Wearables in Banking – A New Era of Digital Disruption and Innovation
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The document discusses opportunities for wearable technology in banking. It notes that the worldwide wearable device market is growing rapidly and will reach $20.6 billion by 2018. Wearables version 1.0 focused on read-only experiences like viewing account balances on smartwatches but had limited impact. Wearables version 2.0 enables read-write experiences like payments and will be the killer banking app. Banks are developing simple but compelling apps for new wearables that perform actions like instant account transfers. The document advocates for collaboration between banks, Samsung, and Misys to develop innovative new banking experiences for wearables like the Samsung Gear S2 smartwatch.
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Wearables in Banking – A New Era of Digital Disruption and Innovation
- 2. Wearables in Banking – a new era of digital disruption? Misys Samsung Business Europe CIB Bank
- 3. Balazs Vinnai GM of Digital Channels Misys Albert Creixell Head of Financial Services Vertical Samsung Business Europe Dr. Tamás Ákos Board Member and Deputy CEO CIB Bank
- 4. Gartner hype cycle 4© Misys 1 December, 2015 2013 2014 2015 …Gartner predicts by 2017, 30% of smart wearables will be inconspicuous to the eye.
- 5. The worldwide market for wearable devices is growing… 5© Misys 1 December, 2015 • Smartwatch • Fitness tracker • Sport watches • Head mounted displays • Smart clothing • Smart jewellery • Implantables • .. And many more! The worldwide market for wearable devices is projected to reach $20.6 billion by 2018, reaching an annual growth rate of 36%. Mindtree The smartwatch proved to be the most well known type of wearable gadget, with 36 % of people familiar with them. CMO
- 6. Wearables in banking 6© Misys 1 December, 2015 • Augmented Reality - Branch • Authentication • Account balance • Simple transactions • Payment • Retail • Real time marketing • Assistance “46% said they would want to use a device that helps them to cut back on their spending” - PWC
- 7. © Misys 1 December, 2015 Misys Labs - building applications for various platforms • Pebble Smartwatch • Google Glass • Apple Watch • …. • Samsung Smartwatch – Gear S2
- 8. © Misys 1 December, 2015 There is a great potential to leverage for banks in future… 71% of those aged 16 to 24 want wearable technology - Forbes 83% of respondents listed simplification and improved ease of technology as a key benefit of wearable technology - PWC 41% listed seamless integration with other devices as a top three reason to adopt wearable technology - PWC
- 9. misys.com Please consider the environment before printing this PowerPoint. @MisysFS Misys @ LinkedIn MisysVideoChannel Balazs Vinnai GM of Digital Channels, Misys balazs.vinnai@misys.com
- 10. Wearables in Banking Albert Creixell, Financial Services Lead Samsung Business Europe albert.creixell@samsung.com
- 11. TABLE OF CONTENTS 1. Wearable Industry Overview 2. Wearables 1.0 in Banking 3. Wearables 2.0 in Banking 4. The next big thing is here
- 12. WEARABLE INDUSTRY IS EXPANDING FAST… • 47% Wearable users felt more intelligent • 61% Felt more informed • 60% claimed their efficiency improved • Owners skewed to male Wearable Market by Type Effects of Wearable Technology on its users Keep in touch Miss nothing Use Apps Fitness Travel Key Consumer Use Cases 20,271 27,803 201920172015 12,042 2013 859 [$ millions] Smartwatches Eyewear Fitness bands Clothing Modular Earwear Other
- 13. … AND BRINGS NEW INNOVATIONS
- 14. WEARABLES 1.0 IN BANKING Wearable 1.0 is a “read-only” experience – Most wearable experiences are “read-only” – Stocks, Account statement have been initial use cases Wearable 1.0 tried to replace Smartphone banking – Design interfaces that mimic mobile banking Wearable Banking still used as a marketing gimmick – Low wearable adoption meant little impact beyond brand Samsung learnings developing wearable apps with Banks
- 15. Source: www.teb.com.tr WEARABLES 1.0 IN BANKING • Initial deployments mimicked Mobile Banking applications Case Study
- 16. WEARABLES 2.0 IN BANKING Wearable 2.0 is a read & write experience – New wearable devices have Near Field Communication (NFC) – Accelerometer, Gyrometer, Barometers, Heart-rate, etc.. Banking apps focussed on augmenting Mobile Banking – Contextual, simple actions Payment can become the killer app – On-board of plastic cards in the device (Samsung Pay, Apple Pay) – Secure Element to store payment details safely
- 17. Institution Feature Description “Impulse Save” • Enable instant transfer between current and savings account Quick Balance App • No need to log into app to check balance • Load up balance using voice command or swipe WEARABLES 2.0 IN BANKING • Banks are releasing new apps which offer very simple yet compelling use cases Case Study
- 18. THE POWER OF THE CIRCLE New Features Circular Interface NFC
- 19. Samsung Pay • Samsung Pay will be launched in US, UK, Korea and China among other markets
- 20. Samsung Wearables in Finance – Wrap up • Industry is moving to Wearable 2.0 (Read-write) – Pay, Smart keys, etc.. • Payment to become the killer app? • We want to support Banks to develop their new apps for Gear S2 – Samsung Business Innovation Lab has 200 engineers ready to support Banks to develop a new Banking experience together with Misys
- 21. Strategy of CIB around wearables Tamás Ákos, Board Member and Deputy CEO, CIB Bank
- 22. • Market is in early stage for smartwatches / wearables • In Hungary banking SMS notifications are widely used • Online and mobile banking are the primary contact channels • - mobile banking uptake is still developing rapidly • Mobile token (one time password generation) is popular Current environment 22© Misys 1 December, 2015
- 23. SMS based notifications are used 1. Personalized ✔ 2. Relevant ✔ 3. Real-time ✔ 4. Actionable ✗ smartwatch notifications? Banking alerts for customers 23© Misys 1 December, 2015
- 24. Authentication Imagine mobile one time password generation on smartwatch Quick glance info Balance and past transactions Payments Like Apple Pay or Android Pay on smartwatches Smartwatches for employees To help in customer or sales conversations Opportunities 24© Misys 1 December, 2015
