Tech Mahindra and Union Bank of India Partner to Launch a Metaverse Banking Lounge
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Tech Mahindra and Union Bank of India Partner to Launch a Metaverse Banking Lounge

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The leading provider of information technology and consulting services, Tech Mahindra, has partnered with the Union Bank of India (UBI) to build a metaverse banking lounge called ‘Uni-Verse.’ The partnership will bring the Union Bank of India into the metaverse and create India’s first PSU Metaverse Lounge.

Tech Mahindra’s Research & Development (R&D) arm, Makers Lab, has created the first phase of the offering to deliver an interactive and immersive experience to the bank’s customers. The virtual lounge will enable UBI to showcase its digital and tech-savvy outlook to attract GenZ customers and offer them the bank’s products and services within the metaverse.

“While digital banking is in itself independent, inclusive, and immersive, the introduction of Metaverse will further deepen customer relations and offer personalized experiences,” said  Anuj Bhalla, Digital and Cloud Transformation Leader President & SBU Head, APJI Enterprise, Tech Mahindra.

Digital banking was a transformational force in the banking industry. Nevertheless, introducing the metaverse and more immersive virtual services will enable the banks to deepen their relationship with their customers and offer personalized experiences. The partnership between Tech Mahindra and UBI is a crucial milestone for both entities as they look to catalyze the development and adoption of new-age technologies across the country.

Uni-verse, the virtual metaverse lounge by UBI, will provide a one-of-a-kind banking experience to the customers. Users can move around in the lounge and obtain information about deposits, loans, government welfare schemes, digital initiatives, etc.

Tech Mahindra will leverage its comprehensive network and infrastructure capabilities and deploy several innovative technologies, including artificial intelligence, blockchain, 5G, augmented reality, and virtual reality, to bring the vision for such an offering into reality and deliver tangible business outcomes.

Moreover, the partnership is in sync with Tech Mahindra’s NXT.NOWTM framework aims to augment the ‘Human Centric Experience’ by developing and investing in emerging technologies and solutions that power digital transformation across industries.

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