Multiple listed banks test the "meta-universe" Is it innovation or hype concept?

Economic Observation Network reporter Lao Yingying recently Bank of Ningbo (002142.SZ), Bank of Jiangsu (600919.SH), Zheshang Bank (601916.SH) and Baixin Bank have announced the test of the "meta-universe", virtual digital employees, digital collections have become the two major varieties of banks to explore the meta-universe, and some banks have touched the "meta-universe" by creating an immersive service experience.

Some insiders believe that with the concept of "meta-universe" being hyped, many bank customers show strong interest in "meta-universe", commercial banks take customers as the center, and it is necessary to pay attention to "meta-universe", but the current "meta-universe" has not yet been clearly defined, related technological progress and business models are not mature, how the banking industry participates in it still needs to be explored, and banks should avoid over-hyping the concept. Customers still need real products, not AR and VR technology itself.

Listed banks "test the waters" metacosm

On February 23, some media reported that Bank of Ningbo applied for the registration of a number of "meta-universe" related trademarks. The Economic Observer Network reporter searched qixinbao and found that the bank of Ningbo applied for registration of a number of meta-universe related trademarks including "Ningbo Bank meta-universe", "Huitong meta-universe" and "Yongyingyuan universe", the international classification is financial property management, website services, communication services, scientific instruments, etc., the current trademark status is in the trademark application, waiting for substantive examination. In addition to bank of Ningbo, Baixin Bank, Bank of Jiangsu and Zheshang Bank have also recently announced the test of the "meta-universe".

"In the past, the banking industry has been at the forefront of scientific and technological innovation, and now the meta-universe has become the forefront of the concept of the Internet, and the banking industry has taken the lead in making relevant attempts. The concept of a metacosm is vast, and it may be difficult to implement it at this stage, but some banks have begun to start with small areas such as virtual digital employees. Du Juan, deputy director of the Strategic Development Research Center of Suning Financial Research Institute, told the Economic Observer Network reporter.

Among them, Baixin Bank has a more active layout. On December 30, 2021, in the field of virtual digital employees, Baixin Bank launched the virtual digital employee "AIYA". According to Chen Longqiang, chief strategy officer of Baixin Bank, AIYA is built according to a virtual idol, with height, weight and preferences, its own personality and good-looking clothing. And she is personified and will have Weibo and Xiaohongshu accounts. Baixin Bank hopes that AIYA can endorse and bring "goods" for them, and she will evolve in the future, through AI training IQ, financial intelligence and emotional chambers are getting higher and higher, and will also be involved in more financial service delivery links.

In the same month, Jiangnan Rural Commercial Bank cooperated with JD Cloud to launch VTM Digital Employees. The digital employee has the face of a simulated person and can independently and accurately complete the whole process of self-service response, business handling, active service, risk control and compliance and other full-process services in bank transaction scenarios.

"In fact, the fundamental purpose of banks to do technological innovation, including reducing costs, improving efficiency, improving business capabilities, improving service experience, attracting customers, etc., digital employees belong to a kind of innovation, and the goal of innovation should also be around the above." Therefore, the difference between the quality of the bank's digital employees depends on whether the above goals can be achieved. Cuckoo said.

A person in charge of information technology in a joint-stock bank told the Economic Observation Network reporter that it is not difficult to make such a virtual digital employee, record the trajectory of people's actions on a computer, and then establish an action model, combined with business scenarios to use, speech recognition and speech synthesis have ready-made technology.

At the same time as launching the virtual digital employee "AIYA", Baixin Bank also launched the industry's first digital asset management platform "Baixin Bank Whale Xi WeChat Mini Program", providing services such as digital asset issuance and circulation to financial institutions.

In addition to virtual digital employees, digital collections have become another big breed of banks' first-looking metaversary. In November 2021, Baixin Bank issued the first digital collection of the domestic banking industry and stated that it would "welcome the meta-universe". There are also individual banks that touch the metacosm by creating immersive service experiences.

Bank of Jiangsu also announced last year that it will actively lay out the financial "meta-universe" in combination with its own advantages, try a new financial service model, create a convenient financial experience of "no need to go to financial outlets, no need to install financial Apps, and no need to consume mobile phone traffic", and organically combine the concept of meta-universe with the financial industry.

On January 11 this year, the Meta-Universe Industry Committee of China Mobile Communications Federation announced the first batch of members to accept the list, and Zheshang Bank was among them.

Avoid over-hyping the concept

According to the introduction of the "metaverse" by public information, the connotation of the "metacosm" is to absorb the information revolution (5G/6G), the Internet revolution (web3.0), the artificial intelligence revolution, and the results of the virtual reality technology revolution including VR, AR, MR, especially game engines, showing human beings the possibility of building a holographic digital world parallel to the traditional physical world.

"Personally, I think that the so-called layout metacosm of the bank is purely hype concept, using a new, broader term, AR, VR or 'simulation' technology has existed for a long time, doing marketing or can improve the customer experience, no one said anything about the metacosm concept at that time." The person in charge of the information technology of the above-mentioned joint stock bank said so.

In fact, as early as 2019, SPDB released an AI-driven 3D financial digital person. "Digital People" use 3D synthesis technology to reproduce real people, with realistic shapes, expressions, and body movements; can perceive the environment and make real-time responses; can use realistic tones and intonations to conduct multiple rounds of natural dialogue to complete the user's instructions.

"Customers still need real products, not AR and VR technology itself." Of course, as an Internet company or an AR and VR product development company, it may be an opportunity to sell hot relationship products by hype. The above-mentioned person in charge added.

Dong Ximiao, chief researcher of Zhonglian Finance, said in an interview with the Economic Observer Network reporter that the current "meta-universe" has not yet been clearly defined, the relevant technological progress and business model are not mature, how the banking industry participates in it is still being explored, and banks should avoid over-hyping the concept. At present, the banking industry should pay more attention to the research and development and application of cutting-edge technologies, deepen digital capabilities from the six levels of concept, organization, business, technology, data and cooperation, accelerate the pace of digital transformation, and launch targeted products and services based on customer needs. Such as the in-depth application of virtual reality, augmented reality and other technologies to improve the customer experience of the bank's remote service.

"At present, the concept of 'metacosmity' can easily be used for illegal fundraising, and banks should strengthen financial consumer education, strengthen risk warnings, and enhance customers' awareness and ability to identify 'metacosm' scams." Dong Ximiao said.

On February 18, the Office of the Inter-Ministerial Joint Conference on the Disposal of Illegal Fund-raising issued the Risk Tips on Preventing Illegal Fund-raising in the Name of the "Metacosm" (hereinafter referred to as the "Risk Tips"). "Risk Tips" pointed out that recently, some lawbreakers have rubbed hot spots and absorbed funds in the name of "meta-universe investment projects" and "meta-universe chain tours", suspected of illegal fund-raising, fraud and other illegal and criminal activities.

For example, fabricating fake meta-universe investment projects. Some criminals stir up concepts such as game production, artificial intelligence, and virtual reality related to the metaverse, fabricate and package high-tech investment projects with many names, publicly and falsely publicize high returns, take advantage of opportunities to absorb public funds, and have the characteristics of illegal fundraising, fraud, and other illegal acts; fraud in the name of meta-universe blockchain games. Some criminals bundle the concept of "meta-universe", claiming that "making money while playing games" and "short investment cycle and high returns" trick participants into investing by exchanging virtual currency and purchasing game equipment. This type of game is highly confusing, and there are risks such as running away from the volume.