Wright-Patt Credit Union's 300,000 members can now be among the first in the U.S. to be able to check their account balances with just a flick of an Android Wear smartwatch, thanks to a new app released Thursday.

The smartwatch app automatically syncs to users' Android Wear devices after they upgrade to the updated Wright-Patt Credit Union mobile app. Using their voices, users can get account balances without logging in on their mobile phones, the credit union said in an announcement.

“We have a close eye on market adoption and are strategically making decisions based on member behaviors,” Retail Support Director Joel Huxley said. “In the case of wearable technology, it allows our members quick access to low-risk information. It is truly a benefit for WPCU members.”

The app was developed by Digital Insight, which is owned by NCR. In 2014, Digital Insight launched DI Labs, an incubator in Silicon Valley, to work with financial institutions on technologies for wearables, biometrics and location-based services.

“This first release on Android Wear is just an initial step as we learn how to utilize rapidly-evolving wearable technologies to help our financial institution customers personalize, engage and connect with their consumers,” DI Labs Senior Product Manager Marshall Yuan said. “Rethinking banking experiences from the opportunities provided by a smartwatch will ultimately help our financial institution customers deliver the same personalized service to digital consumers that their offline consumers have come to expect at a branch.”

The smartwatch market is still in its infancy, but preliminary estimates show Android Wear had about 16% of it in 2014, according to a report by IT analysis and consulting firm Canalys. Of the 4.6 million “smart wearable bands” shipped in 2014 (Canalys defines these as “multipurpose devices that serve as accessories to smart devices, are designed to be worn on the body and not carried, and are capable of running third-party computing applications”), around 720,000 were Android Wear devices, the report said. At least seven manufacturers make Android Wear devices, according to the report.

Industry research firm Smartwatch Group puts the number of smartwatches sold in 2014 at 6.8 million and the number of manufacturers at 89. It expects the size of the market to grow to $8.7 billion in 2015.

According to a July report by Javelin Strategy & Research, smartwatches are “the first wave of financial wearables that can leverage existing adoption.” It also said 53% of consumers show a willingness to use voice banking, which is a key component of smartwatch technology.

“Platforms succeed when they entice developers to create apps that keep consumers coming back for more. Some developers and financial institutions initially will be satisfied with the softer ROI that can come with being the first to market and establishing a foothold with targeted products and services,” said Mark Schwanhausser, director of Omnichannel Financial Services at Javelin. “For FIs, justifying investments for wearables is likely to start with bolstering a tech-savvy brand image that can attract customers. But larger, sustained investments will require evidence that wearables are pervasive enough to result in cost savings and revenue.”

Digital Insight said it plans to offer similar technology for the Apple Watch when it becomes available.

Wright-Patt Credit Union is headquartered in Beavercreek, Ohio, and has about $3 billion in assets.

Instant Insights /

Wright-Patt Straps Onto Smartwatch Market

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