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Old 03-21-2016, 12:29 PM
GDS International GDS International is offline
Join Date: Jan 2016
Posts: 40
Default Next generation banks will be digital at their core

Having a digital core means banks need to emulate the way non-financial services work – for example the one click purchase with Amazon. And innovating on NFC - near field communications. In the UK, Lloyds banking group is exploring the use of NFC technology to authenticate devices during mobile banking registration.

Wearable technology is a big opportunity. As it’s not taken off properly yet, banks still have a window of opportunity to innovate. They’re competing with the iWatch and Google Glass tho, who have already made their mark. Right now wearable technology is about checking your balance, and responding to basic notifications. But it will soon become a way to identify yourself either remotely or in person, and a way to authorise payments.

Given that wearables are part of the larger wave of the Internet of Things – with a potential economic impact of 6 trillion dollars a year according to McKinsey – it could have huge upside for banks if they get it right. A handful are participating in wearable tech trials. US bank Wells Fargo is working with software for Google Glass. Paypal has launched an app for Samsung Galaxy. It’s happening, but slowly. Financial services need to move faster or risk being on the backfoot.

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