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.

1. Banking on wearables: how does
it differ compare to mobile
banking ?
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. Banking on wearables: how
does it differ compare to
mobile banking ?
Examples

5. “[…] in Israel the use of Samsung smartwatches is the most popular. It is
expected that in the next two years, tens of thousands of Israelis will join the
thousands of Israelis who are already using these watches.”
Bank Leumi
Bank Leumi: access to banking services in a
more natural and convenient way
"Leumi SmartWatch": The First Banking App in Israel
tailored for the Smartwatch
• Up-to-date information on the bank account balance and credit card
charges without having to log into its account.
• Notification of a new checkbook waiting at the bank branch
• Notification of a new credit card sent by post mail
• Alert that the credit limit in the bank account has been exceeded.
Main features
Sept 2014

6. “Users will want to be able to interact with firms through many different devices
and as quickly and intuitively as possible.”
Pol Navarro, Sabadell's head of innovation
Banco Sabadell: access to banking services in
a more natural and convenient way
The 1st worldwide Google Glass app in 2013
• Displays the nearest ATM
• Allows the viewing of accounts
• Supports 24/7 video conferencing.
• Bank’s APIs opened to other
shops in the Open Apps program
to provide new services
• Immediate check deposit app
(by tacking picture)
In progressMain features
Oct 2013

7. “[…]we visualize […] how these devices will change how
we use services,
For example giving access to customer support by a more
natural (using just voice) and convenient way. (Imagine
customer support, seeing the same screen as your
customer without any additional software).
It also will enable something like “talking” to machines.
It begins to seem possible to say to an ATM, wearing a
Google Glass, ‘Please, Give me money.’ ”
Xavier Marin, Digital Services Strategy at Banco Sabadell
Banco Sabadell: new customers behaviours
like « talking » to machines
Oct 2013

8. http://www.youtube.com/watch?v=KZDA1B5ZwSg
Banco Sabadell: new customers behaviours
like « talking » to machines

9. “CaixaBank has become the world’s first bank to design an application for
smartwatches (a watch device that synchronises with mobile phones)”
Caixa bank
Caixa Bank: synchronization of two devices
depending on customer needs and expectations
A Smartwatch app which allows users to follow the stock markets
• Stocks and indices from international markets follow up (IBEX35, Dow
Jones, NASDAQ and Eurostoxx)
• Recent price information for each stock and index
• Fluctuations since the start of the market session.
• To get more detailed information:
• Selecting the stock on the smartwatch screen will automatically
open stock market application on mobile, displaying full
information
Feb 2014
Main features

10. A budgeting app on smartwatches
• Real-time analysis of recent spending activity
• The app's spending meter turns red, green or
yellow depending on how much the customer
has spent overall in the current month versus
the previous month and vis-a-vis its budget.
• For instance, as a customer walks out of
Starbucks, he'll get an alert telling him how
much he just spent and whether he's in good
shape budget-wise or should start using the
office Keurig.
• NFC Payment
• Impulse saving
• Apple Iwatch App
In progressMain features Jan. 2015
Moven: Gamification of personal financial
management
"We've gone beyond PFM into day-to-day gamification of
financial wellness.“ Moven's founder and CEO Brett King.

11. "These are things we want to learn out of this process. So far, the key
thing a watch does better than any other device is deliver alerts.
Notification becomes the key mechanism for engagement“
Moven's founder and CEO Brett King.
Moven: Gamification of personal financial
management
Are customers going to change when they use the watch versus the smart phone?
Will they look at notifications more on the watch than they do on the phone?

12. https://www.youtube.com/watch?v=ERZTzLHaDVc
Moven: Gamification of personal financial
management

13. May 2014
Alfa-Bank: Gamification of savings
• Customers connect their activity tracker to their savings account online
• With every step they take, money is transferred from their current account
into a special savings account with a higher interest rate — currently 6%.
• Users can choose how much money is transferred per metre walked, from 1
to 50 kopeks (0.01 €), and a maximum 25,000 metres per day (250 €).
Main features
Alfa-Bank uses activity trackers to offer higher interest rates
to customers who exercise
“Customers using the service are saving up to twice as much
as the average and walking 1.5 times as far”.
“We have decided to combine this uninteresting money saving
process into something that all of us have to do every day: walk”
Tamara Zuykova, project leader.

14. http://vimeo.com/93142574
Alfa-Bank: Gamification of savings

15. Crédit Mutuel Arkéa: immediate assistance
• In case of fall, accident etc., assistance call center is directly alerted when
senior push on the low button of the smartwatch
• The senior is automatically geo located
• The senior can talk to the assistance customer support that received
information regarding its geolocation
• Assistance customer support can then call friends and family or
medical assistance if required
Main features
The 1st banking smartwatch app focusing on
assistance for seniors
Dec 2014
« This app as a solution is mainly based on the
design of the smartwatch that allows an intuitive
and simple usage ».
Yvon Le Bihan, COO Arkéa Assistance

16. Crédit Mutuel Arkéa: immediate assistance Dec 2014
https://www.youtube.com/watch?v=-5YnKbOy20I

17. Wearables: how does it differ compare to mobile
banking ?
• Access to banking services in a more natural and convenient
way.
• New customer behaviours like “talking” to machines
• Synchronization of two devices depending on customer
needs and expectations
• Gamification of personal financial management and savings
• Immediate assistance thanks to wearable design and
geolocation feature

18. 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 ?

19. 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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