How smart glasses will transform banking

Jul 21, 2016

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Wearables in a form of smart glasses are becoming a big deal. They represent a miniature computer that is able to integrate augmented reality with your own. The innovative hands-free tech allows consumers to send email and text messages, take pictures or video. But they can much more. Most of them also enable online banking transactions or even retail payments. Several banks in Spain, for example, offer a Google Glass app that enables making basic transactions.

Considering this development, how will banking look like in the coming future?

Personal bank service

Due to the face recognition technology bank advisers wearing smart glasses can immediately identify the customer. Through the automatic online behavior analysis of the customer, the bank adviser even sees which request the customer has come with. A personal consultation can begin.

Remote consultation

If the customer is on the way, he can easily connect with his bank adviser just using smart glasses. For example, in case he spontaneously decided to buy a car. The customer just contacts his bank to get a loan. After a quick conversation with the bank via smart glasses using audio or video chart, the loan is approved. The car dealer gets the money transferred. The customer has a desired vehicle. The entire transaction is carried out remotely while drinking a coffee!

Voice control for easy search

Searching for a cash machine takes just a few seconds, no matter in which city or country the customer currently is. After saying „Where is the next ATM?” smart glasses direct him to a cash machine. Integrated biometric technology enables to withdraw money without a card. In case the bank sends a one-time password, the customer gets it directly on his smart glasses.

Smart shopping

Through taking a picture of the product just using the smart glasses, the customer can compare the prices directly on the internet and select the most appropriate offer. Due to the near field communications (NFC) supported on the smart glasses as well as an e-wallet account, the shopping experience became much easier. Walking around a store and scanning the wished products, the customer can complete the purchase using NFC or biometric identification just by scanning the eye.

Easy bill payments

Paying with a smart phone already exists. But why not pay with smart glasses? After receiving a bill via email account, the customer scans the bill using the smart glasses camera. Now he can make a payment through his bank account at anytime and from anywhere. Isn’t it a dream?

Customized marketing

Mini-sensors installed in smart glasses can track customer’s biological responses while shopping and analyze which products and services he uses or not. It provides more effective and personalized marketing in compare with annoying ads that customers often trash or put in a junk folder.

The world goes digital. The IoT is expected to transform nearly every part of our lives. Banking sector isn’t an exception. Smart glasses have an enormous potential for banking industry. Wearables give consumers a greater digital control over their finances. This trend can’t be ignored. In order to stay competitive banks have to adapt their strategies to provide better service to their customers.