We just came across a truly excellent roundtable about wearables and the consumer banking industry, featuring some forward-thinking consultants and bankers. Their consensus: we have so many other things to worry about first, maybe we’ll get around to this in three years. Or ten. But not this year or next. Unless, of course, Apple does something, in which case we’ll have to rethink everything.
The whole thing is worth reading and thinking about, but here’s our favorite quote, from Michal Panowicz: Managing Director, Marketing & Business Development for mBank”
In my opinion, wearables, given the state of user installed base (minimal) and financial’s general digital readiness (less than minimal) are a distraction. If I were to choose, crack mobile first – really, really well. Put all resources here before a single man day is spent on wearables.
Considering that in Europe, you can buy items from vending machines with your phone, if the US Banking industry doesn’t get a move on, the US Phone industry will take over all transactions, leaving them with loans.