Article

Mike Owen
Mike Owen 5 April 2016

Wearables Set To Revolutionize Finance Sector

Most people today equate wearable technology with fitness trackers like Fitbit and feature-rich products such as the Apple Watch. The latter, which is compatible with a growing number of apps and able to handle functionality from text messages to calendar reminders, is now picking up steam in the banking industry.

A recent Misys study shows that more and more financial institutions are planning to take advantage of the popular trend by rolling out wearable apps.

The ability to engage customers on mobile devices besides smart phones and tablets represents largely untapped potential for companies in the finance sector. The Misys study found that as many as 72% of banks have wearables on their roadmap for the coming three years. However, only 15% of those surveyed have existing wearable apps or technology that will be ready in the near future – demonstrating a significant gap between those in the finance sector taking advantage of this opportunity, and those only planning to do so.

A noticeable trend is that US and EU-based banks are well behind their LATAM and Asian counterparts when it comes to wearable apps. Of those surveyed, 78% hail from either North America or Europe. The lack of strategy in these places doesn't match demand, however, with approximately 28.1 million smartwatches and activity trackers predicted to sell across the two regions during 2015.

Balazs Vinnai of Misys said "we know that today less than two percent of all sales are conducted via mobile, the stepping stone to wearable technology. It is critical for banks to consider new digital channels as part of an integrated strategy."

That strategy should include proximity payment – which is, according to 66% of respondents, the most attractive capability of wearable technology – as well as better fraud protection and the ability to communicate directly with customers. Understanding customer preferences for wearable app features, and developing the technology accordingly, is a crucial component of any bank's engagement strategy.

censhare is helping businesses to communicate effectively with their audiences across a broad spectrum of channels and digital touch points, enabling them to keep pace with the latest technological innovations. Explore our Mobile and Online Channel Management solutions to learn more.

Original Article

Please login or register to add a comment.

Contribute Now!

Loving our articles? Do you have an insightful post that you want to shout about? Well, you've come to the right place! We are always looking for fresh Doughnuts to be a part of our community.

Popular Articles

See all
Digital Marketing Vs. Traditional Marketing: Which One Is Better?

Digital Marketing Vs. Traditional Marketing: Which One Is Better?

What's the difference between digital marketing and traditional marketing, and why does it matter? The answers may surprise you.

Julie Cave
Julie Cave 14 July 2016
Read more
4 Important Digital Marketing Channels You Should Know About

4 Important Digital Marketing Channels You Should Know About

It goes without saying that a company can't do without digital marketing in today's world.

Digital Doughnut Contributor
Digital Doughnut Contributor 5 November 2014
Read more
A Complete Guide To Help Sales and Marketing Work On The Same Team

A Complete Guide To Help Sales and Marketing Work On The Same Team

''Companies with dynamic, adaptable sales and marketing processes report an average 10% more of their salespeople meet their quotas compared to other companies.'' - CSO Insight

Michael FitzGerald
Michael FitzGerald 19 May 2017
Read more
8 Marketing Automation Mistakes And How To Avoid Them

8 Marketing Automation Mistakes And How To Avoid Them

According to the Annuitas group, businesses that use marketing automation to nurture prospects experience as much as a 451% increase in qualified leads. But is every company using marketing automation efficiently and effectively?

Richard Fallah
Richard Fallah 23 May 2017
Read more
The Importance of Customer Relationship Management Within a Business

The Importance of Customer Relationship Management Within a Business

In a world where competition is becoming ever fiercer, businesses need to implement customer relationship management, or CRM, strategies in order to stay ahead of their rivals.

Emma Newbury
Emma Newbury 18 April 2016
Read more