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Wearables : Generating The Next Wave Of Personal Finance Experiences

  • ID: 3453190
  • Report
  • November 2015
  • Region: Global, United States
  • 14 Pages
  • Mercator Advisory Group
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Wearable devices such as Fitbit and Apple Watch represent the next wave of personal computing and are likely to have as great an impact as their predecessors, the smartphone and PC. Banks and other financial services providers have the opportunity to create experiences unique to the wearables platform and reestablish themselves as the dashboard of their customers’ ever more complex financial lives.

In a new research note, Wearables: Generating the Next Wave of Personal Finance Experiences, this industry uses the Apple Watch as a lens to identify key vectors that will determine the success of any wearable form factor, whether it’s worn on the wrist, eyes, or somewhere else. Mercator identifies two areas—personal financial management and omnichannel commerce—in which wearables have the potential to surpass smartphones in usefulness.

“It is undeniable that wearables as a class of personal computing devices are better suited to certain tasks than smartphones are—they are less intrusive and can enhance real-world interactions by continuously computing in the background,” comments Nikhil Joseph, author of the note.

Highlights of the research note include:

- Overview of the successive waves of personal computing and the early history of wearables
- Analysis of key vectors that will determine success of various wearable form factors using Apple Watch as a lens
- Identification of two key use cases for wearable financial services and how financial institutions serve them

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- Airbnb
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- Capital One
- Discover
- Fitbit
- Google
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