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Archive for the ‘Wearable technology’ Category

How Banks Fail to Make Their Apple Watch Apps Personal

Monday, November 30th, 2015

In our analysis of the Apple Watch banking apps offered by 22 of the largest retail banks worldwide, we come to the conclusion that the first generation of banking apps reveal some major shortcomings while in other industries, there are already several outstanding examples.

The infographic below displays the share of points the banks achieved for the nine features an Apple Watch banking app should contain. The results show that amongst other aspects, banks yet have to recognize the main benefit of a smartwatch app – the access to a very personal accessory of their clients that allows banks to get closer to their clients’ daily lives. Hence, Apple Watch apps should particularly deliver mobile moments that excite clients. Making use of the client’s location, interests, and financial situation for personalized offers, news, and product offerings is a field not yet explored by the leading retail banks, albeit adding substantially to a bank’s equipment in the race for clients’ attention.

The study shows how in other industries apps perform very well in delivering such mobile moments amongst other impressing best practices banks should take a closer look at when developing their Apple Watch apps.

Don’t miss out on our new study available tomorrow to not lose sight of what really matters when developing your Apple Watch app. sum

 

Bank at your Wrist: How the Apple Watch will Reinvent Banking

Monday, November 23rd, 2015

This week MyPrivateBanking Research releases the first comprehensive report on banking apps of the largest retail banks worldwide that run on the Apple Watch.

The report shows that the market for wearables will substantially benefit from the launch of the Apple Watch as it continues to grow to over $ 12 billion by 2018. The implication for banks is obvious: as the market penetration of smartwatches is increasing, the demand for banking apps that run on these devices will increase at the same rate. Actually, many banks are adopting this technology already today: The MyPrivateBanking report evaluates 23 Apple Watch apps of 22 banks and compares their overall performance. The evaluation comes to the conclusion that today’s Apple Watch banking apps are mainly providing only very basic features lacking the capability to excite clients. Outstanding examples from other industries and comprehensive strategic recommendations complete the study.

Watch out for our concise guidelines helping banks to take the right steps towards a winning Apple Watch app.

Wearable device market value from 2010-2018

 

Apple Watch launches serious smartwatch banking

Friday, April 17th, 2015

The launch of Apple’s new smartwatch undoubtedly provokes completely new strategic considerations for banks and wealth managers. While the Android Wear admittedly did not cause a disruptive change in the digital device landscape, the omen with regard to the Apple Watch looks completely different.

While Android shipped only 720,000 of its smartwatches in 2014, Apple Watch pre-orders alone add up to 1 million already now in the U.S. It will well be worth keeping an eye on these numbers until launching date at April 24, 2015.

The continuous developments in the fields of wearable devices should start ringing a bell for banking and wealth management app developers. Having started with this year’s evaluation of the mobile apps of the top 30 wealth managers worldwide, we are excited to see who the early adopters are. Given the extremely cautious attitude, the financial sector usually shows towards new technological developments, exceptions like BNP Paribas are particularly noteworthy. Among the early adopters, the French bank offers a smartwatch application to their customers, which allows them to check their accounts when on the go or contact their personal advisors.

We are convinced that this will only be the beginning as the penetration of smartwatches is likely to increase substantially. We expect that wearable devices will be a game changer for mobile banking, adding numerous useful features for clients.

Check out our new Research Briefing, which will be published next week, to learn about how the Apple Watch might actually add value to banking customers and which considerations banks should keep in mind when entering this new digital field.

 

Samsung making wearable progress

Tuesday, August 26th, 2014

(by Laura Elsler, analyst)

This post is about a topic which is not directly related to the financial services industry. But we think that the development is so profound and implications are far reaching that we would like to discuss it on our blog.

Samsung, Apple’s mightiest competitor in the area of mobile devices, is about to release a project called S.A.M.I./Simband. Behind these acronyms, which rather evoke thoughts of  robots controlled by artificial intelligence and sci-fi movies, is a cloud-based platform and reference technology for wearable devices. The Simband is a sensor packed wrist-band which measures physiological and ambient data. S.A.M.I. translates to Samsung Architecture for Multimodal Interaction and shall allow wearable devices with different operating systems to connect to it, store data, run algorithms and send information back to the device.

Putting it differently, Samsung attempts nothing less than to become the central hub for all data which run on wearable devices, an industry which is expected to grow 6-fold until 2018.  All devices, which consumers will wear on their bodies, or which connect their home with their car and the office, may run on this platform.

Unlike the Facebook model of leveraging data, Samsung promised that users and developers will remain owners of their data. If Samsung has yet a model how to cash in on the Simband and S.A.M.I. platform seems questionable. To me it appears, once Samsung is the central player controlling a market growing so strongly, the potential return on this investment can be huge.Of course, Apple is not standing by waching Samsung overtaking them. The Apple Health App is aiming for the same or similar  consumer needs.

Wearable technology has long been predicted to be the next big wave after the smart phone and the tablet. It seems that the battle has finally started. The implications for financial institutions are yet far from clear. But there is no doubt that all aspects of life and business will be touched by this new technology.

 
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