Insights in Five:
Will Wearables Replace Wallets? From online banking to crypto savings accounts, the finance industry has come a long way. As making payments and managing money gets more convenient than ever, consumers are adopting technology in new ways. Some are even beginning to make payments using their wearable devices, like their smartwatches. But how frequently do consumers use wearable technology to bank?
We used the Suzy platform to find out. Suzy is an end-to-end market research platform that can enable you to dive deeper with your ever-changing consumer. Let’s see what they had to say.
Nearly half (49%) of consumers are interested in using a wearable device, like a smartwatch or fitness tracker, to complete financial activities, like online banking or contactless payments.
Over a third (32%) of consumers are concerned about how secure their financial activities are on a wearable device.
49%
32%
45% of respondents don't currently own a wearable device. Consumers that do own a smart device own: Smart Clothing (like a jacket or gloves)
12% 13%
Smart Glasses 22%
Fitness tracker 45%
Smartwatch
What appeals to consumers about banking with wearable devices? Wallet Replacement Biometric Security
27% 28%
Fraud Prevention
Convenience, speed, and better security are some of the top reasons why wearable banking appeals to consumers.
36%
Contactless Payment
41%
Faster Payment
48%
The main financial activities consumers want to complete on wearable devices are:
34% Make Contactless Payments
37% Pay Bills
47% Check Balances
Key Takeaways Fast and Convenient Financial Transactions
Shifting Behavior to Digital Payment
Ensure a Seamless Wearable Experience
Consumers are constantly looking for ways that can help make their financial transactions faster and more convenient. Wearables still don’t have market dominance today, but could potentially be a future avenue for consumers to speed up their transaction times.
As contactless and digital payments continue to rise, wearables have the opportunity to become more mainstream if consumers are changing behavior and shifting to more digital forms of payment.
Make sure that you test every part of the consumer journey when it comes to wearables. Consumers now demand that you have a seamless experience, or you risk them abandoning the technology.
BOTTOM LINE: Consumers are intrigued by wearable banking for convenience and faster payment. But many haven’t yet taken the plunge to purchase a wearable device.
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