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Banking on wearables: how does
it differ compare to mobile
banking ?
Yvon MOYSAN, Saint Germain Consulting & IESEG School ...
Internet of Things: key metrics
• In 2015
 4.9 Billions Connected
"Things" will be in use, up to
40% from 2014 (1).
• By ...
Customers expectations and fears
• Smartwatches (1) and Fitness
trackers (2) are considered as the
most useful wearables
•...
Banking on wearables: how
does it differ compare to
mobile banking ?
Examples
“[…] in Israel the use of Samsung smartwatches is the most popular. It is
expected that in the next two years, tens of tho...
“Users will want to be able to interact with firms through many different devices
and as quickly and intuitively as possib...
“[…]we visualize […] how these devices will change how
we use services,
For example giving access to customer support by a...
http://www.youtube.com/watch?v=KZDA1B5ZwSg
Banco Sabadell: new customers behaviours
like « talking » to machines
“CaixaBank has become the world’s first bank to design an application for
smartwatches (a watch device that synchronises w...
A budgeting app on smartwatches
• Real-time analysis of recent spending activity
• The app's spending meter turns red, gre...
"These are things we want to learn out of this process. So far, the key
thing a watch does better than any other device is...
https://www.youtube.com/watch?v=ERZTzLHaDVc
Moven: Gamification of personal financial
management
May 2014
Alfa-Bank: Gamification of savings
• Customers connect their activity tracker to their savings account online
• W...
http://vimeo.com/93142574
Alfa-Bank: Gamification of savings
Crédit Mutuel Arkéa: immediate assistance
• In case of fall, accident etc., assistance call center is directly alerted whe...
Crédit Mutuel Arkéa: immediate assistance Dec 2014
https://www.youtube.com/watch?v=-5YnKbOy20I
Wearables: how does it differ compare to mobile
banking ?
• Access to banking services in a more natural and convenient
wa...
Extract from the survey:
Internet of Things:
International Banking and Insurance wearable apps
- More than 150 slides
- Mo...
Internet of Things: international Banking and Insurance
wearable apps
• Glasses, watches, wristbands, virtual reality head...
PURCHASE ORDER
Please send it by e-mail to yvon.moysan@saintgermainconsulting.com or by mail to
Saint Germain Consulting Y...
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Efma distribution summit 2015: digital banking conference - banking on wearables how does it differ compare to mobile banking ?

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- Wearables: key metrics
- Wearables in the banking industry: customers fears and expectations
- Banco Sabadell, Bank Leumi, Caixa Bank, Credit Mutuel Arkea develop Google glass and smartwatch app to manage personal finances
- Moven and Alfa Bank introduce gamification through wearables to allow customers to save money

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Efma distribution summit 2015: digital banking conference - banking on wearables how does it differ compare to mobile banking ?

