Rise Of Wearable App In Banking Sector| From Payment to UPI

The Banking Sector Is Gearing Up For The Wearable Revolution

The wearable technology has evolved over the years. A few years ago, the use of this technology was restricted to gaming and healthcare industry but now, it is making inroads into several other verticals. Banking is one of the verticals that is witnessing its impact to a significant extent. Today, some of the big names in this vertical have already made this move and more of them are keen to take up wearable app development services to stay in the race.

How can wearables propel the banking industry?
Mobile applications are something that almost every banking entity has today and this makes the space more competitive. After investing in Mobile Banking App Development banks have to think of something bigger to excel in terms of customer service. And wearable technology serves as the perfect answer to this quest. Here is how these smart devices can propel the industry to new heights:

  • The utility of wearable apps is immense as they make real-time checking of account balances easier and quicker. They can enhance the in-bank experience too by providing frictionless identification methods for ensuring that only the authorized person is walking in and operating the account.
  • Additionally, they facilitate payments via wearable devices with mobile wallets such as Apple Pay and Samsung Pay.
  • The technology, combined with geolocation sensors, can also be used for data mining as well as the provision of personalized push notifications.
  • Another way in which banks are leveraging this innovative technology is through virtual reality headsets that are being used to showcase the products and services they offer.
  • Wearables can also streamline the internal operations of banks as they can use them for video conferencing and live engagements between customers and remote experts.

Seeing the immense benefits of wearables, it is imperative for the banking entities to embrace it for rapid growth. However, the journey has some challenges for the adopters of this technology. The limited screen size of wearable devices is, perhaps, the biggest concern. Another one relates to security as the technology is still in its evolutionary stages. However, most banks are looking for providers who extend wearable tech as a part of their mobile app development services because they want to make their operational strategy future-proof.

Mobibiz is a leading iPhone and Android app development company that provides high-quality solutions and services for diverse needs. We are capable of creating exceptional apps, ranging from apps from various platforms to the ones meant for enterprises. We also have experience in innovative wearable applications for cross-industry clientage.

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