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How to Manage Finances with Wearable Devices? Research Team | Posted On Monday, December 30,2019, 05:54 PM

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How to Manage Finances with Wearable Devices?



Would you believe someone, if they told you about mobile banking in the year 2000? But it is a reality now and you are able to carry out most banking functions in less than minute using mobile banking apps.

Similarly, by 2030, most of these apps will be considered outdated due to other technological advancements like IoT and AI integrated devices. As such they may be replaced with more evolved technology like wearable banking devices.

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How to Manage Finances with Wearable Devices?

Let’s delve deeper to understand how these gadgets can ease your financial life:

Let’s wear the bank:

Technological advancements have lead to a massive up-gradation of the banking sector. With the digital boom in the Indian market, the banking scenario has rapidly transformed from ATMs and credit cards to net banking apps with round the clock assistance.

Now instead of visiting bank people resort to mobile and net banking apps and this has not only eased the banking process but helped people to save time and effort by conducting banking activities from the comfort of their homes.

With wearable banking devices, banking is all set to take a step ahead thus making complete sense of the phrase ‘anytime anywhere’. Wearable technology in banking can prove to be a great boon for emerging economies like India. It can be realistically used to solve various banking issues. It contains safety features like voice recognition, pulse authentication and contactless payment. You also get a host of other benefits like hands-free monitoring, mobile app ecosystem etc.

See Also: Basics of Financial Planning

What wearable banking devices promises to provide?

With wearable banking devices like the smartwatches, banking is likely to shift from your pocket to your wrist. Currently, 27 million transactions take place through mobile banking. If banking devices can prove their worth, this number will shift its base from mobile banking to wearable banking. Let’s explore why wearable banking gazettes will be considered a better alternative to mobile banking:

  • Faster service: mobile banking devices allow payments through electronic payments and e-wallets. However, such a process takes time as you have to authenticate your transactions. With wearable gadgets, you can either go for biometric verification or pulse verification for making instant payments. Thus this can outshine the mobile payment system.  
  • Payments on the go: wearable gadgets have inbuilt features like GPS. This will help you to locate stores or places of interest more efficiently. You can also get instant notification when the store of your interest is closed.
  • Notifications: now you can get updates and notifications on the go. You don’t have to check your mobile phone for promotional offers, balance check, bill payment notifications. Also, you can make transactions more conveniently using these gadgets.
  • Smart guide: a user can easily make fund transfers and conduct banking activities with a touch or voice command via smartwatches.

See Also: Financial Planning For Women

Things to look out for before investing in such devices:

The most challenging aspect in wearable banking systems has been connectivity and battery life of the device. This equipment will be popular and can prove to be a better competitor to mobile banking apps if they are able to function under nominal connectivity and power consumption.

Both urban and rural areas in India experience fluctuating speed of the internet. Thus banks must concentrate on making their devices competent with the problems related to connectivity. Also, battery life is an important factor in making the device popular among people.

Banks must also provide seamless and user-friendly interfaces to enhance the user experience. This will enable customers to conduct banking activities on the go. Non-user-friendly interfaces may lead to the failure of the product.

See Also: Importance of Financial Planning

Security features is another key issue in such gadgets. These gadgets must come with the highest quality of security features, else information on such gadgets are likely to get exposed to risks like data theft and virus assault. Transfers should follow encryption for essentials like PIN and account numbers. Remote access to data should be given to users for usage and erasure in emergencies.

While creating a product like this, the banks must also keep in mind that such gadgets will enhance services only if more and more people can buy them. Thus pricing is a key factor that can drive the success of such gadgets. If the gadgets are released at higher prices then they will largely remain outside the reach of average customers.

These wearable have a good chance in the Indian market if they are introduced with the right approach. They can be aptly described as the future of the finance sector.

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