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INNOVATION TRENDS SERIE
WEARABLES
REVOLUTION TRENDS
MOBILE: NOW
YOU WEAR IT
01 Much more than just work gadgets 03
Wearable devices
in banking
04 INFOGRAPHIC
The rising value
of wearables
05 CASE STUDIES
Companion to chronic patients
02 Millennials, potential customers
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Wearables, much more than just work gadgets
01
Over seven out of ten people believe there is at least one
benefit to using some type of technology at work… but what
about wearable technology? ( )
Efficiency. Productivity. Safety.
These are not only three of the pillars of the workplace but also three
of the areas where wearable technology can benefit the workers that
use them, according to data collected by the Workforce Institute at
Kronos Incorporated and Harris Poll after conducting a questionnaire
to find we are using this wearable technology in our everyday work.
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
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“There’s a strong belief that wearable
technology will take off in the workplace before
the home because devices such as smart
watches and even fitness and health monitors
can provide organizations with uncharted data
collection points to greatly improve safety,
productivity, collaboration, and overall
workplace effectiveness”, notes
We can therefore say that wearables are a new opportunity
to obtain data about a worker's daily routine, so if the
company analyzes these data (Big Data analysis), you can
improve the output and efficiency of that routine ( ).
Joyce Maroney,
director of Kronos'
Workforce Institute.
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
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Security and privacy
Workflows and productivity can
be measured using the data
collected from wearable
devices worn by the workers.
This application is considered
by many to be invasive, as
corporate policy is somewhat
unclear, and there are no
processes in place to protect
both the employee's privacy
and the company's security.
This is the balance that has to
be achieved.
In fact privacy and possible
security failures are the two
main concerns when asked
about the "buts" of this
technology. 44% of US workers
questioned by the Workforce
Institute consider that privacy
could be a issue, whereas 35%
believe there could be security
failures that make the use of
these devices a problem.
But let's take a look at the data
found by this survey:
Use of wearables at work
Fuente: The Workforce Institute at Kronos “Wearables at Work” survey
Over seven out of ten
respondents believe that
wearables could benefit or
improve their work. Many
workers agree that it could help
them achieve the much desired
balance between personal life
and work and even favor
collaboration and "friendly"
competition in workplace ( ).
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According to the data shown
in the graph, the potential of
this type of technology is clear,
as many of the respondents
mention improved efficiency
and productivity and improved
safety among the benefits they
find when using these
wearable devices in the
workplace.
Safety is one of the most
commonly mentioned reasons
for using this technology,
particularly in countries like
India (56%), Mexico (54%) and
China (49%). However
improving profitability,
competition and customer
experience and satisfaction are
other reasons for using this
type of wearable device.
What are the leading devices
in the workplace?
Headphones, watches and
armbands or smart
wristbands are the three types of
wearable devices considered most
useful at work.
Although there's something for
everyone… Around 20% of
workers in the US, United
Kingdom, France and Germany
believe that they would find
smartwatches useful at work,
whereas this percentage is higher
in China (56%), India (49%),
Mexico (40%) and Australia (33%).
Among the main benefits to be
obtained with these devices is
a improved attendance at
of workersfind smartwatchesuseful at work.
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
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devices like Fitbit promote
exercise and enable data
tracking, for example to
correct a worker's posture at
their workplace or suggest
using the stairs to get more
exercise after a certain
number of hours sitting down,
or eating something healthy
after a few days of fast food.
The company can reward the
healthiest decisions.
Source: Techcrunch and The
Workforce Institute at Kronos
“Wearables at Work” survey. This
online survey was sent to
respondents aged
over 18 in Australia,
China, France,
Germany, India,
Mexico, United
Kingdom and
United States..
meetings, based on analyzing
people's preferences and habits
from data collected with the
wearables.
For example, another use being
made of this real-time
information and the analysis
extracted from the devices is
the improvement in the process
of integrating employees in new
departments by providing them
with orientation and training
manuals preloaded in a device
which is issued to the employee
and adapted to their needs.
And naturally wearables related
with health and sport are also
winners at work. Taking care of
their employees' health is vital
for a company that wishes to
reduce absenteeism, and
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
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The Millennials, potential customers of wearables
02
Although many people have already bought or
used wearable devices, the truth is that most
admit they soon stop using them. That is why the
market is looking closely at the so-called
Millennium generation (aged between 18 and 34):
they are the consumers who could provide the
final breakthrough in the use of wearables.
Wearables are a (r)revolution of the mobile trend that
has in recent years has seeped into practically all the
socioeconomic sectors. These wearable devices are a
step beyond smartphones and mobility: they mean
carrying this mobile technology on you, whether
as a watch, a bracelet, an item of clothing or even
as contact lenses...
