ABA Banking Journal - September 2014 - (Page 10)
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://
watches are another example drawing
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,
ABA BANKING JOURNAL
distribution, marketing, and general provision of such capabilities can
be recouped for a profit-is up for
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
Table of Contents for the Digital Edition of ABA Banking Journal - September 2014
Sales of insurance pay off
Pass the Aspirin
Payment trends: Threat or opportunity?
Working together to protect against identity theft
Around the ABA
ABA Banking Journal - September 2014