Wearable Banking: The Next Big Change!

Banking CIO Outlook | Wednesday, July 17, 2019

Adoption of new digital devices has fueled enormous change in retail financial services.

FREMONT, CA: Wearables are now among the hottest accessories for today's increasingly tech-savvy customers. There are numerous gadgets available that can help deliver innovative functionalities on the move. Banking is one of the sectors that is highly influenced by the impact of new wearable technologies, particularly among the young generation of customers. There are three ways in which this technology will revolutionize the retail banking experience.

• Customer Support

Wearable technology offer banks with new ways to interact with and inform customers and help them identify their financial needs. They offer a way for banks to bring customer information into life. In-store a customer could be presented with a product and deal with data through a wearable device. Also, customers could have seamless access to customer support through their wearable device. They could talk directly to the agents or virtual agents through their device.

• Customer Data   

With customers with a wearable device, banks will be able to access more data than ever before. Much can be done with those insights, and the range of data collected can be expanded into areas including location, activity level, and mood. But data security should be taken care of because customers will retort badly if personal data is stolen.


• Customer Identity

Wearables have the potential to render passwords irrelevant as it can utilize biometrics to seamlessly authenticate customer at any point of time through its proximity to the body. Eliminating the need for passwords will significantly improve customer satisfaction and reduce attrition and service costs. Biometric authentication is more secure than other modes of security as they can't be stolen easily.

Wearable technology matches the ease of use with innovation with the real commercial value proposition. As banks continue to develop their omni-channel strategies, it is undoubtedly an area that financial institutions must keep an eye over the years ahead.

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