Market positioning: Needed to modernize its digital presence to compete with private banks.
  • High cost of physical expansion: Traditional branch-based growth was expensive.

Key Solution Features

Tech Mahindra’s Makers Lab and BFSI team introduced "Uni-Verse", a Metaverse Banking Platform that:

  • Created an immersive web and VR-based banking experience with avatars and interactive elements.
  • Allowed customers to explore banking products, check balances, and view transactions using Open Banking APIs.
  • Provided context-based, personalized recommendations tailored to user interests.
  • Designed a phased roadmap, starting with an MVP, to gradually integrate banking services into the metaverse.

Business and Community Impact

  • A rapidly growing number of visitors—over 367,653 and counting—have engaged in Uni-Verse within the first 18 months.
  • 76,000+ new leads generated through the Metaverse lounge.
  • Accelerated product launches using virtual environments.
  • Enhanced customer experience with personalized services and financial advice.
  • Future roadmap includes digital transactions, employee training, and a metaverse-based open marketplace.