Fintech in the Metaverse: Will Virtual Banks Replace Brick-and-Mortar Branches?
Russia’s banking sector has become one of the world’s most active proving grounds for digital innovation. And now, the next frontier is on the horizon: 3D virtual bank branches in the metaverse.
Public Opinion Meets Future Tech
According to a survey by VTB conducted for the Financial Congress of the Bank of Russia, one in five Russians believes that physical bank branches will disappear within the next decade, giving way entirely to digital services.
Half of respondents support the idea of a single point of access to all of their bank accounts. Meanwhile, 10% of younger city residents expect to see immersive 3D bank branches in the metaverse. These virtual spaces could leverage VR technologies to create an entirely new way of interacting with financial services.
It still sounds futuristic—but what used to seem impossible is now becoming routine, thanks to the rapid pace of tech development.
A Leap Forward for Russian Fintech
Russia’s banking ecosystems are focused on user convenience, which has helped accelerate the move away from cash. According to the Central Bank, cashless payments have reached 86.7%, tripling over the last ten years, with projections showing a 90% adoption rate by the end of 2025. International consulting firm Boston Consulting Group has dubbed this leap a “Russian fintech miracle.”
Rather than slowing innovation, Western sanctions have driven even more momentum. Managing personal finances and business assets increasingly happens through digital tools. Consumers are pushing for unified interfaces that allow them to manage accounts across different banks through a single app.
That’s where Open API comes in. This technology enables secure data exchange between banks, fintech platforms, and users. A pilot project began in 2024, with 19 financial institutions already onboard. The Bank of Russia aims to launch a full-scale prototype this year.
Sber and T-Bank have already tested integration, letting customers view accounts and card balances from both banks in a single interface. Gazprombank and Sovcombank are expected to follow suit, while VTB is developing a joint account dashboard with Post Bank and RNCB.
The Rise of Financial Superapps
According to the Central Bank, 45% of Russians believe banks should expand into non-financial services with state support—from food delivery to filing government paperwork. Banks are evolving into universal digital platforms, offering not just financial products but also everyday logistics and administrative services. This helps retain customers within the ecosystem, increasing loyalty and revenue.
Digital banking growth is fueling broader economic transformation. It helps remove friction between citizens, businesses, and government services. The shift could enhance tax transparency and accelerate the rollout of the digital ruble. A recent Central Bank study found that over 25% of Russians aged 18–24 are willing to use this “third form” of the national currency—if cashback is involved.
Still, with more digital dependence comes greater risk. 22% of respondents expressed concerns about cybercrime. As a result, banks are investing in stronger security: two-factor authentication, biometric ID, and AI-powered fraud detection.
Over the past five years, Russia’s banking system has evolved dramatically. QR-code mortgages, digital titles, biometric profiles, and open banking have become standard. The traditional image of banking is shifting fast—and virtual 3D branches could be just around the corner.
Russia’s banking digitalization is not just about domestic reform—it’s also about global positioning.
