Digital Insight, an NCR company, announced the release of the new innovation, and has been partnered with WPCU for online and mobile banking solutions since 2012.
“Mobile app users have long asked for greater convenience in accessing low-risk information like their balance without the hassle of needing to log in,” Fors said.
When a user downloads the latest version of the WPCU Home Banking mobile app from the Google Play store, the smartwatch capabilities are included, and a separate login is not necessary.
“Right now, as part of the pilot, we are only offering a quick balance feature which is very low-risk information. The quick balance feature works through Bluetooth technology and will only work when the phone is in close proximity,” Fors said.
By using a security token, usernames, passwords, and financial data are not stored on either the watch or the phone, said Marshall Yuan, senior product manager, DI Labs, Digital Insight.
“Within the first week of our launch, users of this feature have checked their balance on average of three times from their Android Wear device,” Yuan said.
Industry experts estimate the global wearables market will grow at an annual rate of 35 percent over the next five years, reaching 148 million units shipped annually in 2019, up from 33 million units shipped this year.
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