From duopoly to metapole with extended reality: Metaverse for banks? Where is the potential?

Banks can create virtual branches. For offering interactive training, workshops and seminars. You can also introduce your own virtual currencies or cryptocurrencies in the metaverse. In the area of ​​customer service and support, banks can use chatbots and virtual assistants…

The answer could be something like this and it would be quite flat and without any background. What you just say and should fit. If anything, the concept of a banking metaverse is undoubtedly still in its early stages, 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 clarified. Still, 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 areas of application 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 the manufacturing industry, 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 the area of ​​online commerce. 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 improve 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 the area of ​​business-to-business (B2B) trading. Companies can create virtual conference rooms or trade fair events where business partners, suppliers and customers can interact. The B2B Metaverse facilitates virtual collaboration, knowledge sharing and business relationship building.

Business Metaverse

The term “Business Metaverse” is a general term that refers to the use of the Metaverse in a business context. It covers various application areas including the Industrial Metaverse, the E-Commerce Metaverse and the B2B Metaverse. The Business Metaverse is focused on transforming the way companies work, interact and deliver their services.

➡️ It is important to note that these terms are often not clearly differentiated and in some cases may overlap. The development of the metaverse is still in its early stages, and new applications and names may emerge as the technology continues to evolve.

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In order to understand the further possibilities and potential for the metaverse, it is necessary to take a long look back at the beginnings of smartphones and the triumph of Amazon.

Amazon and Media Markt

From the article “ Micro-Hub – The key ingenious solution? “ dated February 22, 2021

Media Markt came along in 1979 and, with a simple business model, quickly pushed the radio and television retail trade to the edge and thus into crisis: large-scale specialist stores with a wide and always up-to-date range at permanently low prices, taking regional demand into account. Until now you usually had to order from retailers, but you could take it straight away from Media Markt.

➡️ Those who were quick and up-to-date dominated the market.

With the advent of the Internet and e-commerce, Amazon overtook media markets. Because with speed came another attribute: flexibility. How quickly and flexibly could logistics respond to regional and local demand? Amazon perfected what was Media Markt's great strength at the time with e-commerce and logistics optimization.

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

Apple iPhone

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

Before the introduction of the iPhone, traditional cell phones dominated the market, primarily used for calling and texting. However, the iPhone introduced a completely new type of mobile device that combined a variety of functions in one device, including telephony, Internet access, music playback, camera and much more.

Some experts were skeptical and did not believe that 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 also played an important role here. While previous mobile phones had fixed menu navigation and usability, the iPhone, which ushered in the smartphone era, introduced extensive flexibility. Using apps, users could now define their main topics and favorites themselves or “ flexibly ” and were no longer bound to specifications. In addition, the app can be exchanged “ quickly ” and easily.

➡️ Yesterday there was Facebook, today TikTok and tomorrow the latest development as the main topic on the touch-screen display.

The duopoly to the present

The duopoly era in Germany, in which there were only three TV 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 and covered 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 beyond television. Suddenly, people had access to an unimaginable amount of data and content from around the world.

This digital revolution also had an impact on companies and their presence in the digital and online sectors. Previously, static images and text on websites were enough to provide information about company products. But with the increasing need for visual stimuli and interactive options, it has become increasingly difficult for companies to keep up with user expectations.

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

In addition, the communication style has also changed. Social media and messaging platforms dominate the exchange of information and content. Companies need to increase their presence on these platforms and create visually appealing content to capture users' attention and convey their message effectively.

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

The ongoing development of technology opens up more possibilities for creating visual stimuli. For example, augmented reality (AR) and virtual reality (VR) are gaining traction to provide immersive and interactive experiences. Companies can integrate AR or VR elements into their websites, apps or marketing campaigns to offer users unique experiences and present their products in new ways.

The present with the beginning of the metapolis

Despite all the current “dramatic” developments, it is important to note that in addition to the attributes “speed” and “flexibility” mentioned above, there is a third factor that specifies the era of Metapole:

➡️ UX design in order and overview

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

While the functionalities were previously tied to the apps and the respective devices, these functionalities had to be installed and configured again on secondary devices such as replacement smartphones, tablets, laptops, etc. In the worst case, synchronization of the devices is not possible and you have to do the work yourself manually.

