first_imgWearable devices are entering the mainstream, and with increased adoption and usage come greater implications for financial services. Given the potential of these connected accessories to deliver banking information and alerts, as well as enable transactions, it makes sense for credit unions to be aware of developments in this space and the role wearables might have in an overall mobile banking and payments strategy.IDC forecasts that worldwide shipments of wearables will jump 133 percent this year, with the volume of wearables capable of running third-party applications, known as “smart wearables,” projected to grow an astounding 510 percent. As acceptance of these devices continues and market supply increases, the price of the technology is expected to decrease, leading to further adoption and usage.Despite this rapid growth, it doesn’t make sense for most credit unions to immediately jump in and create dedicated wearable apps, due to the fact that the development of dedicated apps can require a significant investment of time and resources. A more practical choice for the majority of credit unions is to extend the existing functionality and convenience of the mobile channel to wearables.Wearables have unique attributes that impact their role in the overall member experience. More than 80 percent of today’s wearables are worn on the wrist. Health trackers like Fitbit are changing the way we measure our health and stay fit. Such smart wearables as the Apple Watch offer broader functionality, allowing users to check email, load a boarding pass or even monitor an account balance. continue reading » 82SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

Leave a Reply

Your email address will not be published. Required fields are marked *