From duopoly to metapoly with extended reality: Metaverse for banks? Where do the potentials lie?

Banks can create virtual branches and offer interactive training, workshops, and seminars. They can also introduce their own virtual currencies or cryptocurrencies within the metaverse. In the area of ​​customer service and support, banks can utilize chatbots and virtual assistants…

The answer could be something like that, and it would be quite superficial and lacking any real substance. Just the kind of thing people say that should fit. If anything, the concept of a metaverse for banks is undoubtedly still in its infancy, and there are many important aspects to consider before it can be fully implemented. Likewise, many technological, legal, and security-related questions still need to be resolved. Nevertheless, one of the fundamental steps is to understand the metaverse itself and explore the possibilities it offers.

The terms “Industrial Metaverse”, “E-Commerce Metaverse”, “B2B Metaverse” and “Business Metaverse” refer to different application areas of the metaverse in a business context.

Industrial Metaverse

The Industrial Metaverse refers to the use of virtual environments and technologies in the industrial sector. It can be used, for example, in manufacturing, mechanical engineering, or logistics. Companies can simulate virtual factories or production lines to optimize processes, train employees, or increase efficiency.

E-commerce metaverse

The e-commerce metaverse refers to the use of virtual environments and technologies in online retail. Companies can create virtual stores or marketplaces where customers can discover and purchase products in an immersive and interactive environment. The e-commerce metaverse can enhance the shopping experience and enable personalized recommendations and social interactions.

B2B Metaverse

The B2B metaverse refers to the use of virtual environments and technologies in business-to-business (B2B) commerce. Companies can create virtual conference rooms or trade fairs where business partners, suppliers, and customers can interact. The B2B metaverse facilitates virtual collaboration, knowledge sharing, and the development of business relationships.

Business Metaverse

The term “business metaverse” is a general term referring to the application of the metaverse in a business context. It encompasses various areas of application, including the industrial metaverse, the e-commerce metaverse, and the B2B metaverse. The business metaverse focuses on transforming the way companies operate, interact, and deliver their services.

➡️ It is important to note that these terms are often not clearly distinguished from one another and can overlap in some cases. The development of the metaverse is still in its early stages, and new applications and terms may emerge as the technology evolves.

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To understand the further possibilities and potential for the metaverse, it is necessary to look back to the beginnings of smartphones and the rise of Amazon.

Amazon and Media Markt

From the article “ Micro-Hub – The key to a brilliant solution? ” dated February 22, 2021

Media Markt arrived in 1979 and, with a simple business model, quickly pushed traditional radio and television retailers to the margins and into crisis: large-scale specialist stores with a broad and constantly updated product range at permanently low prices, taking regional demand into account. Whereas previously you usually had to order from other retailers, at Media Markt you could take your purchase home immediately.

➡️ Whoever was fast and up-to-date dominated the market.

With the rise of the internet and e-commerce, Amazon overtook Media Markt. Along with speed came another key attribute: flexibility. How quickly and flexibly could logistics respond to regional and local demand? What was Media Markt's greatest strength at the time, Amazon perfected with e-commerce and logistics optimization.

➡️ Speed ​​and flexibility should become and remain the guiding principles of the future.

Apple iPhone

The first iPhone was launched by Apple on June 29, 2007. Market reaction to the first iPhone was both positive and skeptical.

Before the introduction of the iPhone, traditional mobile phones dominated the market, used primarily for making calls and sending texts. The iPhone, however, introduced a completely new type of mobile device, combining a multitude of functions in a single device, including telephony, internet access, music playback, a camera, and much more.

Some experts were skeptical and didn't believe a device like the iPhone could be successful. They doubted that consumers would be willing to pay the high price and that the touchscreen operation would be intuitive enough.

speed and flexibility played a crucial role here as well. While previous mobile phones had fixed menu navigation and usability, the iPhone, which ushered in the smartphone era, introduced extensive flexibility. Apps allowed users to define their own priorities and favorites flexibly , freeing them from predefined settings. Furthermore, apps could be quickly and easily.

➡️ Yesterday it was Facebook, today it's TikTok, and tomorrow it will be the latest development as the main topic on the touchscreen display.

The duopoly up to the present day

The era of the duopoly in Germany, with only three television channels, lasted from the late 1950s to the 1980s. During this time, the public broadcasters ARD and ZDF were the main players in the visual market. These channels offered viewers a limited selection of programs, covering various genres such as news, entertainment, education, and culture.

With the expansion of the internet in the 1990s, the media landscape changed drastically. The World Wide Web brought with it a wealth of information, images, films, and videos that went far beyond television. Suddenly, people had access to an unimaginable amount of data and content from all over the world.

