CCR Magazine

You are here  :Home arrow News arrow Banking Apps Accessed via Smartwatches to Exceed 100m by 2020, as Millennials Change Banking Habits
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Banking Apps Accessed via Smartwatches to Exceed 100m by 2020, as Millennials Change Banking Habits PDF Print E-mail
Tuesday, 24 November 2015

A new study from leading analysts, Juniper Research, finds that the global number of banking apps accessed via smartwatches will reach the 10 million mark in 2017, rising to more than 100 million by 2020.


The research found that the use of smartwatches to access ‘push’ banking information services has been steadily gaining traction over the past 12 months. A number of global banks have launched apps for the wrist, while the launch of Apple Watch in April 2015 further accelerated the demand for wearable banking apps.

Identifying Wearable Banking Use Cases
However, the new research, Worldwide Digital Banking: Mobile, Online & Wearable 2015-2020, notes that while wearable based banking information services has emerged as a key trend, it is perceived by many as a gimmick at present.

Juniper believes that while wearables, including smartwatches and glasses, are not suited for conducting complicated financial instructions, wrist based wearables will become a key device for multi-factor authentication - for banking transaction approval in the future.

“Digital banking has experienced a substantial progression towards personalised computing. We do believe that, keeping pace with technology evolution, wearable banking will witness a faster adoption rate than mobile banking especially amongst millennials”, added research author Nitin Bhas.

The Future of Digital Banking
The research also observed that although banks have introduced a number of innovative new services in the space, such as AR (augmented reality) banking apps and a cashless money box, these generally have a short life span with the consumers.

Juniper believes that banks and financial institutions will need to offer customers more targeted services, aimed at specific user needs. This will be enabled through customer analytics and big data management platforms from vendors such as Oracle, Infosys, Fiserv and SAP.

Other key findings include:
Juniper estimates that the global mobile banking user base will reach 2 billion by 2020, representing 37% of the global adult population.
SMS based push banking services are on the decline with banks noting a decline in average number of messages sent to mobile banking users.
 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197