The UK Financial Services and the Metaverse Market Report examines consumers’ awareness of the metaverse, attitudes towards using financial services in the metaverse and barriers to usage. The report covers the latest industry trends and innovations, the potential of financial services in the metaverse, and expert analysis from leading researchers.
Financial Services in the Metaverse: Current landscape
The metaverse is a long-term project in its infancy, but inflation and the rising cost of living will still have an impact on the market. Ownership of virtual reality headsets will need to grow for widespread adoption, yet this will not be a priority for many households due to a financial squeeze. Companies such as Meta seem committed to metaverse investment, but the difficult economic environment could limit some brands’ involvement.
Financial Services in the Metaverse: Key industry trends
Mintel’s financial services and the metaverse market analysis outlines that perceptions of the metaverse for financial services are more negative than positive. Although it is viewed as futuristic, it is also deemed unnecessary and gimmicky. This scepticism is particularly prevalent in older demographics.
The key will be moving this interest beyond a novel curiosity and towards a regular channel for financial services. Proof of concept will be vital, however, considerable progress will also need to be made regarding access points and headset ownership.
- 50% of Brits describe their feelings towards the metaverse as neither positive nor negative which reflects a general lack of awareness.
- 69% of UK adults who are aware of the metaverse show interest in using it for financial services.
- 44% of consumers are concerned about banking security in the metaverse.
- 63% of UK adults agree that the metaverse is better suited to gaming than financial services.
Financial Services in the Metaverse: Future trends
In the longer term, there are strong opportunities for banks and other financial providers as the metaverse expands, even if it remains focused on gaming and commerce for some time. Although financial services in the virtual world are some way off, there will still be an important role to play in the payments market and verifying identification. Seamless payments in the virtual world will require new forms of security, potentially extended to registering avatars with card or mobile wallet access. Banks will play a role in educating and guiding consumers on staying safe in the metaverse and avoiding scams.
To discover more about the UK Financial Services and the Metaverse Market Report 2022, read our UK Virtual Reality Market Report 2022, or take a look at our Financial Services Market Research Reports.
Quickly Understand
- Overall awareness and consumer interest in the metaverse.
- Outlines which financial services in the metaverse consumers are interested in trying.
- Barriers to using financial services in the metaverse.
- Preferred payment options within the metaverse.
- Consumer perceptions and attitudes towards financial services in the metaverse.
- Explores headset household ownership.
Covered in this Report
Brands: Google, Meta (Facebook, Horizon Worlds, Meta Quest Pro, Oculus), BBC, FIFA, HSBC, Decentraland, Sandbox, JP Morgan, Microsoft, Kookmin Bank, Apple, MoonPay, PayPal, Mastercard.
Expert Analysis from a Specialist in the Financial Sector
This report, written by Adrian Reynolds, a leading analyst in the financial services sector, delivers in-depth commentary and analysis to highlight current trends in the metaverse and add expert context to the numbers.
The metaverse is in its infancy and will be focused on gaming, entertainment and commerce for some time. However, there is a major role for financial providers to play in the payments and verification market. Longer term, as the technology evolves, there is interest in using the metaverse for a range of financial services. It is vital such applications go beyond short-term novelty and offer a new channel of communication to enhance services.”

Adrian Reynolds
Senior Analyst – Financial Services