This digital revolution has also impacted companies and their presence in the digital and online spheres. Previously, static images and text on websites were sufficient to provide information about company products. However, with the increasing demand for visual stimuli and interactive features, it has become increasingly difficult for companies to keep pace with user expectations.

Today's generation of internet users is visually oriented and expects a rich and engaging digital experience. Companies face the challenge of presenting their products and services in a timely and attractive way on websites and apps. This means they must find innovative ways to offer visual appeal, whether through high-quality product images, videos, interactive elements, or extended reality experiences.

Furthermore, communication styles have also changed. Social media and messaging platforms dominate the exchange of information and content. Companies must strengthen their presence on these platforms and create visually appealing content to capture users' attention and effectively convey their message.

Visual design is playing an increasingly important role, as it can create an emotional connection and strengthen brand image. Companies are investing in professional graphic designers, video production teams, and creative minds to produce visually stunning content and captivate their target audiences.

Ongoing technological advancements are opening up new possibilities for creating visual stimuli. For example, augmented reality (AR) and virtual reality (VR) are gaining importance for offering immersive and interactive experiences. Companies can integrate AR or VR elements into their websites, apps, or marketing campaigns to provide users with unique experiences and present their products in new ways.

The present with the beginning of the metapole

Despite all the current “dramatic” developments, it is important to note that in addition to the attributes “speed” and “flexibility” already mentioned above, a third attribute is added that defines the era of the metapol:

➡️ UX design in order and clear

Clarity is a central element of UX design at Metapol. It's crucial that users can easily identify and access the content, apps, and features relevant to them. A cluttered main view displaying all apps and information at once can be confusing and overwhelming. Therefore, design principles should be applied that ensure a clear hierarchy and organization of content.

Previously, functionalities were tied to the apps and their respective devices. On secondary devices such as spare smartphones, tablets, laptops, etc., these functionalities had to be installed and configured again. In the worst case, device synchronization was impossible, requiring manual workarounds.

With all this, the boundary between 2D and 3D visualization has been reached, which is not limited to just one device.

The boundary can be broken with a suitable metaverse. However, it must not be limited to a single device (VR glasses), but must be usable on virtually all possible visualization displays. Whether a refrigerator with a display qualifies is debatable. But who knows if we'll even be carrying smart devices with us in 50 years and be able to use every possible device in our environment for this purpose when needed?.

➡️ In the era of the metapol, UX design plays a crucial role. Speed ​​and flexibility alone are not enough to unlock the full potential of the metaverse. It is essential that the user experience within the metapol ecosystem is sound and offers clear clarity.

Metapol offers a wealth of information, opportunities, and interaction points. It is crucial that users have an intuitive and user-friendly interface to navigate and quickly and efficiently access the desired functions and content. A well-designed UX ensures that users are not overwhelmed by excessive complexity but can focus on what matters most to them.

Furthermore, the visualization of information plays a crucial role in the Metapol. While conventional 2D visualizations in text and images are often sufficient to convey information, immersive 3D visualizations in the Metapol can enable an even deeper understanding. By using augmented or virtual worlds in which users can navigate 3D environments, information can be made tangible through experiences. For example, users can explore virtual spaces, manipulate interactive visualizations, and gain a better understanding of complex relationships.

Another important aspect of UX design at Metapol is personalization. Since Metapol serves a diverse range of users with varying needs and preferences, users should have the ability to customize their virtual experience. This includes customizing the user interface, selecting preferred content and features, and interacting with other users – across all types of smart display devices.

➡️ UX design is an essential organizing element, taking advantage of the availability of an “infinite” space for implementation and design.

➡️ Work in Progress / Voabversion (Beta)

Online shopping or online banking in the virtual world – Image: Xpert.Digital

Anyone who thinks of a banking metaverse as virtual online banking hasn't (yet) grasped the concept of the metaverse. Virtual reality is just one part of the metaverse, not the whole.

Metapol solves a common problem with multiple devices through seamless integration and synchronization. Users can connect their personal devices, such as smartphones, tablets, laptops, and other endpoints, to ensure a consistent experience. This means that apps, settings, and data configured on one device can be automatically transferred to other devices without any manual intervention from the user. This enables a smooth and continuous user experience across different devices.

Furthermore, Metapol also offers the possibility of interacting with virtual assistants and AI-powered helpers. These intelligent systems can support users with various tasks, whether managing their financial portfolio, carrying out transactions, or answering questions. The virtual assistants can be personalized to meet the individual needs and preferences of users, providing them with a tailored experience.

Another important aspect of UX design at Metapol is the integration of augmented reality (AR) and virtual reality (VR). These technologies allow users to immerse themselves in an augmented or virtual environment and have interactive experiences. In the financial sector, for example, virtual branches could be created where users can interact with a digital bank advisor and conduct transactions. By integrating AR and VR, the banking experience becomes even more realistic and immersive.

