According to findings released today from Carlisle & Gallagher Consulting Group (CG,www.carlisleandgallagher.com), a business and technology consulting firm exclusively focused on the financial services industry, U.S. consumers are in no rush to purchase a wearable device and future adoption of the technology will be driven by attractiveness, alerts and payments functionality.
“While wearables are a significant trend in technology, their utility to financial services remains to be seen,” said Byl Cameron, CG’s Digital Practice Lead. “But the fact that one third of consumers are comfortable making a payment from a wearable device, tells us that this technology is a ‘must-watch’ development in fintech.”
In September 2014, CG surveyed 1,005 U.S. consumers online to understand how mobile banking behaviors and the shift in mobile device size will influence how Americans do their banking in the 21st century. Full results are available in CG’s research report, “Mobile Banking: The New American Addiction.”
Key Study Findings
- 82 percent of U.S. consumers would NOT purchase a wearable
- What will it take to make wearable technology a success?
- Attractiveness: 53 percent say it is important for your device to look attractive
- Notifications: 39 percent are interested in receiving notifications and alerts
- Payments: 30 percent are comfortable making a payment with a wearable device
- Which wearable devices do U.S. consumers plan to purchase?
- Apple Watch – 8 percent
- Samsung Galaxy Gear – 4 percent
- LG Lifeband – 1 percent
- Google Glass – 2 percent
- Other – 3 percent
- Is the wearable market limited to tech-savvy consumers?
- 38 percent of consumers who plan to buy a wearable are habitual mobile banking users (access bank accounts via mobile device four or more times per week)
- 15 percent of consumers who plan to buy a wearable device already have a phablet*
*For the study, CG defined a phablet as a smartphone with five- to seven- inch diagonal screen size, such as the Galaxy Note 4 and the iPhone 6 Plus.
