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THE GLOBAL INNOVATION
REPORT 2023 - FINANCIAL
SERVICES FIRMS
From virtual and embedded experiences to digital assets and decentralized finance, innovations are appearing faster than ever. With so much disruption – and opportunity – facing banks, insurers, capital markets firms and fintechs, firms throughout the industry must be more agile than ever to turn this change to their advantage.
New research from FIS captured the views of 875 financial services executives to provide insights into some of today’s most important innovations.
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“Capitalizing on disruption and unleashing new growth potential requires more than just agility.”
Melissa Cullen, Head of Strategy Banking & Payments, FIS
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A FUNDAMENTAL SHIFT
0
%
Over the next 12 months, around 80% of respondents expect a major or moderate impact from each of the trends we studied
in-depth.
The results were similarly strong when respondents were asked to look three years ahead, suggesting that for most organizations, the effects are not just significant but also sustained.
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INNOVATION EXPECTED
TO IMPACT BUSINESSES
What impact do you expect the following trends to have on your organization over the next 12 months? Looking to the future, what impact do you expect these trends to have on your organization in three years’ time?
0
%
0
%
Embedded finance
0
%
0
%
Cryptocurrencies
(Including stablecoins)
(Including stablecoins)
0
%
0
%
Decentralized finance
(DeFi)
(DeFi)
0
%
0
%
The metaverse
In 12 months
In 3 years
And while financial services firms have become accustomed to both digital disruption and innovative technologies, the battle for market share is fierce for most business lines. Delays and mistakes can be costly, so it’s vital that leaders ensure they have strong, strategic responses in place.
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“The seeds of innovation have already been sown.”
Tony WarrenSVP, Strategic Innovation Executive
Capital Markets Solutions, FIS
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THE CHALLENGE OF INNOVATION
Respondents who expect these innovations to impact their business over the next 12 months foresee a variety of effects, including a mix of positives and negatives. But all four trends have the potential to disrupt business models, posing a real challenge for financial services firms.
How innovation will affect my organization
You indicated that these trends would have some degree of impact on your organization, but what specific effects will they have on your organization?
Embedded finance
Embedded finance
Cryptocurrencies
Decentralized finance
The metaverse
0
%
Increase competition
0
%
Change sales and/or distribution models
0
%
Drive revenue
0
%
Increase operating costs
0
%
Increase risk
0
%
Reduce risk
0
%
Decrease competition
0
%
Strengthen customer relationships
0
%
Decrease operating costs
0
%
Weaken customer relationships
Cryptocurrencies
Embedded finance
Cryptocurrencies
Decentralized finance
The metaverse
0
%
Increase competition
0
%
Change sales and/or distribution models
0
%
Drive revenue
0
%
Increase operating costs
0
%
Increase risk
0
%
Reduce risk
0
%
Decrease competition
0
%
Strengthen customer relationships
0
%
Decrease operating costs
0
%
Weaken customer relationships
Decentralized finance
Embedded finance
Cryptocurrencies
Decentralized finance
The metaverse
0
%
Increase competition
0
%
Change sales and/or distribution models
0
%
Drive revenue
0
%
Increase operating costs
0
%
Increase risk
0
%
Reduce risk
0
%
Decrease competition
0
%
Strengthen customer relationships
0
%
Decrease operating costs
0
%
Weaken customer relationships
The metaverse
Embedded finance
Cryptocurrencies
Decentralized finance
The metaverse
0
%
Increase competition
0
%
Change sales and/or distribution models
0
%
Drive revenue
0
%
Increase operating costs
0
%
Increase risk
0
%
Reduce risk
0
%
Decrease competition
0
%
Strengthen customer relationships
0
%
Decrease operating costs
0
%
Weaken customer relationships
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EMBEDDED FINANCE
Embedded finance takes products or processes that are typically delivered by banks and integrates them into non-bank services or experiences through the power of APIs.
