This initiative is in partnership with Tech Mahindra. Uni-verse, the bank’s Metaverse Virtual Lounge, will host product information and videos in the initial phase. Uni-verse will reportedly deliver a unique banking experience to customers by providing them information on the bank’s deposits, loans, government welfare schemes, digital initiatives etc. in a way as if they are in the real world.
The bank has also launched an Open Banking Sandbox environment through which it will collaborate with fintechs and startup partners for developing and launching innovative banking products. From the perspective of fintechs and startups, they will get the opportunity to have a platform to implement their innovative ideas.
A public sector bank, Union Bank of India as per its website has a network of 8850+ domestic branches, 11200+ ATMs, 8216 BC (business correspondent) points serving over 120 million customers. It has a mobile banking app, ‘nxt’ that provides a host of services such as balance enquiry, mini statement, paying loans EMIs, fund transfers, bill payments, and the option to make investments such as fixed deposits, PPF, etc.
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