Banking Apps Accessed Via Smartwatches To Exceed 100 Million By 2020

Nov 24, 2015


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A new study from 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.

Worldwide Digital Banking: Mobile, Online & Wearable 2015-2020, notes that while wearable based banking information services have emerged as a key trend, it is perceived by many as a gimmick at present. Juniper says 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.

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.

(juniperresearch.com)