India-based Signzy Technologies has received a US patent for a new customer signup and onboarding process using virtual reality and augmented reality for the metaverse. It could be a breakthrough for enabling seamless banking and financial transactions within the metaverse.
Signzy Cofounders Ankit Ratan, Arpit Ratan, Ankur Pandey, and their co-inventors and colleagues Dinesh Avula, Chitrangada Patra, Aadalarasan Bhavani Saravanan, and Shiv Shankar Subudhi had applied for the patent back in 2020.
The patent describes a methodology that enables any financial institution to facilitate the real-time onboarding of customers in virtual reality across devices. The solution uses advanced scalability protocols that allow numerous concurrent users to navigate inside VR and AR models of one or more financial institutions.
Banks and financial institutions can integrate the patented technology across existing financial products and their futuristic applications for the metaverse. It also supports metaverse currencies and financial instruments, such as cryptocurrencies.
Signzy’s technology would allow the banking customers to execute various functions within a virtual reality model that replicated a physical bank branch or office. The VR models could feature a high level of detail, highlighting a bank’s unique physical environment through features, such as wall units, wall finishing, roofing, flooring, doors, service counters, furniture, decorative and hardware items, and more.
It could facilitate several banking transactions in the metaverse, such as general inquiry services, loan services, commercial banking, new account opening, investments, insurance, and more.
The company has filed six AI patents in the USA and five in India so far. Moreover, it already boasts of an impressive customer base of over 250 FIs globally, including the four largest banks in India, a top bank in the US, and partnerships with Mastercard and Microsoft.
Ankit Ratan, co-founder and CEO of Signzy, said, “Banks and FIs can no longer ignore the expanding world of metaverse and the impact it will have on their business in the near future. The metaverse offers a huge growth opportunity to attract young customers, and many even pave the way to creating new product lines and eventually add newer business models. The grant of this patent by the USPTO marks an important milestone towards enabling this vision.”
Follow us on LinkedIn
Read other Articles
