One of the largest commercial banks in South Korea, KB Kookmin Bank, has set up a virtual branch using virtual reality technology to provide financial services to its customers. The platform will function as a metaverse testbed to experience and accumulate new technologies and provide financial education content to teenagers.

KB has partnered with the VR content startup, Sharebox, to create the user interface and interaction based on head-mounted display (HMD) devices to facilitate unique customer experiences, such as one-on-one counseling functions. Customers can access personalized financial information and execute simple financial transactions through the platform. There’s even a VIP lounge that provides investment propensity analysis and portfolio design through consultation.

“The purpose is to preemptively respond to financial changes in the upcoming metaverse era and internalize new financial service experiments and technology capabilities,” said KB’s Chief IT Officer Yoon Jin-soo.

“In the future, we will conduct various financial experiments such as actual transaction tests through API linkage,” he added.

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