How to develop the bank's meta universe business under effective supervision?

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Source:Financial Times - China Financial News Network

Author: Zhu Yi, Zhang ChunZi (author unit: China CITIC Bank. This article is a personal point of view and does not represent the point of view of his unit)

Original title: research and Discussion on the development of bank yuanuniverse business under effective supervision


Without effective regulation, innovation may be a "poison". Giant data platform enterprises are an important driver of the development of metauniverse. If capital is allowed to choose the development mode and technology path conducive to maximizing its own interests, it may weaken the national control ability of metauniverse. At the same time, there are no geographical restrictions in the meta space, which makes it more difficult to crack down on emerging criminal methods such as money laundering. Therefore, at the macro level, we should establish a corresponding system of laws and regulations to standardize the development of the meta universe, and the meta universe bank should also be effectively supervised.

The concept of meta universe has opened up a new imagination space for the digital transformation of banks and other financial institutions. Technology sensitive financial institutions at home and abroad began to layout the meta universe, open up a new blue ocean of financial services, and create new core competitiveness and service experience. In the long run, under effective financial supervision, the gradual establishment and improvement of the meta universe system will have a significant impact on the traditional operation mode of the financial industry.

The background of the development of meta universe

Metauniverse is the combination and upgrading of various existing technologies, the most important of which include extended reality technology, digital twin technology and blockchain technology. Under effective supervision, with the continuous increase of application scenarios, the meta universe will show explosive and exponential growth, realize the expansion of the virtual digital world from the real physical world, and form the digital mapping of the real world through digital twinning and blockchain technology. In the future, the meta universe will not only include the digital economy independent of the real economy, but also cover the full amount of real economic resources, and create pure digital The digital resource space with infinite scalability has entered a new era of "interconnection of all things", "mutual trust of all things" and "cooperation of all things".

(1) The inevitable need of digital transformation and upgrading

Metauniverse is bound to become the main carrier of digital economy, reduce information asymmetry and promote the better realization of financial function. With the continuous updating of meta universe technology, the "chemical reaction" between meta universe and bank will also be deepened gradually. In the future, the way of interaction between banks and customers, the way of products and services and even the form of banks may change significantly. First, it is conducive for banks to "go global" and build a virtual bank in the customer ecosystem. Under the meta universe mode, the interaction mode between banks and customers will change greatly. Meta universe bank can embed scenes to realize what you see is what you get and provide customers with a more intuitive and convenient financial service experience. Second, it is conducive to the "please come in" of banks and improve the liquidity of physical assets. Metacosmic bank, with blockchain as the bottom layer, relies on digital twinning and blockchain technology to realize the digital capitalization of physical assets, so that it can be traded and split, reduce information asymmetry, reduce credit risk and moral hazard, and promote the effective realization of financial functions. Third, it is conducive to the "joint construction" of banks to provide financial services for new industries, new business forms and new models. With the development of regulatory norms and meta universe, meta universe bank will promote the formation of industrial financial chain, promote the deep integration of digital economy and real economy, enable the transformation and upgrading of real economy, better serve new industries, new formats and new models, and promote the formation of a new driving force for economic growth.

Domestic and foreign banks are also increasing the possibility of exploring yuancosmic banking business. Bank of America conducts virtual reality (VR) training for employees in its 4300 financial service centers. BNP Paribas launched VR application, which allows retail customers of BNP Paribas to access accounts and query transaction records in virtual environment. The National Bank of Korea created a "virtual town" on the meta universe platform. Customers can consult the bank's businesses in their digital identity, and enterprises can complete recruitment, online office and participate in online entertainment activities through the platform. Domestically, in December 2021, as one of the first batch of financial institutions, ICBC xiongan branch "settled in" yuancosmos products xirang; Ping An Bank takes "meta universe" as the theme of the annual bill in 2021 to present users with digital financial life; Bank of Jiangsu tried a new financial service model and began to touch the financial meta universe combined with its own characteristics; Baixin bank focuses on artificial intelligence (AI) digital people, immersive experience and blockchain based digital assets. In November 2021, it issued the industry's first non homogenous token (NFT) digital collection - "4 in love".

