Wearables and financial services: An example of channel innovation and the internet bank of things

Abstract

Wearables are here to stay and the lessons they can teach us will guide us into the future of banking. This paper will show that financial institutions must embrace the wearables market in order to build engagement with customers and strengthen the bank's digital strategy. Wearables are a departure from legacy self-service channels such as internet and mobile banking, representing a new frontier where banks serve customers through all types of devices. Smartwatch-based banking has demonstrated that wearable technology makes banking convenient for customers, which benefits both consumers and businesses, and it has become vital to early adopters. This is the time for bank executives to become adept at channel proliferation while ensuring they have the systems and staff to support it.