If someone had asked you to use mobile banking in the year 2000, it would have been very difficult for you to trust him. But in today’s time, mobile banking is a reality. In today’s time, by using mobile banking apps, you are able to do most banking tasks in very less time. By 2030 most of these apps will be considered outdated due to IoT and AI integrated devices due to increasing technology. It will not be surprising if more advanced technology comes over time and mobile banking facilities are available in wearable devices (wearable devices like watches etc.). Because science and technology are progressing day by day. These wearable gadgets can make your financial life much easier. Therefore, information related to this is being given through this article.
Wearable banking device
The banking sector has undergone massive upgrades due to technological advancements. With the digital boom in the Indian market, the banking landscape has changed from ATMs and credit cards to net banking apps, providing 24-hour services. Now instead of going to the bank, people resort to mobile applications. This facilitates people to conduct banking activities comfortably in their homes without any hassle and they are able to do the entire banking process from home. The banking system will go one step further to fulfill its sentence ‘anytime, anywhere’ when wearable banking equipment comes on the market. Wearable technology in banking sector can prove to be a great boon for emerging economies like India. It can be used to solve various banking issues. These devices have safety features such as voice recognition, pulse authentication and contactless payment. Along with this, other benefits like hands-free monitoring, mobile app ecosystem etc. are also available.
Facilities available in wearable banking equipment
Banking will be transferred from your pocket to your wrist through wearable banking devices like smartwatches. Currently 27 million transactions are through mobile banking. If the new technology made banking tools effective and popular among people, this number could be transformed from mobile banking to wearable banking. Now let’s try to understand why wearable banking gadgets are being considered as a great option of mobile banking –
- And faster service – Mobile banking facilities allow payment through electronic and e-wallet. However, this process takes time, as you have to authenticate your transaction. Through wearable gadgets you can adopt either biometric verification or pulse verification to make instant payments. Thus it can prove to be better than mobile payment system.
- On-the-go payments Wearable gadgets have inbuilt features like GPS. This will help you locate your favorite stores or locations more efficiently. If your favorite store is closed, you can get immediate information about it. With this, you can pay on the go.
- Notification – Through this you can get updates and notifications. You will not need to check your mobile phone for promotional offers, balance, bill payment notifications etc. Apart from this you can make transactions more easily using these gadgets.
- Smart Guide – Any user can easily transfer funds and conduct banking activities through smartwatches by touch or voice command.
Keep in mind before investing in such devices
The most challenging aspects of wearable banking systems will be the connectivity and battery backup of the device. However, even after this, these devices will be popular and can prove to be a good competitor for the mobile banking app. Internet speed fluctuates in both urban and rural areas of India and connectivity is less in the village as compared to the cities. In such a situation, banks will have to focus on making their devices more efficient for problems related to connectivity. Along with this, banks will also have to provide seamless and user friendly interface to enhance the user experience. Security features are another important issue in such gadgets. Such gadgets should come with high quality security features, otherwise they will carry the risk of information and data theft and viruses. Also, the price of these gadgets should be in the JD of the common man, which anyone can buy. If these gadgets are offered with better features, they can be very popular in the Indian market.
If banks are able to provide good safety feet, interfaces and other facilities in a wearable banking device, then through this you will be able to manage your finances more efficiently.