the promise of wearables: an internet of things in banking

Mapa Insight SeriesFind out more about our research:www.maparesearch.com/research

The Promise Of Wearables:An Internet of Things in Banking

© Mapa Research October 2015

Objectives

The key objectives of the research were to:• Provide statistics and explain the trends regarding device uptake

and consumer usage• Provide an overview of current banking developments on the

smartwatch and future opportunities • Highlight some forward-looking ideas and look at inspiration for the

future (as Wearables constitutes a new market).In this report we also show a selection of banking apps on both Android and Apple-based smartwatches.

This report will feed into internal planning processes by providing a stategic understanding of what is happening in the marketplace. Furthermore, innovative examples can provide inspiration, and can strengthen existing business cases.

Methodology

We have conducted research using the portfolio of live accounts that we have access to. In addition, we have conducted desk research to uncover other initiatives of interest and insights relevant to the topic. Our findings are summarised in this report, providing in-depth insight into a number of innovative banks and initiatives from across the globe.

Chapters covered

In Chapter 1 we start with an overivew of the current landscape, including user uptake statistics and different device capabilities.

In Chapter 2 we take a look at some of the stand out PFM features and platforms that have been launched by banks on both Android and Apple.

In Chapter 3 we provide an overview of the few payment initiatives that are out there and how they will likely impact the market.

In Chapter 4 we look at how the differences between mobile and the watch will impact design and user experience trends.

Finally we summarise and report our conclusions.What’s next?

Please make sure to look at the list of coming reports for the 2015 Mapa Insight Series (see end of this report). Next, we look at An Engagement Masterclassin banking.

Stay tuned!

Objectives and MethodologyA


Sample Slides


Barclays (UK) uses an on screen meter to represent account balance at a glance. The meter points to the left when the balance is low, and to the right when it’s high. The high and low amounts are set by the user within the mobile banking app.

Balance1

Balance is shown via a meter with blue as the high threshold

and yellow as the low

Barclays found that people will sometimes check their balance on a mobile 40 or 50 times a day. Steven Roberts at Barclays described the app’s balance feature as “a window into your account”. After conducting a pilot trial Barclays released this app to customers with reassurances that it was just as secure as mobile banking. The bank envisages notifications and payments will be added in future versions of the app, but for now have “put something out there that is safe enough for you use and play with” (Source: http://bit.ly/1GIGcDg)

Barclays has enabled Force Touch to refresh the balance.

To use Force Touch the customer presses down on the screen and the Refresh button

appears

Customers can also choose to never show the actual balance, but only a visual representation

via the meter

The balance thresholds can be changed so that the meter displays when the account

balance is very low


Mint (US) lets users review their day-to-day spending at a glance and then suggests what’s available for “fun”, or discretionary spending. Once set up, Mint reviews your spending for the past 3 months in 18 “fun” categories for example, dining, shopping,entertainment and more. From there, Mint then encourages you to set a monthly fun spending goal, which can be adjusted by the user. Mint will also send you personalized weekly spending summary notifications to help you stay on track. Minimal elements on the screen make this one of the most well-designed personal finance management apps out there.

1

Customers are notified how much they have left to spend

Mint retain the informal language they use in the

mobile app and in all customer communications

Icons are used to display categories with minimal text

Monthly spending goals can be set easily on the watch

Spend tracking

PFM


One unique feature from BNP Paribas (FR) is the ability to launch live chat and calls on the iPhone via the watch.

1

Live chat and calls can be launched on the iPhone via the watch.

A guide to the feature appears when hovering over the contact pages

It shows the user how to press the button on their iPhone which then launches the chat or

call

This is an example of a seamlessly transition between the mobile and watch app. The guide which appears on the watch is particularly well designed and is the only one we have come across in our research. It eliminates the need for difficult to read text by playing images of instructions.

Contacting the Bank


1

GlancesFrom the watch face it is possible to swipe up to get quick access to Glances, “scannable summaries of the information you view most frequently”. These can also be customised from the phone to remove or change the order of the glances. Glances should “reduce the interface down to its most basic visual feedback.”

Glances are an opportunity for banks to be at the forefront of every customer’s watch experience. This is similar to adding information to the phone’s notification centre, which is becoming more and more popular with the leading banks. Some examples ofbanking glances are shown below.

Different strategies have been employed by certain banks when it comes to their Glance. BBVA has removed the visualisation ofbalance to only include the most essential information. Whilst ABN AMRO and BNP Paribas keep their bubble graph and weather indicator to create a consistent multi-channel experience.

BBVA (ES)

Has removed the visual representation of balance and instead opted to keep balance and pending transactions in

their Glance

ABN AMRO (NL)

Continue to use the visual representation of balance in their Glance

feature

Tangerine (CA)

on the Glance, customers see the last transaction rather than the

balance. To get the balance the user has to tap on the screen to go into

the Tangerine app.

BNP Paribas (FR)

Use the same weather feature as in their mobile

app to display an indication of balance

Design and User Experience


Mapa Insight Series: Report Schedule 2015


2 Mapa Insight Series: Report Schedule 2015

1. Tablet Banking Series – 7th edition: A deep diveinto five standout initiativesPublished: February

2. SME Banking: How to win share throughsuccessful differentiation Published: March

3. Mobile Banking Series: How to successfully implement increased app functionality Published: April

4. Bank Disruption: Assessing the Disruptive Threat in Retail BankingPublished: May

5. Building PFM With Mass Market Appeal Published: July

6. Mobile Sales: Leveraging Sales Opportunities in Mobile Browsers and AppsPublished: August

7. The Digital Branch: Integrating technology and innovation to re-imagine the traditional branchPublished: September

8. The Promise Of Wearables: An Internet Of Things In Banking Published: October

9. An Engagement Banking Master Class Due: October

10. Digital Banking Security Insight Series, 4th Edition Due: November

11. Ten Things Digital Teams Should Do In 2016Due: December


Contact Details

Author

Katrina [email protected]

Mapa Research HQ4th floor 101-102 Turnmill streetLondonEC1M 5QP

Tel: +44 207 566 3940www.maparesearch.com

Subscription and Consultancy Enquiries

Ross MethvenDirector of Client [email protected]

Meaghan JohnsonAssociate Director, [email protected]

Offices

The WatchtowerSt Cuthbert's Churchyard7A Lothian RoadEdinburghEH1 2EP

Tel: +44 (0)7710 305 [email protected]

C

NordicBondegatan 30 116 33 StockholmSweden

Tel: +46 (0)76 310 98 [email protected]

Management

Mark PavanManaging [email protected]

Chris GuerinBusiness Development [email protected]

Jane CollinsGeneral [email protected]

Ross MethvenDirector of Client [email protected]


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the promise of wearables: an internet of things in banking

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