Future of Financial Services – Web 3.0, Metaverse, and Decentralized Finance

Web 3.0 is a next-generation exponential technology and the third generation of internet based on blockchain in which users can exchange money and information without relying on intermediaries (banks and institutions) and tech giants. It is also a critical building block to enhance various use cases of the metaverse, an immersive online world in which people use avatars to shop, work, socialize, and play.

Leading enterprises are increasingly investing in Web 3.0 technologies and metaverse platforms. Many large banks see these as the next trillion-dollar investment opportunity. Additionally, customers are increasingly demanding revamped payments, sophisticated financial products, ease of access to credit, and smooth onboarding and advisory services.

This report highlights recent investments that big market participants have made in BFSI, how technology and service providers and enterprises can differentiate themselves in the market, Web 3.0 and metaverse use cases that BFSI firms can explore, and regulatory and security challenges in Web 3.0 adoption.