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Metaverse Talent in the BFS: Building Metaverse Teams with In-Demand Skills

Metaverse February 23, 2023
Metaverse Talent in the BFS: Building Metaverse Teams with In-Demand Skills


Metaverse influences talent management through training, collaboration, and AI-enabled coworkers.

  • It redefines the way your workforce learns, works, and becomes future-ready.
  • Function wise prominent use cases in BFS include an immersive interface, in-metaverse purchase, VR transaction access, and more.
  • Draup analyzed case studies of BFS industry leaders investing in Metaverse for mission-critical activities.

  • To create a Metaverse use case, devoted professionals with rising digital skills in technologies like AI/ML, Blockchain, AR, and VR are required.
  • Typically, Metaverse teams have five key job functions. Engineering is fundamental, followed by R&D, Product, Design, and Marketing.
  • Citi, HSBC, and JP Morgan are gradually increasing the size of their internal Metaverse teams.
  • Download the report to read insights into standard Metaverse team structure and technical skills critical to developing Metaverse capabilities.

    The term ‘Metaverse’ has been capturing the global banking and financial services (BFS). Metaverse in the BFS will transform how it works. 

    Customers can interact with one another more realistically in the metaverse. This virtual world is extremely advantageous for banks, allowing them to create a more personalized customer experience. 

    Metaverse app development helps small businesses reach new markets and clients. The metaverse also allows banks cut costs. But it requires relevant talent. 

    Our particular interest area is fintech, where the immersive environment could erupt with new opportunities for the industry. 

    Financial services widely use fintech. Blockchain, smart contracts, IoT, and AI, automate bookkeeping, budgeting, reconciliation, accounting, and auditing. 

    Current students should no longer learn “old-school” finance and accounting. Rather, they should comprehend technology to invent and implement tech solutions. 

    5 In-Demand Metaverse Skills in the Fintech Industry 

    Talent management must know these five in-demand skills for a metaverse-related career in FinTech and BFS. 

    1. Software programming – Programming abilities entail familiarity with coding and languages such as Python, C++, C, Java, and others that can aid in creating applications and services. In FinTech and BFS, professionals with programming abilities are in high demand.
    2. Blockchain – Blockchain is the underlying technology for cryptocurrencies and smart contracts, demanding individuals with blockchain expertise. Rapid growth in the use of cryptocurrencies such as Ethereum, bitcoin, XRP, and others has demanded the development of blockchain experience and understanding.
    3. Artificial Intelligence (AI) and Machine Learning (ML) – AI and ML are also crucial skills for Fintech. AI and ML enable decision-making, customer service, and fraud detection validating the individual and the information.
    4. Software development – The BFS and FinTech demand software developers. These technologists are responsible for creating software that facilitates communication between the service provider and the client.
    5. Cybersecurity – With the convergence of banking and technology, a vast amount of online data is generated. The data must be secured against hackers and unethical use. Hence, cybersecurity is implemented. Cybersecurity is one of any company’s fundamental requirements; thus, workers acquire domain-specific expertise.

    Talent Management Must Lay the Foundation Now 

    Generations Z and Alpha will likely employ metaverse first. Companies must build captivating experiences to attract these users. A Metaverse culture is needed to convince this group to “invest” in, insure, and exchange virtual assets. 

    Naturally, as the metaverse grows in popularity, metaverse-savvy designers and engineers will be in great demand and limited supply. Designers and software engineers came in demand with Web 1.0, Web 2.0, and the earliest phases of the smartphone revolution. 

    Big players in the BFS, such as JP Morgan, HSBC, and Citi, are gradually scaling their in-house metaverse teams to leverage the alternate transaction method that could be a norm by 2030. Capital One and the Bank of China follow them. 

    In-demand skills for junior talent 

    Blockchain and data analysis tops the list, but software development is also popular. The ability to use Python to PowerApps, skills to diagnose problems, develop customer needs, and convey solutions is vital. 

    Skilled senior talent 

    Senior talent in BFS, asset management organizations, and FinTech companies need banking and technology skills. This includes a grasp of strategy, operations, technology, risk management, ethics, and commercial lending. 

    Advanced Excel abilities are also popular. Talent management must upskill senior workers in customer-centric roles like Relationship Manager, Corporate Account Manager, and Operations Manager. 

    Insights to Build In-house Metaverse Teams 

    Talent management must note that devoted professionals with expertise in AI/ML, blockchain, AR and VR are required to create Metaverse use cases. Draup analyzed the key skills stack of 500+ in-house metaverse talent in leading 50+ firms. 

    Draup suggests that talent management must talent along Infrastructure, Technology, and Creator layers. 

    1. The infrastructure layer involves the basic infrastructure/foundation layer on which any technology is built. Talent management must hire cloud computing and software engineers.
    2. In the technology layer, the technologies used are:
      a. AI/ML and IoT for programming, data analytics, and prototyping can be done by embedded systems engineers, data scientists, data analysts, etc.
      b. Blockchain to build data structure for cybersecurity and cryptography. A key role with such a skillset is blockchain engineer.
      c. XR skills are required for AR designers, developers, or computer vision engineers to create immersive experiences and embed virtual objects into the real world.
      d. 3D reconstruction technology 
    3. The creator layer provides a platform for cryptographers to create decentralized apps or decentralized finance driven by solidity programming UI/UX and blockchain. 

    Metaverse teams typically have five major job functions: Metaverse applications engineering, product development, research and strategy as core functions, followed by metaverse applications design and marketing functions. 

    The below infographic shows the five functions of a metaverse-first team and highlights the in-demand skills.

    Draup conducted a comprehensive analysis of the metaverse adoption in the BFS. It provides key insights into the in-demand skills and hiring insights for niche and skilled core metaverse talent. It also maps the availability of talent in metaverse skills and core functions. 

    Draup is an AI-powered talent intelligence platform that delivers talent management leaders with data-backed insights into the global talent pool, cost modeling, and reskilling pathways. 

    It delivers recruitment metrics and recruitment funnel analysis, and data for planning your workforce.

    Lead the future with talent intelligence. Get in touch with us today.