Introduction
As smartwatches become increasingly popular, many people are finding themselves wearing these devices everywhere they go. However, while smartwatches offer many convenient features and capabilities, one area where they fall short is in the realm of banking. Many individuals who own smartwatches still find themselves having to pull out their phones to check account balances, transfer funds, and perform other banking transactions. This is a gap in the market that needs to be addressed.
The Problem
Despite the widespread use of smartwatches, there are currently few options for securely performing banking transactions on these devices. According to a survey conducted by the National Association of Convenience Stores, over 70% of consumers use mobile devices to check account balances and make payments. However, less than 10% of those surveyed said that they use their smartwatches for these purposes. This suggests that there is a significant opportunity for a banking app that is specifically designed to work on smartwatches.
From prototype to designProposed Solution
To address this problem, I proposed the development of a banking app for the Apple Watch. The app would allow users to check their account balances, transfer funds, and perform other banking transactions using their smartwatches. This would provide a more convenient and secure way for individuals to access and manage their banking information, without having to pull out their phones.
View different account flowsPresented to Varo
I presented this idea to my employer, Varo, on my own time, and received a positive response from management. The CEO of Varo recognized my work on the project and highlighted it during the company's All Hands meeting. I also had several meetings with C-level executives and other management to discuss the app, and career development opportunities. However, at the moment, there is no fully functional prototype that I am aware of, and I no longer work for Varo.
Transfer money flowPotential Benefits
The proposed smartwatch banking app could bring several benefits to both consumers and the company. From consumers point of view, it would provide a more convenient and secure way to access and manage their banking information, which would improve the overall banking experience. From company point of view, it would expand the usage of banking services on smartwatch, which would increase the engagement, retention and attract new customers. Additionally, the project would also provide valuable experience and skill development for me in product design, user research and presentation.
Conclusion
The proposed smartwatch banking app is a solution that would address a gap in the market and provide significant benefits to both consumers and the company. Despite the lack of development and my no longer working for the company, I believe this project has a potential in the future and I dream of returning and working on it when I have received more experience and as the company matures.