Evaluating the apps of the 30 leading wealth managers for our Mobile Apps for Wealth Management 2015 report (launched two weeks before), we were impressed by the rapid adoption of the smartwatch trend evolving to a major part from the launch of the Apple Watch. During the evaluation phase, several wealth managers were throwing their version of a wealth management smartwatch app into the market.
Given the usually slow progress of the wealth management industry in terms of digitization, this development is particularly noteworthy and it implies that the boom of smartwatch app has only just begun. Therefore, we also expect a dramatic increase of the number of banking apps in the retail sector. Starting our new project on the Mobile Apps for Banking 2015 report (see last year’s edition here), we are curious to see how banks are realizing their version of their banking app’s smartwatch counterpart. It is clear that the smartwatch banking apps’ core functions will mainly include features like notifications and communication. Especially in terms of communication, banks will face major challenges as this article describes.
We will be excited to shed a light on the developments and the industry best practices with regard to smartwatch apps for banking for the first time – so watch out for our 2015 report on Mobile Apps for Banking coming out this fall!