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Emergance of Wearables

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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.

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Emergance of Wearables

  1. 1. Wearable Banking Banking through accessories © Mindtree limited 2012
  2. 2. 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 2
  3. 3. Emergence of Wearables 3
  4. 4. Source: The Deloitte Consumer Review. Beyond the hype: The true potential of mobile and Deloitte Media Consumer Survey 2013 4 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
  5. 5. Wearable Economy
  6. 6. Wearables will impact the way we live, work and socialize 6 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 Source: Report on Future of Wearable Tech, PSFK Labs, 2014
  7. 7. Power of Wearables over traditional digital channels Some of the interesting attributes due to which wearables will be preferred over traditional digital channels: 7 Hands-free devices Availability of Biometric Information Accessibility of Augmented Reality More personalized
  8. 8. 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) 8
  9. 9. How wearables are used today? 9  Alerts & Notifications  Payments  Augmented reality  Control  Tracking human activity  Assistance for the disabled
  10. 10. 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 10 Alerts & Notifications with Wearables
  11. 11. 11 Payments with Wearables 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
  12. 12. 12 Payments with Wearables (contd.…) 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 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
  13. 13. 13 Augmented reality with Wearables 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
  14. 14. 14 Control with Wearables 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
  15. 15. 15 Tracking human activity with Wearables 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
  16. 16. 16 Assistance for the disabled through Wearables 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
  17. 17. 17 "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. Low Medium High Low Medium High Concept - Implementation Complexity Concept - Business Attractiveness
  18. 18. Wearable banking concept - Demo 18
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