(2) Customer demand is the inevitable requirement of digital promotion

The development of meta universe will go through three stages: Digital twinning, virtual primitiveness and the integration of virtual and real, and finally form the perfect integration of virtual world and physical world, so as to get rid of the resource constraints of physical world and become an important driving force for future development. In this process, the digital needs of yuancosmic bank to serve customers will also continue to emerge. First, we should meet the new requirements of financial services for yuanuniverse customers. According to the data of China Internet Network Information Center, by the end of December 2021, the number of Internet users in China has reached 1.032 billion, the Internet penetration rate has reached 73%, the proportion of Internet users accessing the Internet by mobile phone has reached 99.7%, and the average online time per capita has reached 28.5 hours per week. Among them, the utilization rates of instant messaging, online video and short video users were 97.5%, 94.5% and 90.5% respectively. The number of users reached 1.007 billion, 975 million and 934 million respectively, 284 million Internet users in rural areas and 119 million Internet users aged 60 and over. Online game users reached 554 million, accounting for 53.6% of the total Internet users. Young customers will be immersed in the meta universe for a longer time in the future. In March 2022, the 2022 work trend index released by Microsoft shows that the younger generation is more willing to use metauniverse technology at work, of which 52% of employees are ready to use metauniverse digital immersive space for meetings or team activities in 2023; 47% of employees are willing to attend the meeting in a virtual image in 2023; 48% of millennials will work on metauniverse within two years. Some market institutions predict that in 2030, the overall market scale of China's virtual digital people will exceed 270 billion yuan, and the identity virtual digital market will reach 175 billion yuan. Banks must comply with the development of digital economy, especially the direction of industrial digitization and meta universe development, and actively seize the "heart" of a wider range of young customers by building a more attractive scene financial ecology. The second is to provide financing support for the construction of meta cosmic infrastructure. JPMorgan Chase predicts that in the next few years, the meta universe will penetrate into various fields in some way, and the market opportunity is estimated to have an annual revenue of more than $1 trillion. PricewaterhouseCoopers estimates that the market size of metauniverse will increase from US $5 million in 2020 to US $150 billion in 2030, and the compound annual growth rate (CAGR) from 2020 to 2030 will reach 253%. Morgan Stanley's total virtual market is expected to be about US $52 trillion, which is expected to be about US $52 trillion. With the spiral iteration of technology and products, the development and commercial application of core and key technologies will release huge economic value and development opportunities. At the same time, metauniverse will also drive productivity improvement and industrial reform, and promote the construction of a large number of new infrastructure. Third, explore richer financial scenarios. Yuancosmos will have a well functioning virtual Civilization Ecology and have broad application space in the fields of retail, urban management and industrial production. It also needs commercial banks to expand yuancosmos business, so as to be embedded in more scenes and provide more suitable financial services. Fourth, adapt to the needs of digital financial asset trading. Data is the core asset of the meta universe. According to the prediction of relevant institutions, big data will contribute $15 trillion to the global economy by 2030. The blockchain foundation and non-homogeneous tokens in the metauniverse will provide basic guarantee for digital asset trading. Map specific assets with unique digital vouchers, and record relevant information in smart contracts to realize the capitalization of virtual goods and the virtualization of physical assets, and improve the tradability of digital assets.

(3) The inevitable trend of financial science and technology innovation and development

Yuancosmos is a technological innovation synthesis that continuously "connects points into lines". It is a comprehensive application of a number of digital technologies, which will show significant integration characteristics. The four main technical categories of constructing the meta universe have made great room for development. First, build a kind of technology to create a meta universe digital space. Data computing power, cloud computing power, high-speed wireless communication represented by the fifth generation communication technology (5g), sustainable energy supply and the continuous development of basic technologies such as blockchain and digital currency make it possible to build a more perfect meta universe. Second, mapping technology realizes the two-way interworking between the physical world and the digital world. Internet of things technology provides real-time, accurate and continuous data supply for the digital twin meta universe, making the link between the meta universe and the physical world closer. At the same time, blockchain technology effectively creates a decentralized clearing and settlement platform and value transmission mechanism of the meta universe, which helps to realize the stability, efficiency, transparency and certainty of the operation of the meta universe economic system. Third, access technology allows users to enter the meta universe with a more diverse experience. Interaction technology realizes the seamless switching between the physical world and the meta universe from the two dimensions of output technology and input technology. The fourth category is to apply intelligent technology and promote the sustainable operation of new economic system. The application technology represented by artificial intelligence technology will complete the intelligent construction of meta universe and make the function of meta universe more perfect.

