Wearable banking will be a thing, one day – today’s normal once seemed unthinkable

Very interesting article on “technology wearables”. As with any new technology, the coolness factor is obvious, but will the functionality and security provided combined with the extreme fickleness of the consumer actually turn into true acceptance of such “”technology wearables” as a sustainable category? Only time will tell. But with Apple and other big players such as Accenture pushing the concept into actual real products, I for one will not be betting against them in terms of some degree of consumer acceptance that is sustainable as a category. Apple introduced the world to the iPod, iPhone and the iPad which quickly turned the paradigm upside down and those products reached sustainable acceptance very quickly. But when it comes to the extreme conservatism of banks, will they embrace such technology when roughly only half of all US banks today offer remote deposit capture on a Smartphone? Hmmmm? Banks by their nature take on risk through loans, but are generally very risk adverse when it comes to everything else because of the ever increasing regulatory environment combined with so many other inherent risks such as fraud. So until banking in general fully embraces Smartphone remote deposit capture across the country the concept of “technology wearables” being used in the banking world any time soon is laughable! But once again, what was once thought as “laughable” or fit into the “ya right” category sometimes turns into reality. So maybe the better question is when, not if “technology wearables” are embraced by the banking world? Only time will tell. Personally I believe the bigger question is the inevitable fossilization of the motor/branch bank as we know it today which of course is a whole other topic.

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