JP Morgan Looking Forward to Testing ‘Immersive Training Applications’ of Metaverse

Speaking on MIT's Business Lab podcast, MacIntyre said that newly joining staff members could benefit from stepping into an immersive virtual ecosystem.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 5 December 2023 17:50 IST

JP Morgan Looking Forward to Testing ‘Immersive Training Applications’ of Metaverse

Photo Credit: Facebook/ JP Morgan

JP Morgan became the first major global bank to launch office in metaverse last year

Highlights

Blair MacIntyre, a senior official of JP Morgan has shown interest in met
MacIntyre was speaking at MIT's Business Lab podcast
HSBC, Mastercard, AmEx among banks experimenting with metaverse

The world of banking is gearing up to explore the use cases of up-and-coming technologies like Artificial Intelligence (AI) and the metaverse to benefit their present working conditions. JP Morgan, for instance, is excitedly looking to try out immersive training applications for new bank staff members, all through the metaverse technology. The idea was recently shared by Blair MacIntyre who serves as the Managing Director (MD) and the global head of immersive technology at the US-headquartered bank.

Speaking on MIT's Business Lab podcast, MacIntyre said that newly joining staff members could benefit from stepping into an immersive virtual ecosystem rather than having them watch videos or go through presentations, EfinancialCareers said in a report.

Along with JP Morgan, Citi Bank is also running a virtual reality internship experience. This lets the trainers provide feedback in real time. As part of his vision of ushering-in an immersive era of hiring, MacIntyre wishes to bring together the technologies of Augmented Reality (AR) and Virtual Reality (VR) into the day-to-day office working like gathering for meetings. To make that occur however, MacIntyre believes that these technologies first need to see widespread adoption and seamless connection.

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JP Morgan, as for now, has established its name as one the first Wall Street banks to keep a friendly approach towards the Web3 sector.

Back in February last year, JP Morgan became the first major global bank to establish its virtual presence in the Decentraland metaverse.

Later in September 2022, JP Morgan had begun scouting for roles that would bring-in the metaverse and Web3 technologies into the bank's working.

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As per a research report by Markets and Markets, the global metaverse market is expected to grow from $83.9 billion (roughly Rs. 6,99,616 crore) in 2023 to $1,303.4 billion (roughly Rs. 108,65,313 crore) by 2030 at a Compound Annual Growth Rate (CAGR) of 48 percent during the forecast period.

JP Morgan is not the only international bank that is testing the waters of virtual reality and metaverse.

HSBC, Mastercard, Standard Chartered Bank, and American Express are among lenders that are experimenting with Web3 technologies.

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Further reading: Cryptocurrency, JP Morgan, Citi Bank, Metaverse, Web3

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More