(4) Important guidance of the government and regulators

Europe, the United States and other countries pay more attention to data security and the monopoly risk of industrial giants. Japan, South Korea and other countries have increased government guidance in relevant fields. South Korea established a government led "meta universe alliance" to share technology trends and insights. The Seoul municipal government also incorporated the meta universe public service platform into the "Seoul vision 2030". Japan seeks to support relevant industries and establish new national advantages. Japan's Ministry of economy and industry proposed that the government should focus on preventing and solving legal problems in the "virtual space", formulate industry standards and export norms to the world.

China pays more attention to the long-term development of digital economy. The "14th five year plan" for the development of digital economy issued by the State Council in 2022 and the "guiding opinions on the digital transformation of banking and insurance industry" issued by the China Banking and Insurance Regulatory Commission put forward the requirements of taking data as the key element, jointly promoting digital industrialization and industrial digitization, enabling the transformation and upgrading of traditional industries, standardizing the development of data economy, improving the governance system of digital economy, and cultivating new industries, new forms and new models. At present, Beijing, Shanghai, Hangzhou, Hefei, Wuhan and other cities have planned industrial layout to win the future space for urban industrial development. At the same time, regulators also began to actively strengthen supervision and self-discipline in the field of meta universe. In February, 2022, the China Banking and Insurance Regulatory Commission issued the "tips on preventing the risk of illegal fund-raising in the name of" meta universe ", and the China Mobile Communications Federation meta universe Industry Committee issued the" meta universe industry self-discipline convention ", both of which proposed that we should base ourselves on serving the real economy, resolutely resist the use of the concept of meta universe hot spots for capital speculation, and avoid the formation of a market foam.

Metauniverse has a far-reaching impact on the banking industry

Metauniverse is the integration of various cutting-edge digital technologies in the world. With the continuous development of technology, metauniverse will gradually integrate into various scenes of the whole society, open a new space of human digital world, and will have a more far-reaching impact on the follow-up development of traditional commercial banks.

(1) More diversified product system

The Morgan Stanley report predicts that by moving from digital business to meta universe business, enterprises will be able to expand and strengthen their business model in an unprecedented way. By 2026, 30% of enterprises and institutions in the world will have products and services for metauniverse. An open and freely created economic system, especially data, as an important factor of production, will play a more important role in the social production activities of the meta universe. Users can create, own, trade and buy digital assets and virtual products. At the same time, they can also transfer the assets of the physical world to the meta universe for trading through blockchain, digital twin, digital currency and other technologies. Therefore, in the meta universe with a strong sense of immersion and based on blockchain technology, the bank's product system must also be constantly innovated to meet the changing needs of the digital economy at the bottom of the meta universe, provide effective financial services across different meta universes and between the physical world and the meta universe, and the system of corresponding financial products should also be more diversified.

(2) More diversified financial services

Yuancosmos will bring subversive reshaping of the business scene. Any form of contact realized by interactive devices will become a new marketing channel. The journey of yuancosmos customers is extremely personalized, and the financial services provided by yuancosmos bank are also required to have the ultimate personalized customization ability. At the same time, the meta universe financial system has the characteristics of open source, unlicensed and transparent. With the rapid growth of the trading frequency and scale of digital assets, the meta universe bank also needs to effectively support the meta universe financial market anchored with the financial assets of the physical world. In addition, the demand for value transfer between meta universe systems is increasing, and meta universe bank also needs to establish a cross meta universe payment and trading system. Generally speaking, yuancosmic bank needs to keep pace with the times, provide customers with low-cost, low threshold and efficient financial services, and create a new field of financial services.

(3) More comprehensive employee requirements

In addition to the round the clock service of digital employees, yuancosmic bank also needs high-quality employees to provide more comprehensive services. The first is technical specialization. Employees engaged in relevant work of yuancosmic bank need to deeply understand the underlying technology and its impact on the development trend of yuancosmic bank, and organically combine technology and business. The second is product specialization. Metauniverse provides more scenarios for the development of banking business. Bank employees need to deeply understand the connotation of products, dynamically adjust the product configuration in combination with the changes of scenarios, and provide customers with comprehensive financial services under different scenarios through modular and pull-pull product combination. The third is to provide intelligent services. The employees of yuancosmic bank should realize the collaborative force among employees, between employees and digital employees, and between employees and artificial intelligence, and make full use of the powerful data processing and customer portrait ability of artificial intelligence to form an accurate portrait of "thousands of people and thousands of faces" of customers, so as to provide targeted financial services. Since 2019, many virtual digital employees have appeared in domestic commercial banks. For example, Shanghai Pudong Development Bank and Everbright Bank have successively launched digital employee "Xiaopu" and financial consultant "sunshine Xiaozhi"; As the first state-owned Internet Bank in China, Baixin Bank launched the digital person "aiya".

