JPMorgan keen to test metaverse’s ‘immersive training application’

The banking world is gearing up to explore the use cases of emerging technologies like Artificial Intelligence (AI) and Metaverse for the benefit of their current working conditions. For example, JPMorgan is excited to try comprehensive training applications for new bank staff members, through metaverse technology. This view was recently shared by Blair McIntyre who serves as the Managing Director (MD) and Global Head of Immersive Technology at the US-headquartered bank.

Speaking on MIT’s Business Lab podcast, McIntyre said newly joining staff members could benefit from stepping into an immersive virtual ecosystem rather than watching videos or going through presentations, EfinancialCareers said in a report,

Along with JP Morgan, Citibank is also running a virtual reality internship experience. This allows instructors to provide feedback in real time. As part of its vision to usher in a broader era of appointment-making, McIntyre wants to bring the technologies of augmented reality (AR) and virtual reality (VR) together into everyday office routines like gathering for meetings. However, to do this, McIntyre believes these technologies first need widespread adoption and seamless connections.

At the moment, JPMorgan has established itself as one of the first Wall Street banks to take a friendly approach towards the Web3 sector.

In February last year, JPMorgan became the first major global bank to establish its virtual presence in the Decentraland metaverse.

Later in September 2022, JPMorgan began looking for roles that would bring metaverse and Web3 technologies into the bank’s functioning.

according to a research report By Markets&Markets, the global metaverse market is expected to grow at a compound annual growth rate (CAGR) from $83.9 billion (approximately Rs 6,99,616 crore) in 2023 to $1,303.4 billion (approximately Rs 108,65,313 crore) by 2030. of 48 percent during the forecast period.

JPMorgan isn’t the only international bank testing the waters of virtual reality and the metaverse.

HSBC, Mastercard, Standard Chartered Bank and American Express are among the lenders experimenting with Web3 technologies.

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