Juniper Research's latest white paper "Worldwide Digital Banking: Mobile, Online & Wearable 2015-2020", published Monday, forecasts that by 2017, 10 million consumers globally will be accessing banking apps via their smartwatches and that number will have grown ten-fold by 2020.
The trend of using smartwatches for push notifications relating to finance and banking is already growing steadily, thanks to Millennials and to more and more financial institutions offering a smartwatch component to their existing banking apps.
However, despite the uptick in interest in wearables generated by the Apple Watch and more recently, the Tag Heuer Connected, Juniper believes that smartwatches or glasses are going to find their niche as a form of providing authentication or further information, rather than for making complex financial transactions.
"Digital banking has experienced a substantial progression towards personalized computing. We do believe that, keeping pace with technology evolution, wearable banking will witness a faster adoption rate than mobile banking especially amongst millennials", said research author Nitin Bhas.