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If the Apple Watch catapults wearable computers into the mainstream, as some observers expect, banks will be tasked to reimagine the way they provide financial services features to their customers.
September 19 -
U.S. Bank, Westpac New Zealand and Australia's Bendigo and Adelaide Bank share their experiences with Google Glass, smart watch and augmented reality banking apps. One lesson: voice commands disappoint in trials.
August 8 -
Imagine a future where we access accounts or pay for groceries using a bracelet, a wristwatch or even a temporary tattoo. Disney's MagicBand provides a glimpse of what's possible for wearable devices.
December 29 -
As smart watches and glasses proliferate, banking and payments via these devices will too, says Juniper Research.
December 29
The trend toward connecting more devices to the Internet than just computers or phones is often referred to as the "Internet of Things." That trend includes bringing computing closer to the body, resulting in glasses, watches and even tattoos with some fantastic features. They'll only get more fantastic as time goes on, with many implications for the banking industry in the years ahead.
Glasses. Google Glass became available in 2013 for early tests. It can read QR codes, which is the same technology used by Starbucks to enable its popular mobile payments application. About 16% of the coffee chain's customers use the app.
Watches. Apple, Pebble and Samsung are among the major players. Companies like LevelUp and PayPal are supporting payments on watches, and Apple is expected to launch its smart watch in early 2015.
Bands. Bands are worn on the wrist. Disney's MagicBand is used by about half of its theme parks' visitors.
Tattoos. A company called VivaLnk has developed technology that sticks to the user's skin for up to five days and can be used to unlock Motorola's smartphone. It cannot execute transactions today, but that function may come based on demand and use.
