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Online and mobile banking is old news. Banking on a smartphone? That is so last week. Stepping into the world of tomorrow, Westpac plans to bring the future to its customers by integrating a Google Glass app and iBeacon into its mobile banking technology range.
Westpac is currently testing ways for its customers to access their bank accounts on wearable devices, such as smart watches and Google Glass. Tests of Cash Tank are currently underway in New Zealand, while in Australia, Westpac’s underling St George is testing out its MoneyMeter app.
“We are currently trialling a version of the St George MoneyMeter app on both smart watches and Google Glass,” said Harry Wendt, general manager of digital at Westpac. “We are also trialling the branch and ATM locator on smart watches in the Westpac brand.”
“Our intention is to test and learn and then use what we have learnt to introduce it into our other brands,” Wendt said. But how long will it be before banking customers can take advantage of this hot new technology?
Less than a year, apparently.
Westpac NZ chief digital officer Simon Pomeroy said, “By the end of this year our customers will be able to walk into a shop wearing their Google Glasses, see something they like and instantly check their bank balance which will be displayed in their peripheral vision – that’s pretty cool.”
What is Google Glass?
Created in late 2012, Google Glass is a portable micro-computer that has a display screen worn over the right eye. It follows voice commands to provide map routes, take videos and photos, and translate words.
While its not commercially available in Australia as yet, companies such as Westpac are currently working on Google Glass apps that can be used once the technology becomes available.
According to Deloitte’s latest Technology, Media & Telecommunications Predictions report, wearable devices such as Google Glass are set to become huge in coming years. Estimates reckon this type of technology will generate $US3 billion ($3.35 billion) in sales by the end of this year.
The 10 million wearables expected to sell this year will grow to surpass 100 million units by 2020. The report predicts wearables will become increasingly integrated into everyday life, being used as fitness devices, and public safety interfaces for police officers, firefighters and nurses.
What about iBeacon?
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Alongside its Google Glass apps, Westpac is also working on iBeacon technology. Westpac customers will soon receive location-based messages and offers through Apple’s iBeacon as they pass Westpac branches and certain shops.
Using Bluetooth technology within the phone, the app knows where the user is and what is nearby, allowing it to offer geographically-based incentives and offers. According to Wendt, this will be tested by St George over the next few months.
Westpac’s Pomeroy said, “Digital innovation is unfolding around the world at an incredible pace and we’re focused on making it available to our customers to make things easier and faster for them.”
Watch this space.
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