At three+one, we strive to keep you up to date on all trends that impact you, whether it be financial technology, banking regulations or cash management practices. Please note that I wrote the blog below back in September of last year. Now that our prediction has come to fruition, we want to revisit that blog. Two weeks ago, Fitbit, Inc. (NYSE:FIT), the leader in the connected health and fitness market, announced it had purchased the wearable payment assets from Coin, a Silicon Valley consumer electronics and financial technology company, to create a universal credit card replacement device.
A Flick of the Wrist
By Joe Rulison
September 15, 2015
The world of banking is changing, just as the world of entertainment has. Over the last two decades we have all moved from the VHS cassette to DVD disks and now to “smart” technology–using computers, phones, and tablets for our music, movies, TV shows, and video games.
Going forward, access to money will be quicker, less expensive, and either right at your fingertips or at a flick of the wrist. Bank tellers and ATMs will be viewed as archaic as the bulky old VHS cassette tape, the credit card will be compared to the old CD-ROM disk, while smart phones and wristwatch/bands will become the norm. The development and rapid adoption of the “Fitbit®” style of wristband–used today to monitor our daily health and activities–will be the next direction of technology for conducting daily banking operations. The swipe of the wristband will become commonplace within the next three years.
The change in banking will not stop there, so the need to stay on top of these trends and adapt quickly to them will be important–because your customers and taxpayers will be asking for it and expecting it.