Move aside netbanking, HDFC launches watchbanking

Marketers are fast identifying the smartwatch as another touchpoint to reach out to consumers. HDFC Bank, with its emphasis on digital banking, unveiled its banking application for the Apple Watch, thereby introducing HDFC WatchBanking.

The smartwatch app will work in conjunction with the bank's mobile banking iPhone app ( iPhone 5 and above). The watch will merely be a projection device while all information and data flow will be from the mobile phone to the bank's servers. Users can choose to view account information, pay bills, request for chequebooks and bank statements, locate nearest branch/ATM and avail discounts, among other services, through the watch app.

And though the Apple Watch is yet to be introduced in India and the sales haven't really been encouraging globally, the bank is gung-ho about the wearables category. Citing research findings ( Accenture Digital Consumer Tech Survey, 2014), HDFC Bank notes that over 46% of consumers are keen on buying a wearable device, 65% of which is in the age bracket of 18 to 34. HDFC Bank's digital banking head Nitin Chugh insists that the smartwatch is a category with potential and the bank will introduce similar technology for Android wearables shortly too.