(4) The types of assets are more diversified

Data is the most important production factor in the meta universe. The digital assets formed by data capitalization will gradually become one of the important asset categories of the meta universe bank. On the one hand, NFT will become the common law of production and consumption of the universe, which is completely different from the logic of the universe; On the other hand, the blockchain distributed accounting method ensures the value storage of data assets, and can synchronously realize the confirmation of personal property rights, providing more accurate and convenient intellectual property protection. Therefore, the meta universe will gradually form the exchange and circulation process of data assets, convert its multiple values into economic values, and store and convert them in the situation of digital assets.

(5) Channel expansion is more unimportant

The authentication, preservation, matching and transaction of digital assets in metauniverse can be realized through blockchain technology. Metauniverse bank needs to pre build financial infrastructure, complete relevant authentication, anti fraud, preservation and other links, and embed them into business scenarios to realize the insensitivity of channel expansion. The organizational system of yuancosmos decentralized autonomous organization (DAO) and the gradual application of smart contract also make the banking business intervene in the daily activities of customers in a more insensitive way. Through scene embedding, data-driven and intelligent linkage, it can realize microsecond data encryption transmission with its offline parent bank, cross dimensional real-time authentication, and effectively open up the economic exchanges between yuancosmos and the real world.

System construction of meta cosmic bank

Relevant scholars have proposed that the meta universe will present a triple economic cycle. The first is the internal economic cycle of a single meta universe, and each meta universe forms a self consistent economic cycle within itself. The second is the external circulation between the meta universes, forming an open economy connected with each other between the meta universes. The third is the cycle between the virtual and the real. The meta universe and the physical world have been moving towards integration and unity for a long time. The construction of yuancosmic bank must also be adjusted adaptively and establish a unique operation system.

(1) Building the personalized brand system of yuancosmic bank

With the iteration and upgrading of the meta universe, a large number of new generation young people are pouring in, occupying a lot of time and attention of customers. In this environment, the meta universe bank publicizes the bank brand in a personalized way, forming a subtle influence in the process of more touching, and then promoting each other between the meta universe and the physical world. At the same time, the journey of metauniverse customers is beyond the limits of physical conditions, and even participate in multiple different scenes and ecological activities at the same time with the help of different avatars (or avatars) of metauniverse. Therefore, the brand system of yuancosmic bank must be more diverse and rich, so as to cultivate the personalized brand system of yuancosmic bank in the diversified customer contact channels.

(2) Cultivate the advanced innovation system of yuancosmic bank

The meta universe has gradually formed a multi style and multi domain meta universe combination. The identity and assets of users should be synchronized between the meta universe, so as to form the transmission of information and resources across the meta universe, the meta universe and the physical world. At the same time, the meta universe will also carry greater business value by reconstructing users' lifestyle, production mode and organizational governance. Therefore, the meta universe has the transformation characteristics of high concentration of innovation and continuous reconstruction of system and mechanism. Correspondingly, the innovation system of the meta universe bank naturally has a high degree of scientific and technological sensitivity and the flexibility of the organizational system. The organizational operation system must be reconstructed with a new consciousness, a new world outlook and a new way, so as to realize synergy and symbiosis. For example, in terms of experience, wearable devices enhance customers' digital experience through powerful visual effects, multi perception information presentation and highly immersive experience atmosphere. Metauniverse banking business needs to embed personalized decisions in the journey of core customers, understand their application scenarios and needs, and ensure that financial operations are more private and safe, agile, senseless, ubiquitous and seamless to provide excellent customer experience through the intelligent technology of automatic decision-making and execution on behalf of customers.

(3) Build a modular business system of yuancosmic bank

Yuancosmos has the characteristics of distribution and decentralization, and the information asymmetry will be greatly reduced. Yuancosmos bank and its parent bank are facing highly transparent market competition, and the role of information intermediary is weakened. Therefore, yuancosmic bank needs to significantly improve its financial service capability, build a modular business system, fit different scenarios and establish an effective business system. In the field of retail banking, we should build a smooth fund and asset transfer channel between cross universe platforms, and build a payment and clearing network between the universe; It is necessary to comply with the formation of Dao organization system, realize more accurate customer portrait, and embed it into various scenes of customers in the mode of ecological bank; We should provide effective financial services through wearable devices and using our own verifiable digital identity, and serve customers in real time with the help of virtual employees, virtual counters and virtual ATMs. In the field of corporate banking, the independent meta universe operation platform will become an important object of public services. Meta universe bank should cooperate online and offline to provide comprehensive financial services for a single meta universe operation platform; Strengthen the management ability of data assets, complete the functions of rights confirmation, storage and transaction of digital assets, and rely on the smart contract of blockchain technology to provide tracking services such as custody, payment, transaction, settlement and financial management for subsequent capital flows; We should upgrade the guarantee system, build a collateral management system around digital assets, and do a good job in the management and monitoring of collateral.

