Invest Policy
No Result
View All Result
Saturday, March 6, 2021
  • Login
  • Latest News
  • Banking
  • Economy
  • Market
  • Investment Plans
    • Mutual Funds
    • Money
    • Property
    • Scheme
  • Finance
  • Insurance
    • General Insurance
    • Life Insurance
    • LIC
  • World
Subscribe
Invest Policy
  • Latest News
  • Banking
  • Economy
  • Market
  • Investment Plans
    • Mutual Funds
    • Money
    • Property
    • Scheme
  • Finance
  • Insurance
    • General Insurance
    • Life Insurance
    • LIC
  • World
No Result
View All Result
Invest Policy
No Result
View All Result
Home Latest News

How to manage finance through wearable devices?

by InvestPolicy
February 27, 2021
in Latest News
0
wearable device
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

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 By 2030 most of these apps will be considered outdated due to IoT and AI integrated devices due to increasing technology.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.

  • Trending
  • Comments
  • Latest
MP E Uparjan

MP E Uparjan 2021 | Farmer online registration, mpeuparjan.nic.in portal

February 27, 2021
sukanya-samriddhi-yojana-vs-lic-kanyadan-policy

LIC Kanyadan Policy Vs Sukanya Samriddhi Yojana

March 2, 2021
What is the role of two employees of Wipro in wrong transfer of Rs 6554 crore to Citibank

What is the role of two employees of Wipro in wrong transfer of Rs 6554 crore to Citibank

February 26, 2021
Amazon's logo was being trolled by saying Hitler's face, the company made changes once again after seeing opposition

Amazon’s logo was being trolled as Hitler’s face, the company made changes once again after seeing protest

March 1, 2021
RailTel IPO: Premium falls in gray market, should you still invest?

Nureca’s IPO will open for subscription on February 15, should it subscribe or not? Know the opinion of experts

February 28, 2021
SBI Mutual Fund IPO: The country's largest mutual fund house will bring IPO to raise Rs 7,500 crore, know details

Fino Payments Bank to bring IPO of Rs 1200 crore, support of BPCL, ICICI and Blackstone to the company, know details of IPO

March 5, 2021
Gold Prices Today: 2016 के बाद एक महीने में सबसे अधिक गिरावट के बाद सोना आज संभला, चांदी भी चमकी

Gold entry in Bear Market, experts said – 10 grams gold price may fall to 41,500, know the reason

March 5, 2021
Nifty closed below 15000, Sensex lost 400 points, know the reasons that created pressure on the market

Nifty closed below 15000, Sensex lost 400 points, know the reasons that created pressure on the market

March 5, 2021
Anurag-Taapsee Pannu faces grudge, Phantom Films accuses him of Rs 650 crore tax fraud

Anurag-Taapsee Pannu faces grudge, Phantom Films accuses him of Rs 650 crore tax fraud

March 5, 2021
West Bengal Election: Mamta to sunday in Nandigram from March 9, still doubtful in the name of Suvendu

West Bengal Election: Mamta to sunday in Nandigram from March 9, still doubtful in the name of Suvendu

March 5, 2021

Recent News

SBI Mutual Fund IPO: The country's largest mutual fund house will bring IPO to raise Rs 7,500 crore, know details

Fino Payments Bank to bring IPO of Rs 1200 crore, support of BPCL, ICICI and Blackstone to the company, know details of IPO

March 5, 2021
Gold Prices Today: 2016 के बाद एक महीने में सबसे अधिक गिरावट के बाद सोना आज संभला, चांदी भी चमकी

Gold entry in Bear Market, experts said – 10 grams gold price may fall to 41,500, know the reason

March 5, 2021

Categories

  • Banking
  • Economy
  • Featured
  • Finance
  • General Insurance
  • Health Insurance
  • Insurance
  • Investment Plans
  • Latest News
  • LIC
  • Life Insurance
  • Market
  • Money
  • Mutual Funds
  • Property
  • Scheme
  • World

Site Navigation

  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links
Invest Policy

InvestPolicy.com is one of the leading companies when it comes to loans and card marketplace. Our main motto is to help our customers in making personal finance decisions easy and convenient as per their comfort.

© 2021 Invest Policy. All Right Reserved.

No Result
View All Result
  • Latest News
  • Banking
  • Economy
  • Market
  • Investment Plans
    • Mutual Funds
    • Money
    • Property
    • Scheme
  • Finance
  • Insurance
    • General Insurance
    • Life Insurance
    • LIC
  • World
  • About Us
  • Contact Us

© 2021 Invest Policy. All Right Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In