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From walking into your bank, to sitting down at your desktop computer.  From opening your laptop on the go, to pulling out your smartphone. And now to glancing at your watch. What’s next for mobile banking, a “smart ring”?

New studies have found that by 2017, adaptation of banking apps accessed via a smartwatch could reach 10 million. And by 2020 that number could go as high as 100 million. Clearly a study done for the benefit of watchmakers or watch sellers! Putting aside the fact that the smartwatch market isn’t nearly as big as the smartphone market (and will it ever be?) who wants to bank on their watch? Just what are the use cases? It seems to us that banking apps on smartwatches might have value as a means of authentication, perhaps to make payments, and for some notification or information at a glance. Even then the smartwatch may not be for everyone. Certainly don’t expect to use it to negotiate a loan for that business you always dreamed of starting. And give up any hope of working out a down payment and mortgage on a new home on that $10,000 Gold Apple Watch. You know the one we're talking about... the one that will be obsolete a year from now. Besides, if you have 10 G's to spend on a watch, how much do you care about what’s going on at your bank, as long as your cash is safe and secure?

Are Mobile Banking Apps for Smartwatches Making An Impression?

The future of banking will definitely be more portable and less personal. Of course that prediction is nothing new. As technology moves forward, banks will always take advantage of new platforms to deliver their services. As of now though it appears that banking apps for the Apple Watch are definitely not exciting customers. When it comes to our own money, we simply like to see it grow. The thought of experiencing any "real" banking applications on our smartwatch seems a bit too downscale for our tired old eyes. How many zeros can you fit on a small screen anyway? For payments... maybe. But even Apple Pay, Android Pay, and the other “mobile payment” services popping up that offer speed and convenience still have a long way to go to catch on with the public.

While touting the latest tiny technology makes for great headlines, the convenience and usability that these mini-platforms actually provide in the end might not make a great deal of difference. We recognize that technology is shrinking in size while becoming more powerful. But in the real world there has to be a limit. We jokingly said earlier that perhaps the next step down might be a ring on your finger. All seriousness aside, maybe Bobby Fischer wasn't so crazy after all about receiving wireless signals in the metal fillings in his teeth. The next step down after a smart ring might be smart fillings. Will that be the ultimate evolutionary step in mobile banking – we certainly hope not! And so do our tired old teeth!

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