It extends the reach of financial services firms by reducing the cost of acquiring customers. Meanwhile, customers can save time and effort, reduce errors and delays, increase security and create more frictionless experiences.
No wonder, perhaps, that firms are enthusiastically embracing embedded finance opportunities. Even though it’s a relatively new development, close to half of financial services firms are offering some type of embedded finance service, with payment services, banking-as-a-service, consumer credit cards and savings accounts among the most popular. Another 8% are building them but haven’t launched yet.
0
%
will invest significantly in developing embedded finance products within 12 months
Embedded finance is also the innovation most closely tied to revenue; among the respondents who believe embedded finance will have a major impact on their organization, 28% expect it to drive revenue for their organization.
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CRYPTOCURRENCIES
Cryptocurrencies evoke polarized opinions within traditional financial institutions, ranging from the most optimistic – who believe it is a major opportunity – to the most pessimistic – who see cryptocurrencies as an existential threat.
The data is equally intriguing. One-third of respondents have no interest in developing any kind of cryptocurrencies services, and only 8% will be developing these over the next 12 months. This might suggest that today, the majority currently see no great opportunity in crypto.
However, only 5% ruled out the possibility that their organization would offer cryptocurrency services in three years’ time, suggesting considerable uncertainty around the future impact of cryptocurrencies.
0
%
of respondents have no interest in developing any kind of cryptocurrencies services
0
%
will not offer cryptocurrency services in the next three years
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DECENTRALIZED FINANCE
Decentralized finance (DeFi) generated some of the strongest feelings of any of the innovations we studied. Commonly described as an alternative financial system, it uses blockchain and digital asset technology to manage financial transactions, including cryptocurrencies, without relying on traditional financial institutions or intermediaries.
DeFi may not displace the traditional financial services infrastructure – at least, not imminently. But it has the potential to up-end the competitive landscape.
With the majority of respondents saying DeFi will strengthen competition from fintechs and other disruptive rivals, this innovation is set to become a strategic battleground over the coming years.
To what extent do you agree/disagree with the following statements? (% selecting agree or strongly agree)
DeFi will strengthen the competitiveness
of fintechs and other disruptive rivals
All respondents
0
%
Capital markets
0
%
Fintech
0
%
Banking
0
%
Insurance
0
%
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THE METAVERSE
Blockchain technology not only underpins cryptocurrencies and DeFi – it will also be crucial to the scalability and potential of another key trend: the metaverse.
Of course, isolated 3D virtual worlds are possible without blockchain. But the bigger, more powerful metaverse concept relies on blockchain to support Web3-based, democratized, connected 3D virtual worlds. And that’s the model that would usher in more transparency, composability and interoperability than we see across platforms and the internet today.
Digitally advanced sectors such as web services, online casinos, entertainment, video games, education and retail are already active in the 3D virtual worlds that represent the early metaverse, while the pandemic sparked growth in metaverse-like training and conferences. Some organizations are also building digital twins of real places that can be virtually explored by internal teams or customers.
Once the trend gains more momentum, the opportunities will be immense, and along with that comes the demand for convenient, secure, integrated financial services.
While the metaverse may be the most futuristic of the innovations we studied, some financial services providers are already responding.
0
%
are actively researching potential opportunities in the metaverse
While the main driver is to improve brand, image or reputation, executives also cite the opportunity to increase or preserve competitive advantage and to retain customers or strengthen relationships.
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CONCLUSION
Embedded finance, crypto, DeFi and the metaverse are all significant industry transformations, and they’re developing faster than prior innovations. Those who make the right choices from the plethora of new technologies, innovations and trends at their disposal will dominate the markets of the future.
But as with all disruptive opportunities, there will be casualties too. Financial services organizations must implement clear strategies and devote the right talent and resources to these areas to be able to harness and adapt to the major innovations of our time.
Recommendations:
- Continually listen to your customers to understand their preferences now and in the future. Make sure your strategy and investments are client-centric.