(4) Consolidate the risk control foundation of yuancosmic bank

The risk faced by yuancosmic bank is obviously different from that of traditional banks. It needs to strengthen its own risk control ability and realize steady operation. From the perspective of scientific and technological risks, the construction of metauniverse is a complex and huge ecosystem project, which is based on the combination of the latest technology. Any assets exist in virtual digital form. Metauniverse bank will face more severe scientific and technological risks than traditional banks, and pay attention to other associated risks caused by scientific and technological risks. From the perspective of credit risk and operational risk, metauniverse is based on blockchain and has constituent elements such as distributed account book, token and smart contract, which significantly improves the transparency of transaction information disclosure and significantly reduces manual operation links, which will have a fundamental impact on the prevention and control of credit risk and operational risk; From the perspective of market risk and liquidity risk, the data value and digital asset pricing model are still in the process of discussion, especially the recent high price sales of yuancosmic real estate and NFT works of art. Before the yuancosmic economic and financial system is standardized and the transaction scale and depth are further cultivated and mature, the price fluctuation of digital assets will increase the market and liquidity risk of yuancosmic bank. From the perspective of reputation risk, metauniverse is a space characterized by immersion, sociality and openness. Metauniverse will have a more obvious impact on the existing communication technology and reshape the generation mechanism of social public opinion. At the same time, in the information fission and multi-channel communication environment, the effect of traditional coordinated communication control means will also be greatly reduced, which puts forward higher requirements for yuancosmic bank to prevent reputation risk. On the whole, in the face of external changes, yuancosmic bank should still adhere to the principle of "safety, profitability and liquidity", and strive to realize self perception, self analysis, self decision-making and self execution of risk prevention, so as to meet the long-term requirements of its own stable operation and sustainable development.

(5) Form an effective meta universe supervision system

Without effective regulation, innovation may be a "poison". Giant data platform enterprises are an important driver of the development of metauniverse. If capital is allowed to choose the development mode and technology path conducive to maximizing its own interests, it may weaken the national control ability of metauniverse. At the same time, there are no geographical restrictions in the meta space, which makes it more difficult to crack down on emerging criminal methods such as money laundering. Therefore, at the macro level, we should establish a corresponding system of laws and regulations to standardize the development of the meta universe, and the meta universe bank should also be effectively supervised. On the one hand, the meta universe financial supervision system should achieve greater tolerance, allow the meta universe bank to carry out effective financial innovation under the background of technical support, realize the function of financial intermediary and help the development of digital economy. Don't pour out "children and dirty water" because of the risk; On the other hand, any activities related to the realization of financial functions should be fully incorporated into the financial supervision system. All kinds of businesses carried out by yuancosmic bank need to realize the whole chain and all fields of supervision in advance, during and after the event. Although the business forms of yuancosmic bank are diversified, as a financial intermediary, it adheres to the requirements of returning to its origin, effectively supporting the real economy and preventing and controlling risks, and should also be consistent with the bank supervision of the physical world in terms of capital adequacy, liquidity and risk management.

Measures to be taken to develop yuancosmic bank

Although yuancosmic bank is still in the initial stage, it can be predicted from the history of Internet development that yuancosmic bank will become an important field of banking business expansion in the future. The development of yuancosmic bank should focus on the following aspects.

