Smart wearables are redefining the way brands communicate with their customers using digital technologies such as the internet of things (IoT). They take advantage of today’s hyper-connected customers’ empowering enterprises to enhance their customer engagement, says GlobalData, a leading data and analytics company.

Venkata Naveen, Disruptive Tech Analyst at GlobalData, comments: “The maturing wearable tech ecosystem coupled with the availability of smart devices has led enterprises to glean actionable insights and replace traditional customer touchpoints. From simple tasks such as providing location-based ads to creating tap-and-go payments, the use cases of wearable devices are expanding across industries such as insurance, banking, travel & tourism and oil & gas.” 

The Innovation Explorer database of GlobalData’s Disruptor Intelligence Center showcases how wearable technology is increasingly becoming a powerful tool to offer ‘in-the-moment’ experience for tech-savvy customers across industries.

Insurance

Real-time data captured through wearable devices provide insurance companies with a more comprehensive picture of patient risks, which helps them with accurate underwriting and offer discounts on premiums. UnitedHealthcare rewards its customers up to US$1,500 a year in healthcare credits for different types of fitness activities completed on Fitbit’s Charge 2 device.    

Banking

Traditional financial institutions are adjusting and digitizing in-branch operations to meet the needs of an increasingly tech-savvy customer. In a first-of-its-kind pilot, HSBC staff are using custom-made Samsung Gear S3 smartwatches to improve customer experiences at its flagship retail bank in Manhattan. Rather than restrained to use traditional communication channels at fixed locations within the branch, the smartwatches offer more freedom to employees to make in-branch communications efficient and serve customers from anywhere.

Travel & Tourism

The entire hospitality industry revolves around enhanced customer experiences during the stay. Hotels are using wearable technology to offer contactless stay experience for the customers. Germany’s TUI Group has launched a smart band that can be used as a digital key for helping guests unlock hotel doors, bypassing the front desk, etc. It can also be used to control a room’s ‘lighting and environment’ and help guests to pay amenities using NFC technology.

Oil & Gas

Oil & Gas companies are looking for ways to digitally transform consumers’ payment modes for fuel by integrating multiple mobile payment options and enhance customer experience on-the-go. ExxonMobil customers can use a smartwatch to pay for fuel with any preferred payment method without leaving their vehicle at over 10,000 of its gas stations across the US. Users can quickly pay for fuel using Samsung Pay, Apple Pay or by linking their credit/debit cards to the smartwatch.

Naveen concludes: “Wearable devices are a game-changing technology for enterprises looking to leverage the constant flow of customer data to provide the next level of personalized engagement. However, the increased popularity of wearable devices has also led to privacy and security related concerns. Though the pace of growth is unlikely to subside, brands need to safeguard personal data of users to increase their confidence and remain competitive.”