- Seek out opportunities to invite clients and partners into co-creation and ideation sessions to chart the next horizon of financial services.
- Ensure you’re investing in your teams. Consider the skills you have in-house and where you may need to augment.
- Partner with an expert that has the technology and expertise to navigate the entire ecosystem. With open fintech, streamlined solutions and the as-a-service model, you can embrace these innovations with confidence and speed up your time to market.
Take our learnings with you
Our infographic summarizes the key findings – grab it now and keep it for your reference or to share with a colleague.
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“How do you make sure you’re keeping pace, especially when your closest competitor isn’t a bank down the street but a retailer halfway around the world – or even a virtual trading post in the metaverse?”
Melissa Cullen, Head of Strategy Banking & Payments, FIS
ESC
HOW EMBEDDED FINANCE WILL IMPACT MY ORGANIZATION
You indicated that embedded finance would have some degree of impact on your organization, but what specific effects will it have on your organization?
All respondents
All respondents
Banking
Capital markets
Insurance
Fintech
0
%
Increase competition
0
%
Change sales and/or
distribution models
0
%
Drive revenue
0
%
Increase operating costs
0
%
Increase risk
0
%
Reduce risk
0
%
Decrease competition
0
%
Strengthen customer
relationships
0
%
Decrease operating costs
0
%
Weaken customer
relationships
Banking
All respondents
Banking
Capital markets
Insurance
Fintech
0
%
Increase competition
0
%
Change sales and/or
distribution models
0
%
Drive revenue
0
%
Increase operating costs
0
%
Increase risk
0
%
Reduce risk
0
%
Decrease competition
0
%
Strengthen customer
relationships
0
%
Decrease operating costs
0
%
Weaken customer
relationships
Capital markets
All respondents
Banking
Capital markets
Insurance
Fintech
0
%
Increase competition
0
%
Change sales and/or
distribution models
0
%
Drive revenue
0
%
Increase operating costs
0
%
Increase risk
0
%
Reduce risk
0
%
Decrease competition
0
%
Strengthen customer
relationships
0
%
Decrease operating costs
0
%
Weaken customer
relationships
Insurance
All respondents
Banking
Capital markets
Insurance
Fintech
0
%
Increase competition
0
%
Change sales and/or
distribution models
0
%
Drive revenue
0
%
Increase operating costs
0
%
Increase risk
0
%
Reduce risk
0
%
Decrease competition
0
%
Strengthen customer
relationships
0
%
Decrease operating costs
0
%
Weaken customer
relationships
Fintech
All respondents
Banking
Capital markets
Insurance
Fintech
0
%
Increase competition
0
%
Change sales and/or
distribution models
0
%
Drive revenue
0
%
Increase operating costs
0
%
Increase risk
0
%
Reduce risk
0
%
Decrease competition
0
%
Strengthen customer
relationships
0
%
Decrease operating costs
0
%
Weaken customer
relationships
ADOPTING AND INVESTING
Those who believe embedded finance will have a major impact say they will respond by increasing their technology budget, building new technology and bringing in new skills through hires or partners.
Responses to the impact of embedded finance
You indicated that the following trends would have a major impact on your organization over the next 12 months. What activities is your organization currently involved with to respond to these trends?
Purchase new technology
0
%
Increase technology budget
0
%
Hire people to add skills/knowledge
0
%
Seek partners to add skills/knowledge
0
%
Launch new products/services
0
%
Build new technology
0
%
Increase R&D budget
0
%
Pursue related M&A opportunities
0
%
Seek partners to add technology capabilities
0
%
THE BARRIERS TO
EMBEDDED FINANCE
Competition from big tech, global retailers and other large, non-FS companies represents respondents’ biggest concern about the rise of embedded finance services. But traditional rivals are close behind. It’s clear how competitive this area is becoming.
Some respondents, particularly those from fintech businesses, are concerned about a shortage of internal development skills, perhaps because the bulk of development team resources are often focused on maintaining core platforms.
