Just a year ago, there was hype about the Metaverse as major banks such as Standard Chartered, HSBC, and DBS spent millions acquiring land for virtual branches in the Metaverse. JP Morgan even became the first major bank to open a lounge in the virtual world of Decentraland. Today, the focus has shifted to spatial computing from Apple’s Vision Pro.

The launch of Apple Vision Pro could potentially start the next digital revolution. Apple intends to shift the digital world from mobile computing to revolutionary spatial computing, marking a significant opportunity for the next generation of financial experience – spatial banking.

The question arises whether consumers need branches in the metaverse. While virtual branches may have value for entertainment and brand promotion, the worth of investing millions in them is questionable. The existing technologies already enable faster, more convenient, and higher-quality financial services, making virtual branches less suitable for daily consumption of financial services.

Instead, the idea of Apple’s spatial apps presents a more promising prospect. It is conceivable that spatial banking will follow the evolution of desktop banking, mobile banking, and tablet banking. Though not imminent, it is prudent to start exploring the potential of spatial banking today, considering that the first iPhone was released 17 years ago, yet mobile banking interfaces at some banks still leave much to be desired.

Apple Vision Pro has the potential to serve as the missing bridge to the Metaverse, blending the real and digital worlds, provided it overcomes several challenges:

• Bringing VR/AR technology into the mainstream, despite VR devices being available since the 90s and over 100 million VR headsets being sold in the past 5 years, with the leading Quest from Meta selling over 20 million units alone.
• Increasing the usage cycle and retention rate on VR/AR devices by addressing the complexity, inconvenience, and lack of comfort for everyday use, which has led to high abandonment rates.
• Implementing clear VR/AR interaction principles, effectively reinventing the Metaverse and making spatial computing accessible to a broader audience.

Apple’s efforts to revolutionize spatial computing and potentially usher in the era of spatial banking mark an exciting prospect for the future of digital finance. As the technology continues to advance, the financial industry may witness a transformation that enhances the customer experience and accessibility of financial services.