KB Kookmin Bank, one of South Korea’s largest financial institutions, announced yesterday that it has developed the KB Metaverse VR Branch Testbed for experimenting with allowing customers wearing a head-mounted VR device to access banking services in a metaverse.

Fast facts

  • Simple transactions, such as remittances, can be managed at a teller window, while an employee-avatar inside the virtual VIP lounge can help clients analyze risk-return profiles or design investment portfolios. Inside the main hall, customers can also browse their personalized financial information.
  • KB Kookmin Bank partnered with VR content developer Sharebox to construct the virtual branch. KB plans to use the metaverse VR branch for training employees and teaching young adults about finance.
  • Other South Korean banks are also trying to exploring the metaverse for business use. The Industrial Bank of Korea (IBK) recently announced plans to launch a bank branch on social media platform Cyworld Z’s metaverse while NH Nonghyup Bank plans to create a replica of Dokdo Island in a metaverse where visitors will be able to play games and buy properties.