With all of this, the limit has been reached from 2D to 3D visualization, which is not just limited to one device.

The limit can be broken with an appropriate metaverse. However, it must not be limited to one device (VR glasses), but must be usable on all possible visualization displays. It is doubtful whether a refrigerator with a display is included. But who knows whether in 50 years we will still have smart devices with us and whether we will be able to use every possible device in the environment if necessary.

➡️ In the metapole era, UX design plays a crucial role. Speed ​​and flexibility alone are not enough to unlock the full potential of the metaverse. It is important that the user experience in the Metapol ecosystem is good and provides a clear overview.

In the Metapol there is a wealth of information, possibilities and interaction points. It is critical that users have an intuitive and easy-to-use interface to navigate and reach desired features and content quickly and efficiently. A well-designed UX ensures that users are not overwhelmed by excessive complexity but can focus on what is important to them.

In addition, the visualization of the information plays an important role in Metapol. While traditional 2D visualizations in text and images are often sufficient to convey information, immersive 3D visualizations in Metapol can enable even deeper understanding. Through the use of augmented or virtual worlds in which users can navigate in 3D environments, information can be made tangible through experiences. For example, users can explore virtual spaces, manipulate interactive visualizations and better understand complex relationships.

Another important aspect of UX design in Metapol is personalization. Since Metapol serves a variety of users with different needs and preferences, users should have the opportunity to customize their virtual experience. This includes customizing the user interface, selecting preferred content and features, and interacting with other users across all possible smart display devices.

➡️ To benefit from the availability of an “infinite” space for implementation and design, UX design is an essential part of it as an organizing element.

➡️ Work in Progress / Voabversion (Beta)

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

Anyone who understands a banking metaverse to mean virtual online banking has not (yet) understood the concept of the metaverse. Virtual Reality is just a part of the Metaverse and not the whole thing.

In Metapol, a current problem of many devices is solved through the seamless integration and synchronization of the devices. Users can connect their personal devices such as smartphones, tablets, laptops and other devices to ensure a consistent experience. This means that the apps, settings and data configured on one device can be automatically transferred to other devices without the user having to take any manual steps. This enables a smooth and continuous usage experience across different devices.

In addition, the Metapol also offers the possibility of interacting with virtual assistants and AI-controlled helpers. These intelligent systems can assist users with various tasks, be it managing their financial portfolio, conducting transactions, or answering questions. The virtual assistants can be personalized to meet users' individual needs and preferences and provide them with a tailored experience.

Another important aspect of UX design in 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. For example, in the financial sector, virtual branches could be created where users can interact with a digital bank advisor and carry out transactions. By integrating AR and VR, the banking experience is made even more realistic and immersive.

Another important aspect is security and data protection in Metapol. Since financial transactions and sensitive information are conducted across 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.

The Metapol offers a variety of possibilities for improved UX design in the Metaverse financial sector. Seamless integration and synchronization of devices, support from virtual assistants, use of AR and VR, and ensuring security and privacy are just some of the interesting aspects that can be taken into account 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 Metapole and the Metaverse are two terms related to virtual worlds and digital realities.

Metapol

The term “metapole” can also be an abbreviation for “metaverse ecology,” although its origins lie elsewhere. It refers to the technological infrastructure that connects different virtual worlds and digital realities. The Metapol represents a kind of ecosystem that allows users to interact and act in these virtual worlds. It includes 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 in which users can interact and act in real time. It is an expanded form of reality in which real and virtual elements mix. The Metaverse is often described as an immersive and interactive environment that can be visited and explored by different 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 creativity, and more. It offers a wide range of opportunities and experiences that often differ from the real world.

The concept of the Metaverse has gained a lot of 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 connected digital reality that covers 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 issues still need to be clarified. 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 augmented world that can be inhabited and explored by humans. It is an immersive environment that allows users to meet, interact and carry out various activities digitally. The metaverse can span 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 combines 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 completely immersive experience where users can immerse themselves in and interact with a virtual environment. They usually wear VR headsets that isolate them visually and often acoustically from their real 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 displayed in 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 environment.

