02 June 2017

We are living in a connected world, and technology is now part of our daily life even when it comes to the simplest things. Do you want to know how many inches is something? You don’t even need to have a meter, you can download an app on your phone and start measuring anything. It’s the real proof that everything can be digitalized and have some technology on it to be improved. In this context, it’s normal to figure out that banks are also going through a technological innovation process.

In 2010 mobile banking applications became mainstream and bank users got used to checking their smartphones and know at a simple glance their bank balance. But banking innovation didn’t stop there, there is always something new to create in the race of surprising and retaining consumers.  In 2015 the first wearable banking solutions were launched with the arrival of smartwatches, and now we keep innovating with products like voice banking, TV banking, virtual reality glasses and google glasses just to mention a few of them. We’ve seen how smartwatches made payments easier as you just have to bring your wrist close to the contactless POS and pay. It looks pretty cool and futuristic; we have to admit it. But what about the other wearable banking solutions and products?

Do you imagine yourself checking your account on your TV at home? It seems difficult to picture a situation where you should want to show your bank balance in front of everybody in the room, as talking about money is always something private. And in case there’s no one home, it still feels a little uncomfortable to have your confidential information appearing on a screen that you share, we tend to like better having this kind of information on a device that is our and only ours. We could guess that it might be a good option to have your information displayed on a big screen for elderlies though.

Do you imagine putting on some virtual reality glasses to see you balance? You might do it once or twice, but just thinking about putting the glasses on might make you feel lazy as it’s so much easier to do so on your smartphone with a simple touch. Using glasses in banking will satisfy the need of the most technological of us that want to live a digital experience.

When it comes to voice banking, it seems to be a great option for blind people but not only. If you are busy doing anything, having the possibility to manage your account and transactions by speaking would be a great help. In a time where we send every time more voice notes instead of messages it seems that voice banking is going to have a nice future among digital banking innovations.

There are a lot technological banking innovations that are created every year in order to satisfy our banking needs before we could even know we have them. It’s always a good idea to invest in innovation, but we never have to forget why we are innovating.

Find out more: What to expect from smartwatch banking?

The 4 iOS11 features that will improve our banking habits

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