Union Bank of India (UBI) has launched Metaverse Virtual Lounge, ‘Uni-verse’, and Open Banking Sandbox environment.

Uni-verse will host the bank’s product information and videos in the initial phase, according to the public sector bank’s statement.

With Uni-verse, customers can roam around the lounge, get information on the bank’s deposits, loans, government welfare schemes, and digital initiatives, among others, similar to the real world scenario, said the bank.

The Metaverse Virtual Lounge initiative is in partnership with Tech Mahindra, it added.

The bank also launched Open Banking Sandbox environment, through which it will collaborate with fintechs and start-up partners for developing and launching innovative banking products.

Sandbox environment empowers fintechs and developers by providing a platform which will realize their ideas, said the bank.

A Manimekhalai, MD and CEO, UBI, observed that adoption of latest technologies, including Metaverse, will transform the customer’s banking experience to the next level.

Further, with the launch of the Sandbox, the bank is ushering into Open Banking environment which will not only turn third party developers’ innovative ideas into reality but will also pave path for new avenues.

Nitesh Ranjan, Executive Director, UBI, underscored the bank’s commitment to facilitate innovative banking experience to its Customers through the launch of Metaverse and Sandbox.