BARRIERS TO OFFERING EMBEDDED FINANCE SERVICES WITHIN MY ORGANIZATION
What do you think are the biggest barriers to offering embedded finance services for your organization today?
All respondents
All respondents
Insurance
Banking
Fintech
0
%
Competition from global
companies outside of FS
0
%
Competition from
traditional rivals in your industry
0
%
Risks are unfamiliar and/or
difficult to mitigate
0
%
Lack of suitable technology
infrastructure
0
%
Lack of in-house
development skills
0
%
Customers that build their
own services
0
%
Lack of clear benefit to
our organization
0
%
Cybersecurity concerns
0
%
Lack of awareness
internally
0
%
Lack of demand from
customers
0
%
Competition from fintech
0
%
Lack of budget
Insurance
All respondents
Insurance
Banking
Fintech
0
%
Competition from global
companies outside of FS
0
%
Competition from
traditional rivals in your industry
0
%
Risks are unfamiliar and/or
difficult to mitigate
0
%
Lack of suitable technology
infrastructure
0
%
Lack of in-house
development skills
0
%
Customers that build their
own services
0
%
Lack of clear benefit to
our organization
0
%
Cybersecurity concerns
0
%
Lack of awareness
internally
0
%
Lack of demand from
customers
0
%
Competition from fintech
0
%
Lack of budget
Banking
All respondents
Insurance
Banking
Fintech
0
%
Competition from global
companies outside of FS
0
%
Competition from
traditional rivals in your industry
0
%
Risks are unfamiliar and/or
difficult to mitigate
0
%
Lack of suitable technology
infrastructure
0
%
Lack of in-house
development skills
0
%
Customers that build their
own services
0
%
Lack of clear benefit to
our organization
0
%
Cybersecurity concerns
0
%
Lack of awareness
internally
0
%
Lack of demand from
customers
0
%
Competition from fintech
0
%
Lack of budget
Fintech
All respondents
Insurance
Banking
Fintech
0
%
Competition from global
companies outside of FS
0
%
Competition from
traditional rivals in your industry
0
%
Risks are unfamiliar and/or
difficult to mitigate
0
%
Lack of suitable technology
infrastructure
0
%
Lack of in-house
development skills
0
%
Customers that build their
own services
0
%
Lack of clear benefit to
our organization
0
%
Cybersecurity concerns
0
%
Lack of awareness
internally
0
%
Lack of demand from
customers
0
%
Competition from fintech
0
%
Lack of budget
"Embedded finance reflects a new reality...that’s shifting the balance of the competitive landscape for both traditional financial services providers and fintechs."
Taira HallSVP, Strategic Innovation Executive
ESC
RESPONSES TO THE IMPACT OF CRYPTOCURRENCY
You indicated that the following trends would have a major impact on your organization over the next 12 months. What activities is your organization currently involved with to respond to these trends?
Build new technology
0
%
Purchase new technology
0
%
Hire people to add skills/knowledge
0
%
Launch new products/services
0
%
Seek partners to add skills/knowledge
0
%
Increase R&D budget
0
%
Increase technology budget
0
%
Pursue related M&A opportunities
0
%
Seek partners to add technology capabilities
0
%
CONCERNS ABOUT CRYPTO
There are barriers for cryptocurrencies to overcome. As with many innovations, respondents are particularly concerned about the general immaturity of the regulatory framework as well as crypto infrastructure and ecosystems.
There are also differences by sector. Capital markets firms, for example, are more focused on volatility, cybersecurity and tax-related issues.
Fintechs have their own worries: they’re hampered by a lack of clarity around crypto regulations – a real concern for smaller, start-up operations, where an increase in regulatory requirements can be an existential threat.
What do you think are the biggest barriers to starting or growing cryptocurrency services within your organization today?
