Is Metaverse Technology Ready to Welcome Online Banking Users?

The advent of the Web 3.0 era has precipitated the gradual emergence of Metaverse technology as the frontier of next-generation interactive technology transformation in banking. Nevertheless, a considerable disparity exists between the user experience of Metaverse banking in virtual interactive environments and traditional online banks. Consequently, in the nascent stages of Metaverse banking development, examining how existing banking users adopt Metaverse technology and exploring related controversies from an information systems implementation perspective is imperative. The present study employs a systematic literature review methodology, screening 19 relevant articles published between 2020 and 2024 from two leading academic databases, Web of Science (WOS) and Scopus. The review identifies factors hindering current bank users' adoption of Metaverse banking, such as privacy concerns and lack of social norms, while elucidating motivational drivers in Metaverse contexts, including usability and perceived enjoyment. Moreover, from a banking application perspective, this study proposes implementation recommendations for the initial deployment of Metaverse banking, including lowering user adoption barriers and enhancing immersive experiences. The study draws upon contemporary customer needs to analyse key decision-making considerations when using Metaverse banking services. It highlights key adoption barriers and drivers for sustained usage, emphasising potential challenges in the initial development phase, such as privacy leaks and user behaviour monitoring in virtual environments. Furthermore, it identifies unexplored research gaps in the early implementation stage of Metaverse banking. This review synthesises current knowledge on Metaverse technology in banking and outlines practical considerations and strategic directions for its integration within the industry.