It’s time for watch banking
An app on his smartwatch tracks his run times and distances, sends him coaching tips and even plays motivational music. But, Henri's favorite smartwatch feature is the payment app that buys his well-deserved post-run coffee each morning on his way to work. Being able to pay for things with his smartwatch is so much more convenient for him than carrying a phone or wallet.
Henri's not alone in his love of smartwatches. After all, they are always on our wrist. That makes them as convenient as laptops and phones for online and mobile banking.
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Research suggests that consumer uptake of smartwatches is likely to soar. That's partly due to improvements in design and functionality, as well as the rollout of superfast 5G mobile networks. Increasingly, banks are recognizing that they need to catch up with what their customers are expecting in terms of convenience – and what their competitors are providing.
Watch Banking works in a similar way to mobile banking. But, without the need to pull your phone out of your pocket to perform tasks. It allows customers to stay on top of their finances while on the move and makes it even easier for them to plan and monitor their spending.
Easy and convenient banking experience with a watch
The Watch Banking interface on VeriPark's VeriChannel platform enables customers to manage all their accounts and credit cards and check balances and recent transactions. They can also find branches and ATMs using geo-location. And, even schedule convenient appointments with tellers or customer service advisers at a bank branch of their choice without having to wait or queue.
Watch Banking also has the potential to make life easier and more efficient for corporate and SME customers. When managers are working on site, for example, they can still receive timely notifications and approve purchasing or finance decisions with a simple tap of their watch. Such streamlined communications can improve productivity and drive more responsive customer service.
Meeting customers' ever-changing needs
Watch Banking is likely to experience faster growth than online or mobile banking over the next few years. In fact, Gartner is predicting there'll be around 115 million smartwatches worldwide by 2022 – that's up from just 42 million in 2017. The true strength of Watch Banking lies in its ability to improve customers' everyday lives; for banks that could include anything from alerts when bill payments are due to geo-location based offers from partner brands.
People now expect their bank to know their individual circumstances and provide personalized services and rewards. And, they expect seamless technology to bring those services to them using whatever channel they prefer.
Many are predicting that, just like with emails and smartphones, once customers realize just how convenient Watch Banking is, they will start to wonder how they ever managed without it.