by: Larry Meador
Banking with Wearable Technology
The introduction of wearable technology is rapidly changing the way society operates. The impact of wearable devices, however, goes beyond just social behavior – it’s intended to change and improve everyday lives, healthcare and personal finances. A new and significant game changer in the wearable devices market is the Apple Watch, released to the public in April 2015. Smart watches are anticipated to lead the market in wearable technology with Generator Research, a digital technology research firm, projecting 214 million units to be sold by 2018.
For financial institutions, wearable technology is an opportunity to provide your customers with immediate access to financial data, inquiries and personal account information in a whole new way. Consumers want immediate access to their data and expect their service providers, including their credit union, to provide it as soon as they need it, regardless of where they are or what they’re doing.
The idea behind smart watches is that everything you could possibly need is just a glance away and it’s literally “hands-free.” Your wallet, phone, GPS, entertainment, finances and more are available at any given moment through your watch – and it still serves the traditional purpose of timekeeping. The graphic below, courtesy of Luke Wroblewski, does a great job of showcasing the multi-functionality of this technology.continue reading »