The document summarizes key findings from a study on how banks and insurers are using wearable technology applications. It discusses how wearables can improve the customer experience in branches by facilitating customer recognition and offering personalized service. Examples are given of banks using iBeacon sensors to alert staff when customers arrive or to allow cash withdrawals without cards. The document also notes how wearables can enhance sales effectiveness by sending customized offers to customers in real time. Finally, it provides an overview of the wearables study's content and objectives to analyze over 70 initiatives across more than 20 countries.

1. How wearables can both improve
customer experience in branches
and enhance network sales
effectiveness ?
Yvon MOYSAN, Saint Germain Consulting & IESEG School of Management
EFMA Distribution Summit 2015
27th of March 2015

2. Internet of Things: key metrics
• In 2015
 4.9 Billions Connected
"Things" will be in use, up to
40% from 2014 (1).
• By 2020
 This number will reach 30
billions (1)
(1): Source: Gartner (Nov.2014)

3. Customers expectations and fears
• Smartwatches (1) and Fitness
trackers (2) are considered as the
most useful wearables
• High price (54%), privacy
(31%), look (13%), comfort
(13%) and health risks (10%)
are the main reasons not to buy
wearable technology
(1): Source: Forrester Research (2): Source: Deloitte (Oct. 2014 )

4. How wearables can improve
customer experience in
branches ?
Examples

5. Barclay: iBeacon to assist disabled customers s
• The trial takes place in Sheffield
• An application on customers' iPhones to notify staff members
when a customer with a disability has entered the branch
and if they require any extra assistance.
Main features
Barclays introduce iBeacon technology to assist
disabled customers with in-branch banking
“Beacons are the latest in a long line of innovative initiatives from
Barclays designed to make our customers lives easier, which is
particularly important for people with non-visible disabilities –
something our customers have told us is an issue.”
Elaine Draper, Barclays director of accessibility and inclusion
Dec 2014

6. « […] iBeacon […] has the potential to dramatically change the
service experience in Australian banking»
Dhiren Kulkarni, CIO St. George Bank
St George Bank: the choice of the banker
iBeacon sensors to detect bank customers
• Send a welcome message and personalised information
directly to a customer’s iPhone when they enter a
branch
• Customer can choose to talk to a dedicated banker
or to decline any help
Main features
Mai 2014

7. “When our customers walk into a branch, on an opt-in basis
we can identify who they are without them having to
identify themselves. That recognition is important.”
Westpac's chief digital officer Simon Pomeroy
Westpac: iBeacon to send dedicated offers to
customers
iBeacon as an opportunity to add another dimension
to customer service
• Special offers and other incentives sent to customers when they are
in or walk past a branch
• Alerts staff that a customer has arrived for a pre-ordered item and
can remind the customer that they are in a place that has an item on
their digital shopping list.
• Customers who want faster recognition can upload their photo onto
the mobile application (iBeacon is an opt-in service)
Main features
Fev 2014

8. AKBANK: iBeacon to withdraw money from
ATM without any bank card
• Customers simply launch the Akbank Direkt Mobile App, enter the
amount they wish to withdraw, and walk up to an iBeacon-
enabled Akbank ATM.
• Once the app has detected the ATM, the customer simply presses
the "1" key on the ATM keypad and the amount requested is
delivered to the cash drawer.
Main features
Cash Withdrawal with iBeacon
« Using their iPhone, Akbank customers can now withdraw
money in a couple of seconds from our ATMs, which are
iBeacon-enabled, without any need for their bank card or
their reference code.».
Orkun Oğuz, Executive Vice President in charge of Direct
Banking at Akbank
Jul 2014

10. How wearables can enhance
network sales effectiveness ?
Examples

11. 3rd Most Promising Idea. EFMA Accenture Distribution et Marketing
Awards. 15th october 2014 in Barcelona
Crédit Mutuel Arkéa: alerts to staff in real time
that a customer has arrived
Déc 2014
• A mobile app for customers to be detected by the beacon
sensor located into the branch
• Alerts staff in real time that a customer has arrived and the
reason of the meeting
Main features
iBeacon technology to improve customer experience
into the branch

12. Oculus Rift test at Wells Fargo’s Digital Labs
• Customers could use an Oculus Rift virtual-reality headset to virtually walk
into a bank branch and talk to a teller.
Main features
Wells Fargo: Google Glass to authenticate
customers
« We’ll have to see how society reacts, when we see a trend, we
want to be ready »
Jim Smith, EVP virtual channels
Oct 2014
Google Glass test at Wells Fargo’s Digital Labs
• Personal bankers would be able to authenticate customers by facial
recognition (customers opt-in required) and have access to their personal
informations
Main features

13. To provide a transparent assistance in real time to personal bankers
Banque Populaire: commercial assistance to
personal bankers
A google Glass App for personal bankers
• Alerts staff that a customer has
arrived
• Provide access to customer
information in real-time to
suggest the more adapted
products & services to customer.
• Camera is used to take pictures
and register official
documents (ID card).
• Access to competitors credit
rate (car loans)
• Cross selling proposals will
appear (e.g. car insurance after
car loan)
In progressMain features
Mars 2014

14. How wearables can both improve customer experience in
branches and enhance network sales effectiveness ?
• Improve and facilitate customer recognition to provide a better
customer experience (e.g. disabled customers).
• Offer the choice of the banker the customer wants to talk with
depending on its needs
• Send dedicated offers to customers
• Withdraw money from ATM without any bank card
• Alert staff in real time that a customer has arrived
• Authenticate customers with facial recognition
• Provide a transparent commercial assistance in real time to
personal bankers

15. Extract from the survey:
Internet of Things:
International Banking and Insurance wearable apps
- More than 150 slides
- More than 70 initiatives analysed in more than 20 countries
- For more information, visit our website:
http://www.saintgermainconsulting.com/en/etudes
Saint Germain Consulting
Yvon MOYSAN
yvon.moysan@saintgermainconsulting.com
Tél: 06 62 84 71 00
www.saintgermainconsulting.com
Questions and Answers ?

16. Internet of Things: international Banking and Insurance
wearable apps
• Glasses, watches, wristbands, virtual reality headset, iBeacon or even wearable
suits… Which bank or insurer have already launched a wearable app and why? What
are the features of these apps dedicated to customers or employees? What are
customers’ needs and expectations? What are customers’ fears? What are primary
customers’ uses ? What are the app features that banks and insurers have already
abandoned? What are the future app features or devices that banks and insurers
expect to focus on? What are the Internet of Things key figures and projected trends?
• This study includes more than 150 slides and covers the major wearables app that
banks and insurers have developed so far. More than 70 of them are indeed
analyzed. The objectives of the bank or the insurer are presented and illustrated by
CEO or Digital Marketing Director verbatim, the main current and future features of
the app and first customers’ feedbacks are detailed. In addition, the study includes
several relevant links to press articles and videos illustrating the bank or insurer
wearable app.
SaintGermainConsulting:37rueSaintAndrédesArts75006Paris
Tél:0662847100–Email:yvon.moysan@saintgermainconsulting.com
For more information regarding this study, please send an e- mail to yvonmoysan@saintgermainconsulting.fr

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Internet of Things: international Banking and Insurance
wearable apps. January 2015. (PDF version)
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