Bankinter has developed an instant smartwatch notification and alert system.
Customers will receive real-time information about their account activity and cards on their smartwatches, and will even be able to block their cards from their watch.
This solution has been developed by Gneis, the Bankinter Group's technological and operational subsidiary.
Bankinter has developed a new bidirectional relationship system using smartwatches. This will allow the bank's customers to receive real-time notifications and alerts on their smartwatches about all debits and payments made with their accounts and credit cards.
Thanks to this new solution, developed by Gneis, Bankinter's technological and operational subsidiary, customers will be able to keep track of any activity on their credit cards as soon as they are debited, with information about the merchant, the time and the exact amount of the transaction. The amount is of particular interest if the transaction is formalised in a different currency.
Smartwatches are very visual and accessible devices, and by using them in its customer relationships Bankinter offers more direct and immediate communication, achieves better contingency reaction times and, in short, improves customer security. The system offers the option of blocking the card immediately if the customer thinks that any activity is erroneous or fraudulent, preventing the suspicious transaction from being carried out.
This new business expands the possibilities of mobile banking, which Bankinter pioneered in Spain. Smartwatches are a new kind of device that is becoming ever more popular among the general public and it has a bright growth outlook. Indeed, Bankinter, through its subsidiary Gneis, is already working on developing new banking features based on this technology.
According to some studies wearables, smartwatches among them, are set to enjoy exponential growth over the next decade. Wearables will open a world of huge possibilities in our day-to-day lives, including different types of added financial value that will improve customers' access to their data, interactions with the bank and their quality of life as a whole.