Leading retail bank: harnessing the potential of metaverse technologies

The Challenge

Our client sought to explore metaverse technologies to drive early learnings that would inform a broader metaverse strategy for their business. Before making substantial investments in this area, they aimed to understand the market better, test key hypotheses, understand delivery requirements and identify potential partners.  We methodically explored metaverse use cases, identified several potential applications, and hosted a workshop with key business stakeholders to choose a specific use case for a design sprint. This sprint was designed to quickly generate initial insights. The chosen challenge was: “How can we use metaverse technologies and digital marketing techniques to communicate our values, brand and purpose to our colleagues?”

The Approach

The challenge statement was addressed over a six-week design sprint, incorporating design thinking, ideation, and rapid prototyping workshops with a cross-functional client team to craft the proposition collaboratively. Subsequently, low-fidelity prototypes were developed and tested with more than 30 employees, with iterations made based on their feedback. Key learnings were captured, followed by a delivery assessment evaluating capabilities, costs and timelines for an MVP. A prioritised delivery roadmap was then developed, culminating in a business case and summary presented to senior leadership for approval.

Taking this rapid 6-week approach meant the client could accelerate their learning about the metaverse and experiment with a real use case.

The Impact

Learnings about the metaverse: This process enabled our client to quickly test and validate hypotheses concerning metaverse technologies and their appeal. Key findings included the high value placed on the ability to better engage with colleagues across different geographies. Additionally, it was found that colleagues require incentives to engage with the platform.

Buy-in from the business: Creating a prototype allowed individuals to truly understand what a metaverse proposition would entail, facilitating the gathering of realistic feedback. By presenting the proposition throughout the business, we fostered internal excitement and support for this type of experimentation.

Roadmap implementation: A clear path forward was established, not only for the specific use case concerning colleague engagement but also for a broader strategy to test and launch additional metaverse propositions. This strategy prioritises a ‘test and learn’ approach, aiming ultimately to impact customers and drive new revenue opportunities.