(1) In terms of development strategy, we should support the exploration of yuancosmic bank

Under the background of accelerating the development of digital economy, yuancosmic bank will become a subject that must be faced in bank operation. Commercial banks should carry out systematic research, comprehensively evaluate the development space and value transfer trend of yuancosmic, and find their own opportunity list and market blue ocean of yuancosmic bank in combination with their own resource endowment. At the same time, in the process of the development of meta universe, we should set strategic tasks and objectives in a step-by-step way to promote the development and integration of traditional banking business and meta universe banking business. We expect that in the next ten years, yuancosmic bank will present three development stages: first, the exploration stage of yuancosmic bank. Traditional commercial banks have increased the investment in technology, scene exploration and human and property of metauniverse, tried to extend customer service with metauniverse as the scene, and gradually provided preliminary financial services in metauniverse bank. The second is the expansion stage of Yuan cosmic bank. The application of Yuan universe has been continuously enriched, and a perfect financial payment and settlement system has been formed. Under the regulatory norms, the digital asset trading market with digital RMB as the core has initially taken shape. The third is the mature stage of the meta universe bank. With the maturity of digital twins, human brain interface and other technologies, the meta universe bank realizes the seamless connection between the meta universe and the physical world. The meta universe bank synchronously realizes the functions of transfer, payment and storage of financial assets in the meta universe and the physical world.

Commercial banks should increase investment and construction in financial technology, virtual digital employees and digital assets, and promote services such as the issuance, trading and storage of digital assets; We should implement the innovative development strategy, enhance the agility and flexibility of bank operation, reshape the business model, accelerate the operation transformation and move towards "extreme digitization". With the continuous development of yuancosmic bank, the agile and flexible characteristics of small and medium-sized banks with leading technology will be more obvious in the future.

(2) Consider the new requirements of yuancosmic bank in terms of governance and organizational system

The meta universe indicates the expansion and transformation of human survival mode, which will also bring fundamental changes in economy and society. Metacosmic bank must also comply with the evolution of metacosmic organization system and establish its own bank governance and organization system. At the same time, the organizational form of distributed autonomy will be the most important basic unit of the meta universe. With the help of Dao, the traditional financial functions can form a consensus internally and implement the consensus rules in the smart contract, which can be implemented automatically without human intervention and management. In the future, Dao will provide a more favorable environment for building scenarios for yuancosmic bank, and shrink banking services and customers into a real-time processing business space. Yuancosmic bank should assemble and manufacture in real time according to the needs and scenarios of different Dao organizations, so as to greatly increase the supply of financial products. In addition, the risk control department should improve the insight of risk identification, strengthen technical safety supervision, and use financial technology technologies such as big data, cloud computing, artificial intelligence and blockchain to build a more forward-looking and active risk management system. These new governance and organizational characteristics require banks to make adaptive adjustments in governance and organizational systems.

(3) Considering the demand of yuancosmic bank in the new infrastructure construction of banks

The core elements of building future finance are high-quality data, flexible architecture, agile process, extreme customer experience, temperature and harmonious financial ecology, and safety guarantee of legal compliance. In the future, the construction of financial scenario ecology will be greatly prosperous, and banks that are at the forefront of the development and application of meta universe technology will master more of their own scenarios. At present, some technology sensitive financial institutions have begun to layout the meta universe, hoping to change the traditional mode of financial services through financial technologies such as artificial intelligence, big data and cloud computing, open up a new blue ocean of financial services, change the way of competition, and create new core competitiveness, financial services and consumption experience. In the long run, with the gradual establishment and improvement of the meta universe system, it will have a subversive impact on the traditional operation mode of the financial industry. With the gradual improvement of the infrastructure construction of the meta universe and the continuous increase of the number and demand of customers, the improvement of customer perception, connection and service ability is the three core tracks to build the financial meta universe. Banks and other financial institutions have great prospects for investment in this field.

(4) In terms of resource guarantee, it is moderately inclined to the yuan cosmic bank

With the continuous enrichment of meta universe scenes, the competition among financial institutions will become increasingly fierce. Therefore, after clarifying the development goal of metauniverse, commercial banks should actively ensure relevant resource investment and talent training. In terms of resource investment, according to the research of McKinsey, the R & D funds of the world's leading banks have reached 17% to 20% of the pre tax profit, which is dedicated to the layout of disruptive technologies to accelerate the digital transformation of banks. Meanwhile, the total investment in information technology of domestic commercial banks is expected to exceed 310 billion yuan in 2022. It is suggested that banks give priority to the allocation of meta space technology and system development funds in information technology investment. In terms of strategic layout and talent training, we should be forward-looking. On the one hand, banks should strengthen the training and introduction of leading talents in artificial intelligence, virtual reality, privacy computing and other fields, and build senior talents and teams in meta universe related fields in an all-round way; On the other hand, we should comply with the new era of the great development of digital economy, establish and improve the talent evaluation system and incentive mechanism based on innovation ability, quality and timeliness within the bank, so as to meet the development needs of yuancosmic bank in the future.

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