- Limited digital adoption: Struggled to attract younger customers.
- Complex website navigation: Made accessing products/services difficult for non-tech-savvy users.
- Market positioning: Needed to modernize its digital presence to compete with private banks.
- High cost of physical expansion: Traditional branch-based growth was expensive.
Overview
Union Bank of India (UBI) faced challenges in its online presence, making it difficult for less tech-savvy customers to access services. As young digital natives gravitated toward private banks, UBI sought a digital transformation to enhance customer experience and reposition itself in the market. Traditional expansion through physical branches was costly, prompting the bank to explore innovative digital solutions.
Challenges
Key Solution Features
Tech Mahindra’s Makers Lab and BFSI team introduced "Uni-Verse", a Metaverse Banking Platform that:
- Created an immersive web and VR-based banking experience with avatars and interactive elements.
- Allowed customers to explore banking products, check balances, and view transactions using Open Banking APIs.
- Provided context-based, personalized recommendations tailored to user interests.
- Designed a phased roadmap, starting with an MVP, to gradually integrate banking services into the metaverse.
Business and Community Impact
- A rapidly growing number of visitors—over 367,653 and counting—have engaged in Uni-Verse within the first 18 months.
- 76,000+ new leads generated through the Metaverse lounge.
- Accelerated product launches using virtual environments.
- Enhanced customer experience with personalized services and financial advice.
- Future roadmap includes digital transactions, employee training, and a metaverse-based open marketplace.