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- To put new technologies in context Gartner Hype Cycle is always a good starting point As most of the trends we need to view multiple points in time, namely how did the wearables move across the cycle in the last 2.5 years. The title = should always be in Black 90% (Arial 20pt) Try to keep the title on one line and less then 70 characters Remember: during a presentation decisions are made (and opinions formed) on the basis of 55% visual, 38% voice, 7% text (Source: Professor Albert Mehrabian, Psychologist, USA). Follow the guidelines below to help your presentation have more impact: Content: Don’t copy and paste slides from different sources Keep the design clear and simple Leave room for highlights such as images or key messages Use visual images to support your narrative Don’t try to cram everything into one slide Consistency: Use the same font face and sizes on all slides. Arial = Black 90% Heading (18pt) or Corporate Colour Arial = Black 90% Body text (16pt) Arial = Black 90% (14pt) indented Level 1 Arial = Black 90% (12pt) indented Level 2 Misys Highlight colours are allowed but please use minimally (Teal Colour = TEXT2) If the Page number is giving you layout error… Please delete and Copy/Paste from Master (Misys Black 90%= 8pt) NB: The Misys colour palette is embedded into this PPT template. KISS: Keep It Straight and Simple. Use keywords Minimise use of sentences on your slides – none if possible Never read your slides, talk freely Remember that your slides are only there to support, not to replace your talk. You’ll want to tell a story, describe your data or explain circumstances, and only provide keywords through your slides. If you just read your slides your audience will get bored and stop listening. Using images Have more images in your slides than text But do not use images to decorate Images can reinforce or complement your message Use images to visualise and explain A picture can say more than a thousand words Animations and media In animations, there is a fine line between a comic or professional impression. However, animations can be rather powerful tools to visualise and explain complicated matters. A good animation can not only improve understanding, but can also make the message stick with your audience. Keep your audience in mind What do they know? What do you need to tell them? What do they expect? What will be interesting to them? What can you teach them? What will keep them focused? Answer these questions and boil your slides down to the very essentials. In your talk, describe the essentials colourfully and choose your weapons i.e. text, images and animations wisely (see above).
- Wearables is an extremely diverse market: smartwatches, fitness trackers, sport watches, head mounted displays, smart clothing, smart jewellery and even implantables. The market does not have a too long history, but as it is already through the peak of inflated expectations (Gartner) we already see that some of the devices/concepts seem to last, and some of them already deceased or destined to sunset
- Despite the technology being in its infancy, a diverse range of applications and services are already being created by banks across the world. However, most of the wearables development coming out of banks’ innovation labs have been experimental, as much a marketing tool as a viable customer proposition. A number of lenders, such as Spain’s La Caixa and Banco Sabadell, have trialled apps for Google's on-hold Glass project - providing augmented reality branch location, for instance. At the more future-gazing end of the spectrum, Wells Fargo has toyed with more exotic virtual reality proof-of-concepts using Oculus Rift. Other innovations have included the use of wearables for authentication purposes with the Royal Bank of Canada’s partnership with startup Nymi, trialling its heartbeat monitoring wristband to authenticate contactless payments. The new Apple Watch is also expected to have similar biometric authentication, which should allay some customer fears around security. Early incarnations of smartwatch banking apps that have been launched to customers - such as those from Nationwide, Australia’s St George’s Bank and Canada’s ScotiaBank - have tended to be aimed at more simple actions such as checking account balances. http://www.techworld.com/wearables/wearables-next-big-thing-in-banking-3599998/ The financial sector is too important to be left intact. Most of the banks are already considering how could they benefit, what is the right platform, what is the right timing, is there a critical mass already that represents a potential business case. But it is not only the brick and mortar banks, but fintech startups and major sw vendors are building their own solution
- Misys Labs, Misys’ innovation hub has already experimented several platforms. We built apps for Pebble smartwatch, Google glass and off course on Apple watch as well. We were among the very first vendors who provided apps for these platforms and the interest was huge from customer and end user side. It has clearly shown us that there is an extreme potential to disrupt our digital behavior as did the smartphones a few years earlier. These are the devices that are going to be constantly with us thus they can intense our addiction to our digital interfaces further more and become essential parts of life Our portfolio could not be complete without building a concept for the latest Samsung Gear watch. The app is capable of displaying the most important pieces of information in a very visual way enabling the users to get relevant and actionable insights about their finances We leverage the watch’s capabilities, the brilliant display, the intuitive navigation and off course the voice command
- The lessons learnt so far tell us that it is going to be an extremely powerful market and there is no way to think about this market as something that we are going to forget in a couple of years time And as the experts say the best technology is always invisible while providing the experience of relevancy, ubiquity, fashion and an unmatched customer experience
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- Key messages: - Wearable has several form factors, with Smartwatches and Fitness bank leading volume. - Samsung is measuring effects of people when using wearables.
- Check your balance with just a tap With Quick Balance, just touch your screen once and you can instantly view your real-time bank balance. No need to log on. No passwords. Just tap and view. Additional Use cases easier ways to check account balances or provide alerts and loyalty rewards Market Data 40 million smart devices will ship in total during 2015. Wearable to build on top of mobile functionality build on the existing functionality of mobile banking apps, aimed at creating a more efficient method of interaction and authentication.
- (New product Gear S2) – Announcement and Banking-related features
- Introduce Business Innovation Lab – Wearable Team (Tizen)