How Wearable Tech Transforms Banking Experience?

By Embedded Advisor | Thursday, January 02, 2020

Wearable devices can address unique challenges in banking and significantly enhance bankers’ as well as customers’ experience.

FREMONT, CA: Wearable devices are potentially impacting European banking services. From smartwatches and wristbands to eyewear, wearable devices offer improved access to banking services. As the usage of wearable devices gains momentum, European banks are shifting towards providing more and more features to customers.

European banks aim to offer a unique experience of banking via wearable devices. The unique experience includes cash flow monitoring, balance inquiry, alters and notifications, and offers based on the geo-location and other factors. Banks can provide promotion notifications on new features and account balances when a customer is close to a branch or ATM through wearable devices. Banks can also combine rewards provided by different merchants based upon the availability of customer locality and account balance. Customers can also be notified about special discounts and offer depending on the earlier spend they have made. Banks can also inform the customers about impending bill payments or dues through wearable devices.

Wearables can be geo-tracked, which would aid European banks to use convenience features such as assisting customers in finding the closest ATM. This envisions innovative, less conventional business models, like retail partnerships, where banks can include their wearable communication channels to marketing notifications from their retail customers. Wearables could also enable customers to transfer funds, make inquiries, and perform other transactions on an anytime, anywhere basis. Near field communication (NFC) technology enables consumers to pay for retail items, coffee, or services by merely placing their wearable near an NFC-equipped point-of-purchase terminal. Such kind of features ultimately enhances customer satisfaction.

Wearables could give banks immediate access to customers. Customers can receive all kinds of routine notifications, such as the possibility of an overdraft or the availability of a monthly statement. Even more importantly, wearables can aid banks to fine-tune anti-fraud processes. Instead of blocking suspicious transactions automatically, some of which can be legitimate, banks contact the customer in real-time to know the right course of action with the aid of wearables.European banks are now looking to creating wearable device experiences to wow their customers with value and ease.