While in a Graduate School of Banking class on Effective Use of Technology, I discussed the future of technology, such as the Apple Watch. Along with the future C-Suite leaders that were in attendance, I talked about the fact that there was still no “killer” watch app for banking.
Other than notifications that come to the watch (which also come to your phone), I was lamenting that there was as of yet, no specific watch feature that would enhance the banking customer experience. I will admit that I didn’t have any good ideas; the watch is essentially an extension of the phone, so what would truly be unique for the watch to do related to financial services that wouldn’t be just as effective on a smartphone?
That very evening, I was out at dinner with Mike Beird and Erin Handel, the founders of BankersHub, the premier source for online education targeting the financial services vertical. I have been an supplier of content for them for many years. They were in Colorado to do a live streaming event for the Independent Bankers of Colorado. You can learn more about the valuable services that BankersHub provides.
In the conversation, I mentioned the issue of how few truly innovative apps have been generated for the smart watches. At this point, Mike showed me his Apple Watch. Or more specifically, the band that was attached to his watch. It is made by Kardia and as he easily demonstrated to me, it actually takes an EKG of his heart rhythm.
By placing his thumb on metal square included in the band, it reads his heart beat and you can see it displayed on the watch face. Moreover, the resulting EKG can be sent to his cardiologist. As a heart attack survivor, Mike is keenly aware of any issues related to his heart. If he felt that something was awry, he could instantly take an EKG and submit it to his doctor who could advise whether the issue was something that required him to address it immediately.
Very, very cool. Somehow, knowing that my account balance just went under $250 doesn’t seem to rise to the same level of urgency as the onset of a heart attack. And yet, we should be ideating on this very topic, coming up with how we can harness technology to create specific apps that have a similar impact on how we interact with financial services.
Have a killer idea for how a smart watch can natively provide a feature or benefit for financial services? Share it with me, I’d love to hear from you!