➡️ The Metaverse can leverage various XR technologies to provide an immersive and interactive experience. Users can use VR glasses to fully immerse themselves in the metaverse or use AR technology to see digital elements in their real-world surroundings.

➡️ The metaverse encompasses more than just XR. It's about creating a comprehensive digital environment that can be shared by many people across borders and in which various forms of interaction are possible. However, XR technologies are an integral part of the metaverse and help create an immersive and interactive experience.

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

A cell phone is a device designed to provide long-distance wireless communication. It was originally used primarily for voice communications, offering basic features such as making and receiving calls, sending and receiving SMS, and perhaps a limited address book and some additional features such as alarm clocks or calculators. Mobile phones generally did not have internet capability and had a simpler operating system.

On the other hand, a smartphone is an advanced mobile phone that has additional features and capabilities. A smartphone not only offers voice communication and text messaging, but also expanded Internet access via Wi-Fi or mobile data connections. It has an advanced operating system that allows downloading and running a wide range 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 cell phones.

A key difference between mobile phones and smartphones is the functions and connectivity. While cell phones are primarily limited to voice communications and basic functions, smartphones offer an expanded range of capabilities including Internet access, apps, multimedia features and more.

These days, the terms “mobile phone” and “smartphone” are often used interchangeably, as most new cell phones that come onto the market are considered smartphones. The rapid development of technology has resulted in smartphones becoming the dominant form of mobile phones as they offer users a variety of features and applications beyond traditional telephony.

The smartphone started appearing 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 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 integration of features such as Internet access, music playback, and apps, the iPhone represented a new type of mobile device. In the years following the iPhone's introduction, other companies also began releasing smartphones, resulting in an increasing choice and competition.

During this time, traditional cell phones, often referred to as “feature phones,” still had a significant presence in the market. They offered basic features such as telephony, text messaging, and perhaps limited Internet access. Many people initially stuck with their cell phones because smartphones were initially more expensive and not everyone saw the need or benefit of a smartphone.

The actual point at which smartphones took over the majority of mobile phone usage may vary by region and market dynamics. In developed countries, the transition to smartphones began to be felt more strongly from the mid to late 2000s. In other regions, where cell phones may have been slower to update or internet connectivity was limited, smartphones took longer to become mainstream.

In recent years, the share of smartphones in the mobile phone market has increased significantly worldwide. Today, smartphones are nearly ubiquitous and have fundamentally changed the way people communicate, access information, enjoy entertainment, and more. Mobile phones without smart functions have become increasingly rare and have a smaller market share.

The period of the three TV channels in Germany is often referred to as the “era of the duopoly” and stretched from the late 1950s to the introduction of private broadcasting in the 1980s. At this time there were only three state television channels in Germany:

ARD (Association of Public Broadcasters of the Federal Republic of Germany)

ARD was founded in 1950 and consists of the various regional broadcasters in Germany. It was the first television station in Germany and offered a wide range of shows and programs.

ZDF (Second German Television)

ZDF was founded in 1963 as the second state television station. It was originally designed as a supplement to ARD and offered an alternative program selection. ZDF quickly became a popular channel, presenting a variety of programs including news, entertainment shows and series.

Third program

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

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

UX design (User Experience Design) is an important aspect of developing products and services, including digital applications and websites. Good UX design aims to create a positive user experience by taking into account users' needs, goals and expectations and enabling intuitive and effective interaction.

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

Hierarchy: Creating a clear visual hierarchy can highlight important content and features. This can be achieved by using size, color, contrast and placement to show users what matters most.

consistency

Uniformity and consistency in the design of elements such as buttons, icons, colors and layouts make it easier for users to orientate and use the application. A consistent look and feel creates familiarity and increases the efficiency of user interaction.

Organization and grouping

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

navigation

Well-designed navigation is crucial to allow 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

A cluttered design can lead to confusion and frustration. By reducing visual noise, removing superfluous elements and focusing on what matters, the interface becomes cleaner and easier to use.

Feedback and feedback

It is important to provide users with ongoing feedback and feedback about 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 clean interface that promotes a positive user experience. This leads to satisfied users, increased efficiency and better usage results.