Could Banking from your Wrist be the Future of Mobile Banking?

Over 35 million people in the UK have at least one digital bank account, with eight in 10 (81 percent) using digital banking to get instant visibility of their finances, according to Intelligent Environments’ research, but what if we had the convenience of mobile banking without the use of a phone? What if we could check out balances at the touch of a button?  Well that futuristic outlook could be closer than we think now Intelligent Environments have developed the “Interact Smartwatch App” for the Pebble Smartwatch which allows users to check their balances on the go, on their wrists.

The app can be installed on any Pebble Smartwatch and enables users to see their live bank balance, check out their recent transactions, and even receive a vibrating notification when they’re near their overdraft limit. This app adds more convenience to safely and securely check their finances without the need to visit a bank or a cash machine, or even open up a mobile app and enter secure information.

You’ll have to hold your horses however, because the app isn’t readily available just yet. Before we can start checking our balances on our watches we’ll have to wait as Intelligent Environments is now in discussions with a range of banks which are looking to roll this technology out to their customers.

Clayton Locke, Chief Technology Officer at Intelligent Environments, said:

“We develop our software by first finding out what customers really want in a digital bank. Our research shows that people like to know their account balance in real time. Plus customers are increasingly curious about how wearable devices, such as smartwatches, can be used to manage everyday tasks such as banking.

“This Interact smartwatch app brings consumers closer to their money, making it more convenient to keep track of finances.  All it takes is a glance of the wrist to check your balance while out and about. The Interact smartwatch app marks our first step towards developing digital banking systems for other wearable technologies, such as Google Glass.”