Blockchain

As we begin to grow increasingly familiar with the concept of the metaverse, financial institutions are faced with multiple opportunities to maximize its potential – both for the end customer and for employees. While there will still be hurdles when incorporating the metaverse into commercial strategy, the value and competitive advantage of early adoption far outweigh the challenges.

When we think of the metaverse, we should not think of a hypothetical world but of a certain future. Technologies including augmented reality, IoT, cybersecurity and blockchain come together to form this new virtual space, and the opportunities for businesses and consumers alike are plentiful. But rather than trying to replicate the current world, we must be brave and creative in imagining a new one.

Companies that want to differentiate themselves will have to take a long, hard look at their practices around safeguarding customer data. Practices need to comply with the relevant laws, of course, but they also need to be rooted in ethics. Risk governance technologies make it easier than ever before for companies to be both compliant and ethical – and prove to customers they can be trusted.

Remember when people thought the internet wouldn’t catch on? Forward-looking people and organisations quickly adopted networked technologies, understanding the possibilities they offered. The same is true of blockchain – and just like the internet, blockchain is all about finding the patterns and acting early.

The world is changing beyond recognition. Society is increasingly demanding that companies address sustainability as part of their transformation to a post-pandemic world. Sustainability is now firmly on the C-Suite agenda and it’s at the heart of NTT DATA’s vision for the future.

Covid has accelerated the trend towards “digitally-oriented” consumers. Companies in the media sector must be ready to seize the opportunities linked to this evolution, investing in key areas including security, data and blockchain. This will be crucial for companies in the media sector to survive in a hyper-competitive and fragmented market.