The functionality associated with mobile devices has made wearables increasingly popular and important over a short span of time. However, the financial sector is yet to completely embrace the boon.

The reason for this slow acceptance is due to challenges of optimizing the functionalities in limited screen space, creating value for customers through the features and offering a differentiated product. Then again there are some interesting studies which show how these challenges can be easily overcome.

Understand the end user well: Investment firm Motilal Oswal Securities Ltd introduced the first ever trading smartwatch app enabled with features like live market updates, portfolio updates, market position updates, etc. This has helped customers with market updates on their wrists in real time.

Security is the Key: Cryptosecurity organization such as the FIDO Alliance are developing new authentication processes for password-less security options like voice and fingerprint verification. They revise these protocols regularly to stay ahead of phishers and hackers.

Innovate to stand out: YES Bank has introduced features like one touch bill payment, speech-to-text capabilities to enable hands-free complaints registration and on-the-go bill payments from Wearables, etc. in their mobile banking solution Yes Mobile 2.0.

For every limitation of a gadget or technology, there is an upgrade waiting around the corner. The task is to identify challenges and solutions will follow!