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
If You’re A Social Media Manager, UGC Should Be Your Top Priority

If You’re A Social Media Manager, UGC Should Be Your Top Priority

It’s high time that the marketing world rethinks what an effective social media manager actually does. Hint: it’s not chasing “likes” or showing off their follower counts. Let’s face it: so many brands today totally miss the mark when it comes to their social content. Maybe their posts come off as too “salesy.” Perhaps they’re pushing too hard, leaving their followers behind in an endless trail of “look at me” posts.

Luisana Cartay
Luisana Cartay 11 September 2017
Read more
Customer Journey Mapping: A Real-Life Approach to Your Digital Marketing Strategy

Customer Journey Mapping: A Real-Life Approach to Your Digital Marketing Strategy

As financial services and insurance (FSI) companies strive to deliver the seamless multi-channel customer experience, the traditional marketing model has been radically reimagined. Innovative institutions are showing how cross-functional teams focusing on the customer journey can work to develop a single view of the customer – an approach that can bring tangible rewards. Yet research shows that large institutions still have some way to go in maximising the return on their investment in this area.

Aoife McIlraith
Aoife McIlraith 18 September 2017
Read more
10 Marketing Lessons From Apple [Infographic]

10 Marketing Lessons From Apple [Infographic]

The 10-year-old kid, selling ice cold fresh lemonade on the street corner in your local neighbourhood had it right. He or she may not have realized it but the simple marketing strategy that they accidentally and innocently came up with works perfectly on the people strolling by on their daily walk.

Ellie Summers
Ellie Summers 19 September 2017
Read more