Banks must accelerate wearable strategies to meet consumer demand

Wearables are set to change banking and banks will need to accelerate their wearable strategies to meet consumer demand, according to a new report published by finance software company Misys. The survey of 166 retail banking professionals from financial institutions around the world revealed, among other things, that: 96% of banking professionals agree that wearable technology will impact on their industry; only 15% already have, or are currently rolling out a wearable app; 72% say wearables are on their three-year roadmap; and 52% say they will have a wearable app in the next 18 months. Of banks that have no wearable strategies in place, over three-quarters (78%) are in the EU and US, revealing a gap in meeting demand as a recent study found that 15.6 million smartwatches and trackers are forecast to be sold in North America and 12.5 million in Western Europe this year. Two thirds of banks in the study view proximity payment as the most attractive wearable capability while a third believe greater fraud protection through push notifications is a compelling feature.

Wearable technology poised to transform banking

Banks need to accelerate strategies around technology compatible with wearable tech devices like a smartwatch to meet consumer demand.