Emergance of Wearables

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© Mindtree limited 2012 Wearable Banking Banking through accessories

description

The slides talks about what is a wearable device, how wearable devices can be used, how the world is using the wearable devices and much more.

Transcript of Emergance of Wearables

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© Mindtree limited 2012

Wearable Banking

Banking through accessories

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Agenda

• Emergence of Wearables

• Why wearables make sense for banking?

• How Wearable's are used today?

• Categorization of Potential Wearable banking Use Cases using the

framework

• Wearable banking concept - Demo

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Emergence of Wearables

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Source: The Deloitte Consumer Review. Beyond the hype: The true potential of mobile and Deloitte Media Consumer Survey 2013

Emergence of Wearables• Engagement with digital technology is increasing

• Younger generations are more attracted towards digital technology

• Rising consumer expectations for digital experiences

• Digital Fashion Statement

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Wearable Economy

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Wearables would help in communicating and

sharing details irrespective of distance

Devices would point to increasingly sophisticated relationship people have with their technologies

Wearables would offer personalized

touch

Wearables will impact the way we live, work and socialize

Source: Report on Future of Wearable Tech, PSFK Labs, 2014

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Power of Wearables over traditional digital channels

Some of the interesting attributes due to which wearables

will be preferred over traditional digital channels:

Hands-free devices

Availability of Biometric Information

Accessibility of Augmented Reality

More personalized

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A significant opportunity for Banks/FIs

• Digital is becoming mainstream• Online channel is well established• Mobile channel is growing at a fast

pace• Emergence of wearables• Digital channels are being adopted at

a faster pace. • Wearables have added value to

other industries. • Future Customer Expectations • Initial Demand will come from tech-

savvy individuals • Expectations will rise with the

popularity of the new products that are coming in the market

Drivers &

Enablers

Implications for Banks/FIs• Need for innovation to create

inorganic brand value and buzz in the market

• The need to build competency by aligning systems & business practices to capitalize upcoming opportunities

• Avenues of new revenue streams (which has potential to become significant in future)

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How wearables are used today?

Alerts & Notifications Payments Augmented reality Control Tracking human activity Assistance for the

disabled

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Caixa Bank (Financial services company, Spain)

• Stocks and Equity Tracking via Smart Watch

Westpac (Financial services company, Australia)

• Created an app that lets consumers check their bank

balances on a Sony SmartWatch

U.S. Bank (Financial services company, US), Wells Fargo

(Financial services company, US) & ING Direct (Financial

services company, Australia)

• Developing apps for smart watch to check balances,

receive fraud alerts and perform other banking tasks

simply by tapping the face on their watches

Alerts & Notifications with Wearables

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PrivatBank (Commercial Bank, Ukraine)

• Designed an app for Google Glass

• To pay bills by taking pictures of them, transfer funds

between accounts, pay for purchases by snapping

images of QR codes.

M.J.Bale (Tailor, Japan)

• Partnered with Heritage Bank and Visa to design suit

with a contactless payment chip and antenna fused

into the sleeve

• Ability to pay for anything effortlessly and without any

risk of losing wallet

Payments with Wearables

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Wallaby Financial, Inc. (Financial Services Company, US)

• Designed an app for Google Glass

• Lets consumers store all of their credit and debit cards

into one location and have the app advise them on which

card makes the most sense to use in any given time

• After installing the app, consumers simply say, “OK

Glass, Pay With Wallaby”, and the app will suggest the

best card to use.

• The app helps consumers maximize the rewards they get

from payment cards

Payments with Wearables (contd.…)

Barclays Bank, UK

• Contactless payments Band with chip and micro aerial to

communicate with terminals

• User can attach Visa or MasterCard debit or credit card

with the band which in turn is linked with their online top

up prepaid account

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Caixa Bank (Financial services company, Spain) & Banco

Sabadell (Banking Group, Spain)

• Google Glass used to locate nearby ATM/branches

and get directions

• Supports 24/7 video conferencing

Virgin Atlantic (Airline, UK)

• Used Google Glass and Smart Watch to identify &

greet upper class passengers by name

• Staff will also be able to provide up-to-the-minute

information such as flight updates and destination

information using the smart glasses and watches

Augmented reality with Wearables

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Bango plc (Payments Platform, UK)

• Designed a Smart Belt which would be used to control

spending limits

• Tightening the belt - reduce spending limits

• Loosening the belt - increase spending capability

Fujitsu (Information technology equipment and services

company, Japan)

• Designed Gloves which would be used to take actions

using gestures

• NFC tag reader and gesture-based input for

maintenance and other on-site operations

Control with Wearables

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Nike (Multinational Corporation in Athletic wear, US)

• Designed Fuelbands

• To monitor users' daily activity and tally the calories they burn

Sensoria (Garment Manufacturer, US)

• Designed Sensor-embedded socks

• Tracks traditional fitness data; identifies poor running styles and

helps prevent injuries

Ducere Technologies Pvt Ltd (Technology Company, India)

• Designed ‘Lechal’ - Smart footwear

• Guides towards the destination and tracks fitness

Tracking human activity with Wearables

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Orcam (Artificial Vision Company, Israel)

• Designed Smart Camera mounted on the frames of

eyeglasses

• Sees text, recognizes objects and whispers in the

wearer’s ear

Enable Talk (Student Project, Ukraine)

• Designed Sensor Gloves which would be used along

with mobile device

• To translate sign language to speech

Assistance for the disabled through Wearables

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"Quick Wins" - Invest now

Bank balance (Smartwatch) Track Equities (Smartwatch) Fraud Alerts (Smartwatch) Transaction Alerts

(Smartwatch) Bill payments (Smartwatch)

"Probable future big hitters" - Keep a close eye

Locate branch/ATM (Goggle glass)

Contextual offers through augmented reality (Goggle glass)

"Low hanging fruits" – Experiment & build capability

Notifications (Smartwatch) Payment due date reminder

(Loan/Bill) (Smartwatch)

"Money Pits" – Ignore

Control actions using gesture-based input or voice using NFC tag reader (Smart Glove, Ring)

For instance - Customer signs by drawing letters in the air with his finger.

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Wearable banking concept - Demo

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