All respondents
All respondents
Capital markets
Insurance
Banking
Fintech
0
%
Lack of clarity around
regulations
0
%
Lack of ecosystem services
0
%
Lack of interoperability between crypto platforms/
protocols
protocols
0
%
Lack of internal technology
infrastructure
0
%
Volatility of crypto
0
%
Environmental Impact
0
%
Lack of internal skills
0
%
Tax-related concerns
0
%
Cybersecurity concerns
0
%
Distrust of crypto
0
%
Lack of clear benefit
0
%
Limited customer demand
Capital markets
All respondents
Capital markets
Insurance
Banking
Fintech
0
%
Lack of clarity around
regulations
0
%
Lack of ecosystem services
0
%
Lack of interoperability between crypto platforms/
protocols
protocols
0
%
Lack of internal technology
infrastructure
0
%
Volatility of crypto
0
%
Environmental Impact
0
%
Lack of internal skills
0
%
Tax-related concerns
0
%
Cybersecurity concerns
0
%
Distrust of crypto
0
%
Lack of clear benefit
0
%
Limited customer demand
Insurance
All respondents
Capital markets
Insurance
Banking
Fintech
0
%
Lack of clarity around
regulations
0
%
Lack of ecosystem services
0
%
Lack of interoperability between crypto platforms/
protocols
protocols
0
%
Lack of internal technology
infrastructure
0
%
Volatility of crypto
0
%
Environmental Impact
0
%
Lack of internal skills
0
%
Tax-related concerns
0
%
Cybersecurity concerns
0
%
Distrust of crypto
0
%
Lack of clear benefit
0
%
Limited customer demand
Banking
All respondents
Capital markets
Insurance
Banking
Fintech
0
%
Lack of clarity around
regulations
0
%
Lack of ecosystem services
0
%
Lack of interoperability between crypto platforms/
protocols
protocols
0
%
Lack of internal technology
infrastructure
0
%
Volatility of crypto
0
%
Environmental Impact
0
%
Lack of internal skills
0
%
Tax-related concerns
0
%
Cybersecurity concerns
0
%
Distrust of crypto
0
%
Lack of clear benefit
0
%
Limited customer demand
Fintech
All respondents
Capital markets
Insurance
Banking
Fintech
0
%
Lack of clarity around
regulations
0
%
Lack of ecosystem services
0
%
Lack of interoperability between crypto platforms/
protocols
protocols
0
%
Lack of internal technology
infrastructure
0
%
Volatility of crypto
0
%
Environmental Impact
0
%
Lack of internal skills
0
%
Tax-related concerns
0
%
Cybersecurity concerns
0
%
Distrust of crypto
0
%
Lack of clear benefit
0
%
Limited customer demand
“It’s important to understand your customer base and their engagement with crypto.”
Andrew BeattyHead of Enterprise Banking, FIS
ESC
OPPORTUNITIES AND RISKS
The majority also believe DeFi represents a major growth opportunity for their organization – presenting an opportunity for those who can adapt ahead of time.
-
All respondents
-
Capital markets firms
-
Banks
-
Fintechs
-
Insurers
0
%
Meanwhile, there are other concerns. 55% say they need to better understand the risks involved – and need user experience to improve – before they will participate, which could slow mass adoption by traditional financial institutions.
There is also debate over the long-term impact of DeFi. For example, respondents are split over whether governments and regulators will prevent it from becoming a rival to the traditional financial system.
