Beacon Technology

Beacon are small, inexpensive device that works with Bluetooth technology and smartphones
to create way of providing location based information and services.

How banks can utilize Beacon

By using beacon technology, it will help banks to work more efficiently and bridges the gap
between traditional banking. If user is having mobile banking app and beacon is installed in the
branch as soon as they enter the branch they will receive a message to select the service they
require. It can also send welcome messages to users who have entered the branch. Customers
can also receive coupons and scratch cards on smart phone.
For example:- star bucks uses beacon technology for its mobile payments, rewards and even to
say what song they are playing in the store.
Project beacon by Google
Google recently launched a new program called project Beacon. As a part of the program
Google is sending beacons for free to businesses with physical location in effort to make there
business more visible.
Beacon in banking
As soon as the customer enters the branch he will receive a welcome message. It can detect the
custoumers presence. With the help of beacon wishes can be send and personalized financial
offers. It can be used to run surveys and studied to understand the trends and interest of the
customers.

Wearable in banking technology

Wearable technology will give banks access a new array of customers. consider wearable fitness
devices which monitor the wearers movements, location and activity level to advise users.
Similarly, banks can leverage the technology to become their 24/7 personal banker.
Wearable technology offers banks with wholly new ways to interact with and inform customers
and help them understand their financial needs, before they even realize them. Just as smart
watches help monitor physical health, banks should innovate their smart watch apps to help
monitor financial health, and improve the in-bank experience.
Current smart watch banking applications enable a range of common features including one
touch login access, real-time account balance monitoring, alerts/notifications. Bill payments
and purchases can be executed through mobile wallet and smart watches.
Innovative services for consumers
Many financial institutions, especially banks, have been working to create better experiences
for their customers. There are many things that have changed over the years, but mobile has
been one of the biggest. Consumers have come to expect mobile services like mobile banking,
bill pay, and other related services. In their quest to give customers innovation they have
started to move past mobile devices like phones and tablets to wearables.
Wearables in banking
Demand for wearables continues to grow as consumers embrace opportunities for faster, more
frictionless transactions. As these devices have become increasingly popular, users have come
to expect a seamless experience—they want their wearables to house the tools they need to
manage not only their fitness efforts and their fashion choices but also their financial lives.
It’s not surprising that retail banks are exploring potential uses for wearables in banking
whether that's facilitating transactions and payments or creating entirely new classes of
customer experiences. The progression from the investment in smartphone-based services is
logical, but unlike smartphones, wearables come in all shapes and sizes.