Powered by MOMENTUM MEDIA
subscribe to our newsletter
Big growth forecast for smartwatch banking

Big growth forecast for smartwatch banking

The number of banking apps accessed via smartwatches will reach 10 million in 2017, and will rise to more than 100 million by 2020.

However, research by mobile and digital technology analyst firm Juniper Research noted that while wearable-based banking information services have emerged as a key trend, it is perceived by many as a gimmick at present.

Juniper said that while wearables, including smartwatches and glasses, are not suited for conducting complicated financial instructions, wrist-based wearables will become a key device for multi-factor authentication for banking transaction approvals in the future.

“Digital banking has experienced a substantial progression towards personalised computing,” research author Nitin Bhas said.

“We do believe that, keeping pace with technology evolution, wearable banking will witness a faster adoption rate than mobile banking, especially amongst Millennials.”

The research also found that while banks have introduced a number of innovative new services in the space, such as augmented reality banking apps and cashless money boxes, these generally have a short life span with consumers.

Furthermore, SMS-based push banking services are on the decline, with banks noticing a number of messages sent to mobile banking users.

Juniper said banks and financial institutions will need to offer customers more targeted services, aimed at specific user needs.

“This will be enabled through customer analytics and big data management platforms from vendors such as Oracle, Infosys, Fiserv and SAP," the firm said.

[Related: CBA to continue innovating ‘at the edge’]

Big growth forecast for smartwatch banking
mortgagebusiness
  • 23
    Days
  • :
  • 07
    Hours
  • :
  • 54
    Minutes
  • :
  • 01
    Seconds

SUBMISSIONS CLOSING SOON
Have you started yours?

Latest News

First home buyers are increasingly optimistic about their prospects of home ownership as property prices nationwide continue on their downwa...

While high household debt remains a risk to economic stability, consumer spending is also a “source of stability”, according to a major ...

The Financial Sector Union has called for a financial sector-wide code that “consolidates” conduct regulation and self-regulation. ...

FROM THE WEB

podcast

LATEST PODCAST: How bank ‘simplification’ is aiding the non-bank sector

Is enough being done to ensure responsible lending?