Another important aspect is security and data protection within Metapol. Since financial transactions and confidential information are processed through the Metaverse, strict security measures must be implemented to protect user privacy and data. This includes the use of encryption technologies, strong authentication methods, and robust security protocols to prevent unauthorized access and data loss.

Metapol offers a wealth of opportunities for improved UX design in the metaverse financial sector. Seamless device integration and synchronization, virtual assistant support, the use of AR and VR, and ensuring security and data privacy are just some of the interesting aspects that can be considered when designing an intuitive and engaging user experience. It will be exciting to see how Metapol evolves and how these design principles and technologies are implemented in the financial industry.

The metapol and the metaverse are two terms related to virtual worlds and digital realities.

Metapol

The term “metapol” can also be seen as an abbreviation for “metaverse ecology,” although its origin lies elsewhere. It refers to the technological infrastructure that connects different virtual worlds and digital realities. The metapol represents a kind of ecosystem that enables users to interact and act within these virtual worlds. It encompasses the technologies, protocols, platforms, and standards that form the basis for the creation and use of the metaverse.

The Metapol consists of various components such as network connections, cloud computing infrastructure, blockchain technology, artificial intelligence, augmented reality (AR), and virtual reality (VR). It creates a foundation for the creation and operation of virtual worlds in which users can interact, create, and share content.

Metaverse

The metaverse refers to a virtual world or digital universe where users can interact and act in real time. It is an augmented form of reality where real and virtual elements blend together. The metaverse is often described as an immersive and interactive environment that can be visited and explored by multiple users simultaneously.

In the Metaverse, users can create avatars to represent themselves virtually, interact with other users, explore virtual spaces, participate in activities, play games, trade, express their creativity, and much more. It offers a wide range of possibilities and experiences that often differ from the real world.

The concept of the metaverse has gained significant attention in recent years, as major technology companies and platforms increasingly invest in the development and creation of metaverse ecosystems. The goal is to create a comprehensive and interconnected digital reality that encompasses various aspects of daily life and enables a seamless experience between the physical and digital worlds.

➡️ The metapol and the metaverse are still in an early stage of development, and many technological, legal, and social questions remain to be resolved. The precise definition and implementation of these concepts may evolve and change over time.

The metaverse and extended reality (XR) technology are closely related, but they represent different concepts.

The metaverse refers to an augmented digital reality, a virtual and expanded world that can be inhabited and explored by people. It is an immersive environment that allows users to meet, interact, and engage in various activities digitally. The metaverse can encompass various technologies and platforms, including virtual reality (VR), augmented reality (AR), and mixed reality (MR).

XR technology, on the other hand, is an umbrella term that encompasses various immersive technologies such as VR, AR, and MR. XR augments physical reality through computer-generated content, allowing users to immerse themselves in virtual worlds or place digital objects in the real world.

XR includes

Virtual Reality (VR)

VR creates a fully immersive experience where users can enter and interact with a virtual environment. They typically wear VR headsets that visually and often also audibly isolate them from their real-world surroundings.

Augmented Reality (AR)

AR augments the real world with computer-generated content. With AR, digital elements such as graphics, images, or 3D objects can be superimposed onto the real environment. AR is often experienced via smartphones, tablets, or AR glasses.

Mixed Reality (MR)

MR connects the real and virtual worlds by seamlessly integrating digital content into the real environment. MR allows users to interact with virtual objects anchored in their surroundings.

➡️ The metaverse can utilize various XR technologies to offer an immersive and interactive experience. Users can use VR headsets to fully immerse themselves in the metaverse or use AR technology to see digital elements in their real-world environment.

➡️ The metaverse encompasses more than just XR. It's about creating a comprehensive digital environment that can be used collaboratively by many people across borders, enabling various forms of interaction. However, XR technologies are an essential part of the metaverse and contribute to creating an immersive and interactive experience.

Mobile phone and smartphone are two terms that are often used synonymously, but still have differences.

A mobile phone is a device designed to enable wireless communication over long distances. Originally used primarily for voice communication, it offered basic functions such as making and receiving calls, sending and receiving text messages, and possibly a limited address book and some additional features like an alarm clock or calculator. Mobile phones were generally not internet-enabled and had a simpler operating system.

On the other hand, a smartphone is an enhanced mobile phone with additional features and capabilities. Beyond voice communication and text messaging, a smartphone offers enhanced internet access via Wi-Fi or mobile data connections. It features an advanced operating system that allows users to download and run a wide variety of applications (apps). Smartphones offer features such as email, web browsing, social media integration, camera and video playback, GPS navigation, and much more. They are generally more powerful and versatile than traditional mobile phones.

