The Indian Institute of Management (IIM) Sambalpur and the Indian Council of Social Science Research (ICSSR) jointly organized the “International Conference on Metaverse Banking and Financial Transformation (ICMBFT 2025),” a congregation of top scholars, business leaders, fintech founders, and policy makers at one platform. Titled “The Metaverse Bankscape for Viksit Bharat @2047: Trends, Tech & Transformation,” the event was an interactive platform for thought-sharing and opinions on the changing role of immersive technologies in the development of India’s banking and financial inclusion space.

With India’s Viksit Bharat @2047 vision, which is a thought-provoking one, the conference presented the disruption potential metaverse banking holds and how with the power of newer-generation technology like Web3, Artificial Intelligence (AI), blockchain, Virtual Reality (VR), and Augmented Reality (AR), it could potentially revolutionize the financial space. It aimed to educate and inspire players in the finance industry—banks, regulators, fintech visionaries, and researchers—of the need to align metaverse technologies to make financial services accessible, personalized, and inclusive.

One of the highlights of the conference was the talk about how metaverse banking is becoming a future idea that enables customers to interact with their banks using interactive 3D virtual environments. Using VR and AR technology, banks are developing virtual branches where people can access services like account management, transactions, payments, and customized financial advice without leaving their homes. This shift is a seismic change in the customer interaction models and has the potential to increase the reach of relationships with far-off and underpenetrated groups, making the financial system more inclusive.

The event was highly attended with more than 100 guests, with more than 80 papers read by industry practitioners and academics from various backgrounds. The variety of ideas and variety of views put forward was reflective of the significance of cross-discipline discussion in understanding the implications of the metaverse-driven banking revolution.

Guest speakers were Dr. Praveen K. Choudhary, HCL Technologies Global Operations Director Digital Business; Sagar Vaishnavi, Boston Consulting Group, BCG Vantage; Dr. Atul Tripathi, Honorary Adjunct Fellow, National Maritime Foundation, Indian Navy; and Samarendra Mohanty, Group Chief Information Officer, Melstar Information Technologies Ltd. These thought leaders offered insightful comments on the incorporation of new technologies in the conventional banking paradigm and emphasized the core role of innovation in the achievement of national development aspirations.

IIM Sambalpur Director Prof. Mahadeo Jaiswal presented a motivational speech on the transformative power of AI and metaverse for education and beyond. “Today is a special day because we are ushering in the unlimited possibilities of the Metaverse,” he stated. “With AI-powered case studies, hybrid-board classrooms, and smart learning infrastructure, we’re rewriting the future of education. These technologies enable students to co-create, address real-world challenges, and be part of an enhanced talent pool ready for governance, public service, and tech-driven industries.”

Prof. Jaiswal also spoke about the institute’s forward-thinking efforts, including rolling out a new B.S. course in Data Science and Artificial Intelligence, as measures towards preparing young minds with the digital capability to drive India to development as a developed nation by 2047. He stressed that for realizing the Viksit Bharat vision announced by the Hon’ble Prime Minister, there must be collaboration between the industry, government, and academia.

Among the most popular attractions of the conference was the plenary session “Future of Metaverse Banking & Financial Ecosystem in India” moderated by a very interactive panel discussion chaired by Sagar Vaishnavi. Speaking to the audience, Dr. Praveen K. Choudhary sketched a vision that was inspiring: “The future of banking is about marrying cloud scalability, zero-trust security, and immersive user experience—making technology accessible, secure, and engaging for every individual.” His words reflected the increasingly shared view that digital transformation needs to be complemented with strong architecture and user-design thinking.

Samarendra Mohanty emphasized customer behavior understanding way ahead of launching metaverse banking solutions. “In becoming truly innovative in virtual banking, we need to initially have a very good knowledge of customer behavior through data. Technology is nothing if not supported by insight, so before you design something for them, get familiar with your customer first,” he reiterated, reminding designers and finance chiefs of the precedence of human-centric design in digital services.

Simultaneously, Dr. Atul Tripathi spoke about the urgent need for data protection and cybersecurity, cautioning that they have now become “mission-critical.” For him, “In the Metaverse and AI era, data protection and cybersecurity are no longer desirable, they’re mission-critical.”. This provides an enormous opportunity for prospective future leaders to be exceptional risk and compliance professionals.” His comment underscored the importance of educating a new generation of technology-savvy individuals who could help to respond to technological as well as regulatory challenges in the banking sector.

The conference has been able to bridge the various aspects of the digital finance economy, highlighting how the fusion of frontier technologies with banking infrastructure possesses the potential to unlock unprecedented aspects of financial inclusion, customer empowerment, and sustainable economic growth. With a view to pursuing the development target of 2047, the collaborative spirit that has been introduced at ICMBFT 2025 highlights the importance of knowledge sharing and innovation in building a strong, inclusive, and future-proofed financial ecosystem.