You are what you wear

In the first part of this article, the author spoke about how the next big thing in mobility devices to change the dynamics of the banking sector would be Google Glass (GG). He illustrated how GG could be used effectively in retail banking. Here, in the second and concluding part of the article, are more instances demonstrating the use of GG.

Take the case of Dan, a consumer who is eco-friendly and consciously avoids, in every possible way, abusing the environment. He has been looking to buy a car and as luck would have it, a top automobile company has just launched the most advanced ‘green’ car. Visiting the showroom, Dan decides to buy the most recent edition of a premium car. His bank locates his presence, makes a car loan offer. Dan has a quick conversation with the bank manager on his GG, scans the required documents and transmits through it; the loan is approved.

Dan authenticates the transaction using the one time password (OTP) while logged into audio/video chat. He finally instructs the bank to transfer the money to the car dealer for the purchase. He does this entire transaction sitting in the automobile showroom and drives the new car home.

Winnie is a student of architecture. Classic architecture designs fascinate her. She loves the high columns and arches. Winnie loves her bank for one reason — an app that affords a virtual branch experience, complete with Greco-Roman architecture. Winnie’s bank uses the native video feature in the GG for this.

Kathy is very active on social media and is present on Facebook, Twitter, LinkedIn, WhatsApp and what have you. She has over 2,000 friends online. She is very quick in acknowledging ‘likes’ and posting her experiences. Her life revolves around social media. Kathy went to her bank about a problem with her bank account. The bank manager did not pay much attention to her. She left the bank with this bad experience and as always, got onto social media. It is so easy now with her new GG. The news is out in minutes.

Locating an ATM

Sam banks with a global bank that has footprint in 12 countries. As a premium customer he has a privilege card that he can use anywhere in the world. He is in Brazil on business and does not speak Portuguese. Sam is looking for an ATM machine. He says, ‘Ok, Google Glass, where is the closest ATM?’ His bank, which has tracked his location, (with his permission, of course) guides him through the GPRS and translates instructions into English. Sam’s bank follows the policy of abundant precaution; sends a one time password for each ATM transaction. He receives this on his GG and completes the transaction. The job’s done.

Take this consumer, Jane. She loves adventure cycling and as an active group member she has organised an expedition to the Rocky Mountains bike trails. Jane has a new media subscription and receives the bill in her electronic mailbox while on the cycling expedition. She scans it, takes a picture with her GG, and makes the payment through her bank account.

Technology is constantly getting updated — a case in point is the smart phone before and after ‘touch’ technology. Google Glass will keep growing with the tech growth curve.

There are two such technologies we are familiar with, which are currently not available; near field communication (NFC) and Projection capabilities. I am speculating these will be available in the next generations of GG.

The following two use cases explain how these two technologies work:

NFC: Ujjwal is tech savvy. He is surrounded by the latest gadgets at home and in the work place. This ‘Gadget Guru’ reviews the latest products for popular tech magazines. Ujjwal has NFC enabled on his GG. He has an e-wallet account with his bank.

His favourite shopping store is the electronic store. As he walks around the store he keeps adding products to the shopping cart by scanning through his GG.

At the self-check-out counter, Ujjwal completes the transaction using NFC for making the purchase. The consumer shopping experience has become that much easier.

Banks now have another opportunity for innovation in the design of e-wallet products.

Wall projection: Jim, a financial advisor, does not like carrying a laptop for discussions with his clients. He prefers to make presentations with his GG. During client discussions, Jim uses projection capabilities to illustrate the details. This is more productive as he has ready access to a wide range of information residing in the ‘cloud’.

The internet’s the thing and the interplay of cloud, social media, mobility and analytics will be the foundation of all things we do. A new lifestyle to look forward to! And the financial industry will need to evolve with more innovation in mobility banking.

Wearable devices will replace laptops and tablets in the long run and bring in a new generation of people who will see very differently, think very differently and demand a personalised experience without parallel.

This will mark the emergence of Gen GG.