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PKO Bank Polski Sets Up Its Virtual Branch on the Decentraland Platform as It Enters the Metaverse

PKO Bank Polski, a bank in Central and Eastern Europe, wants to be the regional leader in the area of banking in metaverse. It has just moved one of the most recognisable buildings in the capital of Poland into the metaworld, where it has set up its virtual branch on the Decentraland platform.

It will be used as a laboratory to broaden experience and to test relevant technological solutions. According to Paweł Gruza, vice president of the management board of PKO Bank Polski managing the work of the management board, in the perspective of a decade, metaverse may become such development impulse for the global economy as the emergence of a PC, Internet and smart phones in the past.

“I would like PKO Bank Polski to be ready to make use of the opportunities related to it, and when metaverse has matured, to set the rhythm in the technological development of the domestic banking sector and the Polish economy – as it has done before. That is why we have decided to enter the metaverse world and to launch our first branch there,” said Paweł Gruza, quoted in press release.

The bank plans to use the virtual branch to build knowledge and experience which will later be used for development of its business. PKO Bank Polski also wishes to see in practice what other possibilities are offered to the banks by the presence in the metaworlds.

The bank expects that in the first place, its virtual branch may be used for on-boarding new employees and trainings. Due to shift to the mode of hybrid work, such solution could allow for improved on-boarding of the new personnel.

In parallel, the bank will test the possibilities of creating a new channel of communication with the clients. In the perspective of the next decade, it is also planning to pursue solutions related to confirmation of the clients’ identity in metaworlds and is going to test the possibilities of offering banking products there.

The bank attaches great significance to the R&D activities and cooperation with start-ups. It offers them – apart from business cooperation – also mentoring and a possibility of scaling the solution on a group of its 11 million clients. This cooperation takes place via its platform, Let`s Fintech with PKO Bank Polski.

Author

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

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