AN INVESTIGATION OF DEVELOPING MARKETING APPROACHES TO ADDRESSING CHANGING CUSTOMER EXPECTATIONS ON THE PATH TO METAVERSE BANKING

Abstract

Decentralized technologies such as Web3, DLT, and NFT alongside experiential technologies such as AR/VR bring a completely different dimension to the services sector. Banking has firstly evolved from traditional banking to digital banking, and then also evolved to open and beyond open banking with the new approaches brought by technology. We are witnessing that the banking sector which has met with decentralized finance with blockchain technology, has recently transformed into metaverse banking. Since the rapid technological change creates a new fundamental, financial services sector should adapt to this situation and take chances as well as all other sectors. Since customer expectations are constantly changing, banks need to find ways to discover their customers' changing needs and develop methods of how to meet them. The metaverse issue, which is expected to create a global market of 8 trillion USD in the next decade, is a particular concern that closely related to the banking sector. Banks are trying to address different customer expectations with their improved marketing understandings skills through technology. This study aims to examine marketing in banking in a metaverse path in terms of contextual and augmented marketing and to present conceptual information about the field of metaverse banking. It also covers the examples from banks that have taken steps in the issues of experiantal marketing and augmented reality or metaverse in the banking sector are compiled recently, and; the differentiating customer expectations of the banks and the solutions they produce for these expectations are interpreted.