KPMG’s Australian division could soon hold executive meetings and close multi-million-dollar deals with clients in Metaverse. The firm is currently exploring how this revolutionary technology can change its business model.
In a recent interview, KPMG’s James Mabbott, Partner in Charge at KPMG Futures said the firm sees real potential in the technology creating new and more efficient ways for businesses and consumers to interact with each other:
“I think the really interesting applications are going to be in the business to business context […] This is where I think the money is going. [even] more so than the consumer driven participation.”
Mabbott also said that virtual interactions via Metaverse platforms could transform client engagement and delivery of services, as well as potentially opening up new revenue streams to the firm.
“What we’re looking to do is explore the opportunity to create new business models and new assets with technology that fundamentally transforms the way we deliver our services,” he told Cointelegraph.
The creation of a metaverse group
According to a statement sent to Cointelegraph, the company just created a new position within Australia’s KPMG Futures team called Head of Metaverse Futures. It has just appointed Web3 executive Alyse Su to this role.
KPMG Australia noted that Sue previously worked as a senior consultant on the KPMG Innovate team between 2012-2015 before venturing off into the cryptocurrency space — where she co-founded several startups, including Transhuman Coin, a decentralized finance (DeFi) project which invests in and supports emerging technologies.
Sue was then employed at Palo IT, an international consulting and software development firm. After that she returned to KPMG as Head of Web3.
KPMG’s ambitious ambition to develop multimillion-dollar opportunities for the company by 2025 is reflected in this new position. To achieve this feat, Mabbott stated that KPMG has been looking into building its own Metaverse for the company’s internal business operations and business-to-business services.
Mabbott also noted that Sue will receive the support from some of the 90 members that comprise KPMG’s Futures unit — which includes a focus on artificial intelligence (AI) and Quantum Computing in addition to the Metaverse.
KPMG Origins is a blockchain-based track and trace platform that assists trading partners in codifying trust while carrying out cross-border transactions. Mabbott said that approximately 30 people are currently involved in the supply chain-focused platform.
Metaverse active users are not a concern
Mabbott explained that the firm is exploring public Metaverses opportunities to find out what they could offer clients.
The KPMG Partner added that he wasn’t too concerned with the recent fall in user activity and reported poor user experiences in some of the largest Metaverses in the industry today:
“When you look at some of these spaces, patronage and participation at the moment is not particularly high. But this is when all the really interesting experimentations are happening and the development of those new business models and ways of creating value is falling out.”
“Off the back of that, I think there will be an explosion actually in terms of uptake and use and applicability of these technologies as well,” he added.
Related: Institutions are exploring the space — KPMG Canada crypto team
Mabbott also noted that while a number of video communications platforms — namely Google Meets, Microsoft Teams and Zoom — increased significantly in user activity throughout the COVID-19 pandemic, users cannot fully immerse themselves in that environment like how they can in the Metaverse:
“The bit they don’t solve for is the emotional component. [With the Metaverse]Your senses are taken over and you feel as if you’re there. Zoom’s current Zoom is missing this aspect. [Microsoft] Team’s interactions.”
“It’s that sense of being in the room and being able to read [other people’s] You’ll feel as if you’re there using your body language. That’s that next step that I think these technologies will bring,” Mabbott added.
This isn’t KPMG’s first move in the Metaverse either. Jun. The accounting firm also invested $30,000,000 in Web3 employee training. This was for U.S.-based and Canada-based employees. It focused on education, collaboration, and training across various events and workshops.
According to Jun., the Metaverse will be worth $5 trillion in 2030. McKinsey, an international consulting firm, has published a report for 2022. However, Citi Investment Bank went one step further. estimating The total market addressable for the Metaverse economy could reach $13 trillion in the same time frame.