First Wearable Banking Service

Nonghyup Bank advertises its upcoming wearable banking smartwatch.
Nonghyup Bank advertises its upcoming wearable banking smartwatch.

 

Banks have launched a full-scale offensive to counter ICT companies' financial technology (fintech) services, resulting from a growing sense of crisis that they could lose the mobile financial market to ICT companies.

The government has also started to encourage fintech innovation in the banking industry. New fintech services, including wearable banking services, are expected to be released soon.

According to sources in the financial industry on Dec. 28, Nonghyup Bank will launch a Wearable Banking service in January of next year. Users will be able to check account balances and transactions, and to verify their identity with simple passwords on their smart watches as well.

In addition, smart banking users could check accreditation numbers through their watches. Simple money transfer services, which are possible at the click of a mouse, are soon to be introduced. Therefore, it will be easier for the user to send money to those with whom he or she conducts frequent transactions.

Nonghyup Bank is going to roll out more secure banking services for Android Wear-based smart watches through a Wearable Finapp, as well as services for Apple watches and Tizen OS. The company is also planning to build a Smart Financial Center by April 2015, a step toward Internet-only banks.

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