Research Study: 72% of banks say wearables are on their roadmap

Wearables set to change banking

Misys survey shows that:

* 15% of banks already have or are currently rolling out wearable apps

* 72% of banks say wearables are on their roadmap for the next three years

* 66% say proximity payments are the most attractive capability of wearables

While 96 percent of banking professionals agree that wearable technology will impact their industry, only 15 percent already have, or are currently rolling out, a wearable app. 72 percent say wearables are on their three-year roadmap, while 52 percent will have a wearable app in the next 18 months.

wearable technology

Of banks that have no wearables strategy in place, 78 percent are in the EU and US, demonstrating stronger appetite for innovation from LATAM and Asian regions. This does not reflect demand however, as a recent NPD study found that 15.6 million smartwatches and activity trackers are forecast to be sold in North America and 12.5 million in Western Europe in 2015.

Two thirds of banks claim proximity payment is the most attractive wearable capability, while 31 percent state greater fraud protection through push notifications is a compelling feature. In the future, banks suggest authentication processes (64%) and the ability to send push messaging (47%) will increase adoption of wearable technology among banking customers.

A recent Misys-Efma study highlighted that banks are tipping the next three years as the era in which digital, customer-driven sales will be ushered in. The forecast leap from 13 percent today to 75 percent of sales conducted via digital channels by 2018 is significant. With 82% believing that smart watches will facilitate financial transactions in the future, it is not a trend to be ignored...

Misys was the first software provider to launch a concept for the Apple Watch in March 2015. More than 30 banks around the world use FusionBanking Essence Digital, including UBS, Unicredit and ZUNO.


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