Apple Watch mobile banking is giving financial institutions another way to extend digital services beyond smartphones and traditional online banking. ING Direct Australia is introducing an application designed to emphasize the convenience and simplicity consumers increasingly expect from digital banking. By giving customers quick access to basic information such as account balances, the bank is exploring how wearable technology could complement its established mobile banking services.
The Australian arm of ING Direct has announced the launch of a new mobile banking application that takes full advantage of the new features that are present on the new Apple Watch. One of the key features showcased by ING Direct is the availability to let customers check their balances with just one swipe of their iPhone.
Commenting on the new product launch, Lisa Claes, executive director, customer delivery at ING Direct said,
“We have found that the key to a great digital experience is not about bells and whistles; our customers want ease and simplicity, with balance checking being towards the top of the list.”
While recent industry surveys have shown the value and important of robust and interactive mobile banking and payment services to consumers in maintaining their satisfaction with their primary financial institution, the impact and value of new applications for wearable products is minimal at this point. Though wearables are likely to develop beyond a niche product in the years ahead, financial institutions should continue to invest in more traditional mobile platforms if they are to keep customers happy in the present.
The launch of Apple Watch mobile banking from ING Direct demonstrates how financial institutions are beginning to experiment with wearable technology as another customer touchpoint. Although smartwatches remain a relatively new category, their ability to provide immediate access to frequently requested banking information could make them useful for certain everyday tasks.
ING Direct’s emphasis on balance checking also reflects an important lesson for digital banking development: consumers do not necessarily need complicated features to find value in a new channel. Quick access to account information can be particularly useful for customers who want to check their available funds before making a purchase without navigating through a full mobile banking application.
At the same time, the relatively limited adoption of wearables means banks must be careful about where they direct their technology investments. Smartphones remain the primary mobile device for most consumers, and robust mobile banking and payment capabilities continue to play a much larger role in customer satisfaction.
For ING Direct, the Apple Watch application provides an opportunity to experiment with wearable banking while continuing to serve customers through more established digital channels. The experience could also provide useful insight into which banking functions consumers ultimately want available on their wrists.
As wearable devices become more sophisticated and gain wider adoption, Apple Watch mobile banking could develop into a more meaningful component of the digital banking experience. For now, however, it is best viewed as a complement to—not a replacement for—the smartphone-based mobile banking services consumers already use.
Overview by Tristan Hugo-Webb, Associate director, Global Payments Advisory Service at Mercator Advisory Group
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