The promise of wearables: an Internet of Things in banking

The first Wearables report of the Mapa Insight Series documents the rise of the smartwatch and its potential to create a more rewarding and personalised banking experience for consumers.

In the short time that smartwatches have been available, many banks have deployed apps that complement their existing offerings on mobile and tablet. These smartwatch apps are still generally limited to simple functions; information is filtered down and targeted to the smartwatch channel. Our report examines some of the early apps offered by Financial Services providers worldwide and includes those which stand out for their approach to design and innovation.

One important factor to consider is how users interact with the smartwatch. The interface presents certain design challenges due to its limited screen size. Watch app strategies should focus on pushing relevant information to the customer at the right time in order to keep users up to date on their financial health. Design and User Experience trends are explored in the report with examples from both banks and innovators outside of the Financial Services industry.

Driving the smartwatch growth is a shift in consumers’ attitudes towards the need for a more complete experience rather than just a fitness tracker, and one which can be linked to a mobile device. The most popular mobile operating systems will dictate the preferences in the smartwatch market. However, expectations of the mobile-native generation are high for this new device and the usability of apps will play a crucial role in the success of the channel.

Smartwatches present an opportunity for financial services providers who are looking to further innovate and to compete with non-bank providers and disruptors alike.

Examples of banking functionality featured in the report include:

  • Balance
  • PFM
  • Branch Locators
  • Branch Finders
  • Transfers
  • Contacting the Bank
  • Notifications

For more information and to purchase the report, please contact us today.

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