THE FUTURE OF DEFI
To what extent do you
agree/disagree with the following statements? (% selecting agree or
strongly agree)
To what extent do you agree/disagree with the following statements? (% selecting agree or strongly agree)
All respondents
All respondents
Capital markets
Insurance
Banking
Fintech
0
%
The user experience needs
to improve before my organization will participate in decentralized
finance
0
%
We need to better
understand the risks of decentralized finance before participating
0
%
Governments and regulators
will not let decentralized finance become a rival to the traditional
financial system
Capital markets
All respondents
Capital markets
Insurance
Banking
Fintech
0
%
The user experience needs
to improve before my organization will participate in decentralized
finance
0
%
We need to better
understand the risks of decentralized finance before participating
0
%
Governments and regulators
will not let decentralized finance become a rival to the traditional
financial system
Insurance
All respondents
Capital markets
Insurance
Banking
Fintech
0
%
The user experience needs
to improve before my organization will participate in decentralized
finance
0
%
We need to better
understand the risks of decentralized finance before participating
0
%
Governments and regulators
will not let decentralized finance become a rival to the traditional
financial system
Banking
All respondents
Capital markets
Insurance
Banking
Fintech
0
%
The user experience needs
to improve before my organization will participate in decentralized
finance
0
%
We need to better
understand the risks of decentralized finance before participating
0
%
Governments and regulators
will not let decentralized finance become a rival to the traditional
financial system
Fintech
All respondents
Capital markets
Insurance
Banking
Fintech
0
%
The user experience needs
to improve before my organization will participate in decentralized
finance
0
%
We need to better
understand the risks of decentralized finance before participating
0
%
Governments and regulators
will not let decentralized finance become a rival to the traditional
financial system
“With 57% of financial services and fintech firms saying it’s a major growth opportunity, it’s important to understand whether and how DeFi fits into your strategy.”
Tony Warren SVPStrategic Innovation Executive, Capital Markets Solutions, FIS
ESC
WHY ORGANIZATIONS ARE INTERESTED IN THE METAVERSE
What are the biggest reasons why your organization is interested in the metaverse?
All respondents
All respondents
Banking
Capital markets
Insurance
Fintech
0
%
Improve our brand, image or
reputation
0
%
Increase or preserve
competitive advantage
0
%
Retain customers and/or
strengthen relationships
0
%
Access or attract new
customers
0
%
Stimulate innovations
0
%
Gain early adoptions
advantages
0
%
Attract or retain
skills/talet
0
%
Increase revenue
0
%
Attract or retain
investment capital
0
%
Requests from customers
Banking
All respondents
Banking
Capital markets
Insurance
Fintech
0
%
Improve our brand, image or
reputation
0
%
Increase or preserve
competitive advantage
0
%
Retain customers and/or
strengthen relationships
0
%
Access or attract new
customers
0
%
Stimulate innovations
0
%
Gain early adoptions
advantages
0
%
Attract or retain
skills/talet
0
%
Increase revenue
0
%
Attract or retain
investment capital
0
%
Requests from customers
Capital markets
All respondents
Banking
Capital markets
Insurance
Fintech
0
%
Improve our brand, image or
reputation
0
%
Increase or preserve
competitive advantage
0
%
Retain customers and/or
strengthen relationships
0
%
Access or attract new
customers
0
%
Stimulate innovations
0
%
Gain early adoptions
advantages
0
%
Attract or retain
skills/talet
0
%
Increase revenue
0
%
Attract or retain
investment capital
0
%
Requests from customers
Insurance
All respondents
Banking
Capital markets
Insurance
Fintech
0
%
Improve our brand, image or
reputation
0
%
Increase or preserve
competitive advantage
0
%
Retain customers and/or
strengthen relationships
0
%
Access or attract new
customers
0
%
Stimulate innovations
0
%
Gain early adoptions
advantages
0
%
Attract or retain
skills/talet
0
%
Increase revenue
0
%
Attract or retain
investment capital
0
%
Requests from customers
Fintech
All respondents
Banking
Capital markets
Insurance
Fintech
0
%
Improve our brand, image or
reputation
0
%
Increase or preserve
competitive advantage
0
%
Retain customers and/or
strengthen relationships
0
%
Access or attract new
customers
0
%
Stimulate innovations
0
%
Gain early adoptions
advantages
0
%
Attract or retain
skills/talet
0
%
Increase revenue
0
%
Attract or retain
investment capital
0
%
Requests from customers
STRATEGIES IN THE
METAVERSE
Financial services providers are exploring a wide range of activities in the metaverse. For instance, capital markets respondents are most commonly focused on customer research, followed by customer engagement/customer services.
