The slides talks about what is a wearable device, how wearable devices can be used, how the world is using the wearable devices and much more.

1. Wearable Banking
Banking through accessories
© Mindtree limited 2012

2. Agenda
• Emergence of Wearables
• Why wearables make sense for banking?
• How Wearable's are used today?
• Categorization of Potential Wearable banking Use Cases using the
framework
• Wearable banking concept - Demo
2

3. Emergence of Wearables
3

4. Source: The Deloitte Consumer Review. Beyond the hype: The true potential of mobile and Deloitte Media Consumer Survey 2013
4
Emergence of Wearables
• Engagement with digital technology is increasing
• Younger generations are more attracted towards digital technology
• Rising consumer expectations for digital experiences
• Digital Fashion Statement

5. Wearable Economy

6. Wearables will impact the way we live, work and socialize
6
Wearables would help
in communicating and
sharing details
irrespective of distance
Devices would point to
increasingly sophisticated
relationship people have
with their technologies
Wearables would
offer personalized
touch
Source: Report on Future of Wearable Tech, PSFK Labs, 2014

7. Power of Wearables over traditional digital channels
Some of the interesting attributes due to which wearables
will be preferred over traditional digital channels:
7
Hands-free devices
Availability of Biometric Information
Accessibility of Augmented Reality
More personalized

8. A significant opportunity for Banks/FIs
•Digital is becoming mainstream
•Online channel is well established
•Mobile channel is growing at a fast
pace
•Emergence of wearables
•Digital channels are being adopted at
a faster pace.
•Wearables have added value to
other industries.
•Future Customer Expectations
• Initial Demand will come from tech-savvy
individuals
•Expectations will rise with the
popularity of the new products that
are coming in the market
Drivers
&
Enablers
Implications for
Banks/FIs
• Need for innovation to create
inorganic brand value and buzz
in the market
• The need to build competency
by aligning systems & business
practices to capitalize
upcoming opportunities
• Avenues of new revenue
streams (which has potential to
become significant in future)
8

9. How wearables are used today?
9
 Alerts & Notifications
 Payments
 Augmented reality
 Control
 Tracking human activity
 Assistance for the disabled

10. Caixa Bank (Financial services company, Spain)
• Stocks and Equity Tracking via Smart Watch
Westpac (Financial services company, Australia)
• Created an app that lets consumers check their bank
balances on a Sony SmartWatch
U.S. Bank (Financial services company, US), Wells Fargo
(Financial services company, US) & ING Direct (Financial
services company, Australia)
• Developing apps for smart watch to check balances,
receive fraud alerts and perform other banking tasks
simply by tapping the face on their watches
10
Alerts & Notifications with Wearables

11. 11
Payments with Wearables
PrivatBank (Commercial Bank, Ukraine)
• Designed an app for Google Glass
• To pay bills by taking pictures of them, transfer funds
between accounts, pay for purchases by snapping
images of QR codes.
M.J.Bale (Tailor, Japan)
• Partnered with Heritage Bank and Visa to design suit
with a contactless payment chip and antenna fused
into the sleeve
• Ability to pay for anything effortlessly and without any
risk of losing wallet

12. 12
Payments with Wearables (contd.…)
Wallaby Financial, Inc. (Financial Services Company, US)
• Designed an app for Google Glass
• Lets consumers store all of their credit and debit cards
into one location and have the app advise them on which
card makes the most sense to use in any given time
• After installing the app, consumers simply say, “OK Glass,
Pay With Wallaby”, and the app will suggest the best card
to use.
• The app helps consumers maximize the rewards they get
from payment cards
Barclays Bank, UK
• Contactless payments Band with chip and micro aerial to
communicate with terminals
• User can attach Visa or MasterCard debit or credit card
with the band which in turn is linked with their online top
up prepaid account

13. 13
Augmented reality with Wearables
Caixa Bank (Financial services company, Spain) & Banco
Sabadell (Banking Group, Spain)
• Google Glass used to locate nearby ATM/branches
and get directions
• Supports 24/7 video conferencing
Virgin Atlantic (Airline, UK)
• Used Google Glass and Smart Watch to identify &
greet upper class passengers by name
• Staff will also be able to provide up-to-the-minute
information such as flight updates and destination
information using the smart glasses and watches

14. 14
Control with Wearables
Bango plc (Payments Platform, UK)
• Designed a Smart Belt which would be used to control
spending limits
• Tightening the belt - reduce spending limits
• Loosening the belt - increase spending capability
Fujitsu (Information technology equipment and services
company, Japan)
• Designed Gloves which would be used to take actions
using gestures
• NFC tag reader and gesture-based input for
maintenance and other on-site operations

15. 15
Tracking human activity with Wearables
Nike (Multinational Corporation in Athletic wear, US)
• Designed Fuelbands
• To monitor users' daily activity and tally the calories they burn
Sensoria (Garment Manufacturer, US)
• Designed Sensor-embedded socks
• Tracks traditional fitness data; identifies poor running styles and
helps prevent injuries
Ducere Technologies Pvt Ltd (Technology Company, India)
• Designed ‘Lechal’ - Smart footwear
• Guides towards the destination and tracks fitness

16. 16
Assistance for the disabled through Wearables
Orcam (Artificial Vision Company, Israel)
• Designed Smart Camera mounted on the frames of
eyeglasses
• Sees text, recognizes objects and whispers in the
wearer’s ear
Enable Talk (Student Project, Ukraine)
• Designed Sensor Gloves which would be used along
with mobile device
• To translate sign language to speech

17. 17
"Quick Wins" - Invest now
 Bank balance (Smartwatch)
 Track Equities (Smartwatch)
 Fraud Alerts (Smartwatch)
 Transaction Alerts
(Smartwatch)
 Bill payments (Smartwatch)
"Probable future big hitters" - Keep a close
eye
 Locate branch/ATM (Goggle
glass)
 Contextual offers through
augmented reality (Goggle
glass)
"Low hanging fruits" –
Experiment & build capability
 Notifications (Smartwatch)
 Payment due date reminder
(Loan/Bill) (Smartwatch)
"Money Pits" – Ignore
 Control actions using gesture-based
input or voice using
NFC tag reader (Smart Glove,
Ring)
For instance - Customer signs
by drawing letters in the air
with his finger.
Low Medium High
Low Medium High
Concept - Implementation Complexity
Concept - Business Attractiveness

18. Wearable banking concept - Demo
18

19. www.mindtree.com/social
India | USA | UK | Germany | Sweden | Belgium | France | Switzerland | UAE | Singapore | Australia | Japan | China