ABA Banking Journal - September 2014 - (Page 10)

bank notes Bank by seeing? THE APPLICATION of "wearable technology" to financial services is penetrating the collective consciousness. Witness the July announcement by The Members Group of a wearable payments app designed for Google Glass. (View short video at http:// tinyurl.com/MGglassvideo). Smart watches are another example drawing attention recently. It's true, though, that while people generally are aware of such things, exactly how quickly people will adopt them-and how quickly the costs of research and development, 10 | ABA BANKING JOURNAL | SEPTEMBER 2014 distribution, marketing, and general provision of such capabilities can be recouped for a profit-is up for debate. On the one hand, Credit Suisse earlier this year said that wearable technologies could be a $3 billion to $5 billion market over the next three years. "As the market for these new technologies explodes, it will set off user expectations for an instantaneous, seamless transition of everyday digital activities-banking included- to these new devices," it pointed out. On the other hand, Forrester Research says that while wearable devices are on the rise now, by 2016 their functionality will be absorbed by other devices. "The digital era has witnessed the ascent and decline of a stunning number of new devices," says James McQuivey, vice-president and principal analyst at Forrester. How about smart sleeves? Heritage Bank in Australia is piloting a fine wool business suit with a built-in, contactless payments chip and antenna that allows wearers to make lowvalue payments by brushing their wrists against Visa payWave terminals. PHOTO: HATTANAS KUMCHAI / SHUTTERSTOCK.COM WEARABLES MAY BE ABOUT TO TAKE OFF, OR NOT http://www.SHUTTERSTOCK.COM http://tinyurl.com/MGglassvideo http://tinyurl.com/MGglassvideo

Table of Contents for the Digital Edition of ABA Banking Journal - September 2014

Chairman's View
Editor's Column
The Economy
Bank Notes
Picture This
Sales of insurance pay off
Pass the Aspirin
Payment trends: Threat or opportunity?
Working together to protect against identity theft
Tech Topics
Compliance Inbox
Around the ABA
First Person

ABA Banking Journal - September 2014

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