Even if your members don't want smart watches yet, this technology isn't one to ignore.
By Danny Piangerelli
It’s hard to imagine even easier, more instant access to the data we want, since we are all used to having our smartphones with us. At all times. But that is exactly what wearables are poised to do and, in many cases, are already accomplishing. Consider how fitness tracker bracelets like those made by Fitbit and Basis Peak are impacting the world of fitness, keeping us ultra-connected to our own data as well as to one another. The financial industry and credit unions in particular have an opportunity to adopt wearable technology as a way to expand popular mobile banking offerings. New apps are making it possible for members to view a glanceable version of payment and account information – right on their wrists. Credit unions should see this trend as a powerful way to enable their members to perform simple financial tasks, like monitoring account balances, using their smart watch. Some credit unions are already in this arena. For example, when the Apple Watch was introduced, $258 million Alabama Teachers Credit Union, Gadsden, Ala., and $553 million Greater TEXAS Federal Credit Union, Austin, Texas, deployed Apple Watch banking apps with the idea of jumping ahead of competitors in their markets and deliver the latest technology to their members. Alabama Teachers CU and Greater TEXAS FCU are now each giving members who own an Apple Watch easy access to their most relevant banking information, including balances, transaction history for all available accounts and a branch locator. They are finding that the convenience of a watch app will help their respective institutions better appeal to millennials—and any member seeking on-the-go banking options. “Our members deserve for us to be on the cutting edge of technology,” says Gina Turner, assistant vice president for Alabama Teachers CU. “We are proud to have been on the forefront of the wearable technology movement. The excitement of our members has been palpable and was evident through our recent Apple Watch promotion, in which we had over 180 entries in one week.” No one has a crystal ball and can say with certainty that smart watches will be a game-changer in the same way smartphones were. However, it is important for credit unions to be aware of the technology supporting the opportunity to capitalize on the smart watch’s rising popularity. For any credit union looking for new ways to bring self-service to a new level and meet member demands for relevant, timely information, the watch isn’t to be ignored
Danny Piangerelli is chief technology officer at Malauzai Software. Also read "Your CU Doesn't Need an Apple Watch App" from this blog. If you liked this post, you might be interested in attending CUES School of Payments, April 19-20 in Chicago; CUES School of Member Experience™, Sept. 26-27, CUES School of IT Leadership™, Sept. 27-29 in Charleston, S.C.