For fintechs, the leading application is the gamification of services and processes, followed by new customer acquisition and customer engagement/customer services. Ultimately, each sub-sector will find different niches under the metaverse umbrella, with new ideas emerging every day.
RELATIVE RANKING OF CURRENT
METAVERSE
ACTIVITIES
Which metaverse activities are you currently involved in?
Banking
Capital markets
Insurance
Fintech
2
1
4
10
3
5
7
5
7
9
Customer engagement and
customer services
Advertising, marketing,
endorsements
Customer research
Gamification of services
and process
Employee training/education
Internal communications
New customer acquisition
Selling virtual
services/products
Selling traditional
products and services
Co-creation of products
with customers
2
3
1
3
5
8
5
7
10
9
Customer engagement and
customer services
Advertising, marketing,
endorsements
Customer research
Gamification of services
and process
Employee training/education
Internal communications
New customer acquisition
Selling virtual
services/products
Selling traditional
products and services
Co-creation of products
with customers
1
1
7
3
6
4
10
9
4
8
Customer engagement and
customer services
Advertising, marketing,
endorsements
Customer research
Gamification of services
and process
Employee training/education
Internal communications
New customer acquisition
Selling virtual
services/products
Selling traditional
products and services
Co-creation of products
with customers
2
8
4
1
8
6
2
7
10
4
Customer engagement and
customer services
Advertising, marketing,
endorsements
Customer research
Gamification of services
and process
Employee training/education
Internal communications
New customer acquisition
Selling virtual
services/products
Selling traditional
products and services
Co-creation of products
with customers
STRATEGIES OF THOSE WHO
SEE
THE IMPACT
We can better understand strategies by examining those who expect the metaverse to have a major impact on their business within 12 months.
More than a third of that group are building new technology for the metaverse. This segment is also purchasing new technology, hiring people to add skills, and increasing their R&D budget.
You indicated that the following trends would have a major impact on your organization over the next 12 months. What activities is your organization currently involved with to respond to these trends?
Build new technology
0
%
Hire people to add
skills/knowledge
0
%
Purchase new technology
0
%
Increase R&D budget
0
%
Launch new products/services
0
%
Seek partners to add
skills/knowledge
0
%
Increase technology budget
0
%
Pursue related M&A opportunities
0
%
Seek partners to add technology
capabilities
0
%
A QUESTION OF CONTROL
In the metaverse, risk and opportunity are both present and unpredictable. The top barriers to greater adoption suggest that more controlled and predictable virtual environments are needed before the metaverse can reach its full potential.
What do you think are the biggest barriers to greater metaverse adoption in your organization today?
Blank
All respondents
Banking
Capital markets
Insurance
Fintech
Lack of laws and regulatory
frameworks
0
%
0
%
0
%
0
%
0
%
Concerns about moderation/behavioral
standards
0
%
0
%
0
%
0
%
0
%
Concerns about moderation/behavioral
standards
0
%
0
%
0
%
0
%
0
%
Risks are unfamiliar and/or
difficult to mitigate
0
%
0
%
0
%
0
%
0
%
Insufficient users on platforms
0
%
0
%
0
%
0
%
0
%
Cybersecurity concerns
0
%
0
%
0
%
0
%
0
%
Lack of in-house development skills
0
%
0
%
0
%
0
%
0
%
Concerns about KYC and AML
regulations
0
%
0
%
0
%
0
%
0
%
General distrust/fear of the unknown
0
%
0
%
0
%
0
%
0
%
Lack of awareness internally
0
%
0
%
0
%
0
%
0
%
Lack of clear benefit to our
organization
0
%
0
%
0
%
0
%
0
%
Lack of success stories
0
%
0
%
0
%
0
%
0
%
“Many executives understand the enormous opportunities that the metaverse represents. Moving from interest to action is possible with three straightforward steps.”
Himal Makwana SVPHead of Strategy and New Initiatives, FIS
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