  1. 1. Banking on wearables: how does it differ compare to mobile banking ? Yvon MOYSAN, Saint Germain Consulting & IESEG School of Management EFMA Distribution Summit 2015 27th of March 2015
  2. 2. Internet of Things: key metrics • In 2015  4.9 Billions Connected "Things" will be in use, up to 40% from 2014 (1). • By 2020  This number will reach 30 billions (1) (1): Source: Gartner (Nov.2014)
  3. 3. Customers expectations and fears • Smartwatches (1) and Fitness trackers (2) are considered as the most useful wearables • High price (54%), privacy (31%), look (13%), comfort (13%) and health risks (10%) are the main reasons not to buy wearable technology (1): Source: Forrester Research (2): Source: Deloitte (Oct. 2014 )
  4. 4. Banking on wearables: how does it differ compare to mobile banking ? Examples
  5. 5. “[…] in Israel the use of Samsung smartwatches is the most popular. It is expected that in the next two years, tens of thousands of Israelis will join the thousands of Israelis who are already using these watches.” Bank Leumi Bank Leumi: access to banking services in a more natural and convenient way "Leumi SmartWatch": The First Banking App in Israel tailored for the Smartwatch • Up-to-date information on the bank account balance and credit card charges without having to log into its account. • Notification of a new checkbook waiting at the bank branch • Notification of a new credit card sent by post mail • Alert that the credit limit in the bank account has been exceeded. Main features Sept 2014
  6. 6. “Users will want to be able to interact with firms through many different devices and as quickly and intuitively as possible.” Pol Navarro, Sabadell's head of innovation Banco Sabadell: access to banking services in a more natural and convenient way The 1st worldwide Google Glass app in 2013 • Displays the nearest ATM • Allows the viewing of accounts • Supports 24/7 video conferencing. • Bank’s APIs opened to other shops in the Open Apps program to provide new services • Immediate check deposit app (by tacking picture) In progressMain features Oct 2013
  7. 7. “[…]we visualize […] how these devices will change how we use services, For example giving access to customer support by a more natural (using just voice) and convenient way. (Imagine customer support, seeing the same screen as your customer without any additional software). It also will enable something like “talking” to machines. It begins to seem possible to say to an ATM, wearing a Google Glass, ‘Please, Give me money.’ ” Xavier Marin, Digital Services Strategy at Banco Sabadell Banco Sabadell: new customers behaviours like « talking » to machines Oct 2013
  8. 8. http://www.youtube.com/watch?v=KZDA1B5ZwSg Banco Sabadell: new customers behaviours like « talking » to machines
  9. 9. “CaixaBank has become the world’s first bank to design an application for smartwatches (a watch device that synchronises with mobile phones)” Caixa bank Caixa Bank: synchronization of two devices depending on customer needs and expectations A Smartwatch app which allows users to follow the stock markets • Stocks and indices from international markets follow up (IBEX35, Dow Jones, NASDAQ and Eurostoxx) • Recent price information for each stock and index • Fluctuations since the start of the market session. • To get more detailed information: • Selecting the stock on the smartwatch screen will automatically open stock market application on mobile, displaying full information Feb 2014 Main features
  10. 10. A budgeting app on smartwatches • Real-time analysis of recent spending activity • The app's spending meter turns red, green or yellow depending on how much the customer has spent overall in the current month versus the previous month and vis-a-vis its budget. • For instance, as a customer walks out of Starbucks, he'll get an alert telling him how much he just spent and whether he's in good shape budget-wise or should start using the office Keurig. • NFC Payment • Impulse saving • Apple Iwatch App In progressMain features Jan. 2015 Moven: Gamification of personal financial management "We've gone beyond PFM into day-to-day gamification of financial wellness.“ Moven's founder and CEO Brett King.
  11. 11. "These are things we want to learn out of this process. So far, the key thing a watch does better than any other device is deliver alerts. Notification becomes the key mechanism for engagement“ Moven's founder and CEO Brett King. Moven: Gamification of personal financial management Are customers going to change when they use the watch versus the smart phone? Will they look at notifications more on the watch than they do on the phone?
  12. 12. https://www.youtube.com/watch?v=ERZTzLHaDVc Moven: Gamification of personal financial management
  13. 13. May 2014 Alfa-Bank: Gamification of savings • Customers connect their activity tracker to their savings account online • With every step they take, money is transferred from their current account into a special savings account with a higher interest rate — currently 6%. • Users can choose how much money is transferred per metre walked, from 1 to 50 kopeks (0.01 €), and a maximum 25,000 metres per day (250 €). Main features Alfa-Bank uses activity trackers to offer higher interest rates to customers who exercise “Customers using the service are saving up to twice as much as the average and walking 1.5 times as far”. “We have decided to combine this uninteresting money saving process into something that all of us have to do every day: walk” Tamara Zuykova, project leader.
  14. 14. http://vimeo.com/93142574 Alfa-Bank: Gamification of savings
  15. 15. Crédit Mutuel Arkéa: immediate assistance • In case of fall, accident etc., assistance call center is directly alerted when senior push on the low button of the smartwatch • The senior is automatically geo located • The senior can talk to the assistance customer support that received information regarding its geolocation • Assistance customer support can then call friends and family or medical assistance if required Main features The 1st banking smartwatch app focusing on assistance for seniors Dec 2014 « This app as a solution is mainly based on the design of the smartwatch that allows an intuitive and simple usage ». Yvon Le Bihan, COO Arkéa Assistance
  16. 16. Crédit Mutuel Arkéa: immediate assistance Dec 2014 https://www.youtube.com/watch?v=-5YnKbOy20I
  17. 17. Wearables: how does it differ compare to mobile banking ? • Access to banking services in a more natural and convenient way. • New customer behaviours like “talking” to machines • Synchronization of two devices depending on customer needs and expectations • Gamification of personal financial management and savings • Immediate assistance thanks to wearable design and geolocation feature
  18. 18. Extract from the survey: Internet of Things: International Banking and Insurance wearable apps - More than 150 slides - More than 70 initiatives analysed in more than 20 countries - For more information, visit our website: http://www.saintgermainconsulting.com/en/etudes Saint Germain Consulting Yvon MOYSAN yvon.moysan@saintgermainconsulting.com Tél: 06 62 84 71 00 www.saintgermainconsulting.com Questions and Answers ?
  19. 19. Internet of Things: international Banking and Insurance wearable apps • Glasses, watches, wristbands, virtual reality headset, iBeacon or even wearable suits… Which bank or insurer have already launched a wearable app and why? What are the features of these apps dedicated to customers or employees? What are customers’ needs and expectations? What are customers’ fears? What are primary customers’ uses ? What are the app features that banks and insurers have already abandoned? What are the future app features or devices that banks and insurers expect to focus on? What are the Internet of Things key figures and projected trends? • This study includes more than 150 slides and covers the major wearables app that banks and insurers have developed so far. More than 70 of them are indeed analyzed. The objectives of the bank or the insurer are presented and illustrated by CEO or Digital Marketing Director verbatim, the main current and future features of the app and first customers’ feedbacks are detailed. In addition, the study includes several relevant links to press articles and videos illustrating the bank or insurer wearable app. SaintGermainConsulting:37rueSaintAndrédesArts75006Paris Tél:0662847100–Email:yvon.moysan@saintgermainconsulting.com For more information regarding this study, please send an e- mail to yvonmoysan@saintgermainconsulting.fr
  20. 20. PURCHASE ORDER Please send it by e-mail to yvon.moysan@saintgermainconsulting.com or by mail to Saint Germain Consulting Yvon MOYSAN 37, Rue Saint André des Arts 75006 Paris France Internet of Things: international Banking and Insurance wearable apps. January 2015. (PDF version) 790 € Option for shipping in PowerPoint format 120 € Name:…………………………………………………… First name:…………………………………….... Company:………………………………………………………………………………………………………... Job title:…………………………………………………………………………………………………………. Address:…..…………………………………………………………………………………………………….. ZIP Code:……………………………………….............. City:…………………………………................... Country:…………………………………………………………………………………………………………. Phone number:.……………………………………….... Mobile:.………………………………................. e-mail:….…………………………………….............................................................................................. Date:.………………………………………………………… Signature:.…………………………............... The study will be sent by e-mail after the reception of the payment by transfer to this checking account number: Code banque 30003 Code guichet 03082 N° Compte 00050786145 Clé RIB 35 IBAN : FR76 3000 3030 8200 0507 8614 535 BIC-ADRESSE SWIFT : SOGEFRPP Number Total SaintGermainConsulting:37rueSaintAndrédesArts75006Paris Tél:0662847100–Email:yvon.moysan@saintgermainconsulting.com

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