Author: David Webber
The Interact™ Smartwatch App
With Samsung’s Galaxy Gear, the Pebble and Apple’s rumoured smartwatch all creating consumer interest, and with online banking celebrating its 30th anniversary this month, David Webber examines the future of wearable digital banking.
As Christmas is less than six weeks away, the stress of budgeting for it is looming. However, imagine being able to check your balance while shopping by simply glancing at your watch. This is now a reality thanks to the world’s first smartwatch bank, which we launched this week.
The “Interact™ Smartwatch App”, can be installed on any Pebble device and enables users to view their live bank balance and recent transactions and will even vibrate when the user nears their overdraft limit. The easy to use app allows bank customers to discretely get an instant overview of their finances, without needing to visit an ATM, go into a bank or locate and log into a smartphone banking app.
All exciting stuff but during its development we were conscious that innovation needs to be driven by end users. That’s why our R&D on this project included asking thousands of customers what they want from a digital bank. Our research showed people like to keep track of their account balance in real time, with 81% of respondents using digital banking for instant visibility of their finances. Moreover, there is an increasing curiosity regarding the everyday uses of wearable technology. A quarter of 18-24 year olds (25%) said they would manage their finances using this method. We therefore designed this app to meet these needs and to bring consumers closer to their money.
Wearable technology has opened up new and exciting avenues for banking customers to manage their finances, and this is just the beginning. The Interact smartwatch app marks the first step towards the development of digital banking systems for other wearable technology, such as Google Glass. I can’t wait to see where we go from here.