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No More Queues at the Bank as Commercial Bank International Launches Virtual Location in Metaverse

As the UAE continues to digitise its economy, Commercial Bank International (‘CBI’ or ‘the Bank’) has set its eyes on the metaverse, announcing it is the first bank in the country to launch a virtual location in it.

CBI, a UAE based corporate and retail bank, is the first bank in the UAE and among the first early adapter banks in the Middle East region as well, to open a virtual metaverse location in Decentraland, a blockchain-based world.

Commenting on the planned launch of CBI’s metaverse location, Ali Sultan Rakkad Al Amri, the CEO of CBI said: “We are proud to be the first ever bank in the UAE and among the first innovative banks in the Middle East region to bring the metaverse experience to our customers and people, which we believe is a strong testament to our strong support and belief in the country’s vision in being a leader in innovation worldwide. To keep pace in an increasingly digital economy and re-invent customer experience with a digitally driven perspective, we believe that the financial services sector must take some courageous and innovative steps, and we wanted to take part in this journey and become the first mover through an immersive metaverse experience. We aim to enhance the integration of real and digital worlds, and we will continue to implement new digitisation initiatives and advance technologies to serve our customers better”.

The metaverse is the next evolution of the digital customer experience. It’s a virtual world, where people can interact, explore, and access services as digital avatars of themselves. The metaverse is built on advanced technologies such as augmented reality (AR), virtual reality (VR) and blockchain.

Within CBI’s new metaverse experience, the Bank’s customers and public can explore and interact with a host of its digital content and materials. The space also features a lounge that showcases how CBI is committed to supporting the strategic vision and aspiration of the UAE towards digitisation and innovation.

CBI’s planned launch in the metaverse aligns with the UAE’s strong commitment to building a digital economy that embraces the use of blockchain technology, virtual assets, artificial intelligence, and mixed reality technologies in both a business environment and in everyday consumer services.

Author

  • Francis is a journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.

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