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Posts Tagged ‘Wearable computing’

What Google Glass means for banking

Friday, May 31st, 2013

First there was the mainframe computer. A huge hulkish machine housed in a big data center. Then came the PC/desktop. A few years later we saw the first laptops and notebooks. Fast forward to today: smartphones and table computers are ruling the world. But the next big innovation is already underway: wearable computers. We are talking i-watches, helmet cams and, of course, glasses. Google has just introduced the concept of Google Glass: it’s a camera, a microphone, a search engine, a map and much more all linked through the view of your eyes. You can take videos, photos, and audio tapings just like you see and hear things at that moment. But you can also look at things or persons and get all the information that is stored on the web. You can make comments about anything you experience while walking or driving etc. etc.

What will happen to the banking industry when you look through Google Glass? There are some obvious things: find your way to the next ATM while walking a foreign city, getting directions to the next branch office of your bank or checking the latest forex rates while you look at the rates the money exchange booth in an airport is offering to you.

But there are also many further reaching possibilities you may think: what about getting ads for the best interest rates on cash accounts when you walk the streets and pass by a bank? What about bringing along your friend via Google Glass who happens to be an investment expert when you talk to your bank adviser the next time and getting her feedback on the bank’s investment proposal immediately? You may walk through town and get quotes and all the houses that are on sale plus the different financing options offered by competing banks. You probably can think of many more examples.

The concept of wearable computing brings a new dimension on how information is truly ubiquitous, every conversation is monitored and screened, in fact every human action can be recorded live, tagged and followed on any network. There are also huge regulatory and privacy issues arising. It’s time for banks to get ready for this next BIG thing.