A key difference between mobile phones and smartphones lies in their features and connectivity. While mobile phones are primarily limited to voice communication and basic functions, smartphones offer a wider range of possibilities, including internet access, apps, multimedia capabilities, and more.

Nowadays, the terms "mobile phone" and "smartphone" are often used interchangeably, as most new mobile phones coming onto the market are considered smartphones. The rapid development of technology has led to smartphones becoming the dominant form of mobile phone, as they offer users a wide range of functions and applications that go beyond traditional telephony.

The smartphone began appearing on the market in the early 2000s and gradually gained popularity. However, it wasn't a sudden shift where the smartphone completely replaced the mobile phone. Rather, the transition was gradual and varied depending on the region and user behavior.

The first iPhone was introduced in 2007 and is considered one of the catalysts for the success of smartphones. With its intuitive touchscreen and the integration of features such as internet access, music playback, and apps, the iPhone represented a new kind of mobile device. In the years following the iPhone's launch, other companies also began to bring smartphones to market, leading to increased choice and competition.

During this period, traditional mobile phones, often referred to as "feature phones," still maintained a significant market presence. They offered basic functions such as telephony, text messaging, and sometimes limited internet access. Many people initially stuck with their mobile phones, as smartphones were initially more expensive, and not everyone saw the need or benefit of owning one.

The actual point at which smartphones took over the majority of mobile phone usage can vary depending on the region and market dynamics. In developed countries, the transition to smartphones began to be more noticeable from the mid to late 2000s. In other regions, where mobile phones may have been updated more slowly or internet connectivity was limited, it took longer for smartphones to become widespread.

In recent years, the share of smartphones in the global mobile phone market has increased dramatically. Smartphones are now virtually ubiquitous and have fundamentally changed the way people communicate, access information, enjoy entertainment, and much more. Mobile phones without smart features have become increasingly rare and have a smaller market share.

The era of three TV channels in Germany is often referred to as the “era of the duopoly” and lasted from the late 1950s until the introduction of private broadcasting in the 1980s. During this time, there were only three state-run television channels in Germany:

ARD (Association of Public Broadcasting Corporations of the Federal Republic of Germany)

The ARD was founded in 1950 and consists of the various regional broadcasting corporations in Germany. It was the first television broadcaster in Germany and offered a wide range of programs and shows.

ZDF (Zweites Deutsches Fernsehen)

ZDF was founded in 1963 as the second state-run television broadcaster. It was originally conceived as a complement to ARD, offering an alternative selection of programs. ZDF quickly became a popular channel, presenting a wide variety of programs, including news, entertainment shows, and series.

Third program

The third program was a collection of regional television programs produced by various broadcasting corporations in Germany. These programs offered a wide range of content, including regional news, culture, education, and entertainment.

➡️ During this period, television in Germany had a limited number of channels, and programs were primarily produced by public broadcasters. The selection of programs and the diversity of content were more restricted compared to today. However, this changed with the liberalization of the broadcasting market in the 1980s, when private television stations were introduced in Germany and the market for TV programs diversified.

User experience (UX) design is a crucial aspect of product and service development, including digital applications and websites. Good UX design aims to create a positive user experience by considering users' needs, goals, and expectations, and enabling intuitive and effective interaction.

Regarding the aspects of “order” and “overview”, there are several principles and best practices in UX design that can help create a clear and understandable user interface:

Hierarchy: By creating a clear visual hierarchy, important content and functions can be highlighted. This can be achieved through the use of size, color, contrast, and placement to show users what is most important.

consistency

Uniformity and consistency in the design of elements such as buttons, icons, colors, and layouts make it easier for users to navigate and use the application. A consistent appearance and behavior create familiarity and increase the efficiency of user interaction.

Organization and grouping

Information and functions should be organized and grouped logically and meaningfully. This makes it easier for users to find relevant content and use the application effectively. Using visual dividers, headings, and clear labels can help with this.

navigation

Well-designed navigation is crucial for enabling users to move through the application easily and quickly. A clear and consistent menu structure, breadcrumbs, search functions, and links help users orient themselves and find what they are looking for.

Reduction of complexity

An overloaded design can lead to confusion and frustration. By reducing visual noise, removing unnecessary elements, and focusing on the essentials, the user interface becomes clearer and easier to use.

Feedback and response

It is important to provide users with continuous feedback on their actions. For example, visual cues, confirmation messages, or error messages can help users understand what is happening and whether their actions were successful.

By considering these principles and best practices, UX design can help create a well-organized and intuitive user interface that fosters a positive user experience. This leads to satisfied users, increased efficiency, and improved user outcomes.