And those who are driving its use are young
people from the millennium generation (aged
between 18 and 34), who want to be different and
to test all the technologies available, such as 3D
and wearables. These are two examples they are
prepared to include in a variety of environments in
their everyday life and use them to the full: from
work to leisure time and entertainment.
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In fact, 7 out of 10 say that they will buy a
wearable device. And one of the main reasons
why they are destined to become potential
customers for these devices is that they are more
inclined to share personal information, so their
barrier to intimacy is much lower.
"The traditional thinking is that consumers would
never agree to share information like location, with
brands and the like, but this research shows that
consumers, particularly the millennials, would
share their location and much more," insists Luis
Felipe Rincón, managing director of
Wearables.com, following the publication of the
study The Unexpected State of Consumer
Wearable Technology.
According to the research data, these young
people feel much more comfortable sharing
information anonymously with the government
(40% vs. 25% of other adults), anyone on the
Internet (35% vs. 20%) and their employer (30%
compared with 16%).
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
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These data may be key for pushing big companies
to these devices, as they can become a business
opportunity on which advertising has already set its
sights. In fact, wearables are expected to be a
turning point for the new mobile advertising: better
targeted advertisements thanks to the data offered
by these devices about how their owners use them
and their habits in specific activities, such as sports,
games, consumption of entertainment... And it is
the millennials who are the targets of this type of
advertising of the future.
That is why one of the answers that all those
involved in the world of wearables want to know is
how to boost the use of wearables. A study by
PwC, Wearable Future, asked the millenniums for
the keys that would make them increase their use
of these kinds of devices.
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
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Media and leisure:
These devices offer a more
immersive and fun experience
in leisure activities. In this case,
79% of the expectations had
high expectations in the leisure
factor, such as more visual and
attractive games. It is not a
case of creating new genres,
but rather of improving the
gaming experience in existing
ones.
Social media:
The interaction between
wearable devices and social
media profiles is one of the
keys to their boom among the
millennials, as it allows them to
update their profiles in real
time.
Information in real time:
If you use your wearable device
for exercise, to follow a diet or
access medical records, one of
the advantages of this
technology is that it offers this
type of information through an
improved, simpler and more
attractive user experience.
Loyalty:
if the devices had applications
that rewarded their use, the
millennials believe they would
increase the frequency with
which they used them.
And the reasons these users give
for showing their enthusiasm
for devices of this kind are:
Safety: 9 out of 10
consider that wearables
can offer the safety many
people are looking for
Healthier living:
8 out of 10 firmly believe
that with the help of these
devices they can eat
healthier and do exercise
smarter
Simplicity: 8 out of 10
cite this quality in
wearables: they are
simpler to use than other
types of technology. .
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
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The first steps for wearable devices in banking
03
The mobile aspect is the current fashion trend in banking 2.0: the
apps already available in the iOS and Android stores allow us to
perform all kinds of procedures and transactions from our
smartphones, but the push by technology companies for such
services is outstripping the boundary of smartphones and tablets,
bringing banking to the next step: wearable devices.
According to Juniper Research,
100 million wearable devices will
be manufactured per year by
2017, including glasses,
bracelets and smart watches,
among others. And the banking
sector has already turned its
attention to this market.
First applications for
wearable devices
While awaiting the arrival of
the Apple smartwatch (which
could be a turning point in the
implementation of
wearable banking), companies
such as the Australian Westpac
or the US firm Wells Fargo are
already working with
software for Google Glass, and
PayPal PayPal launched an app
for the Samsung Galaxy Gear 2
during the summer. Several
months beforehand, eBay had
launched another app for this
model that made it possible to
buy and sell items from
anywhere. The case of the app
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
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being developed by Westpac
New Zealand is much more
interesting. It will allow Google
Glass to access information on
special offers as you move
around establishments as well
as check your bank balance on
the fly by using peripheral
vision.
If banks are already preparing
for the wearable market, it is
because they believe that the
growth of banking in this niche
could be much faster than that
seen in mobile banking and, of
course, online banking. An
example is the case of Wells
Fargo that was reported
by The Wall Street Journal: the
bank took 12 years to reach 10
million active users for its online
banking service, while it has
only taken six years to add the
same number of mobile users
Apple's disruptive innovation
According to the Mongan
Stanley executive and specialist
in Apple, the company expects
to sell between 30 and 60
million smartwatches in their first
12 months on the market, some
estimates that could increase if
the outlook for wearable banking
continues to progress.
Furthermore, in a kind of
'virtuous circle', this new device
could drive the mass adoption of
this new channel of banking
services.
Apple already knows what it is to
boost mobile payments: in the
first 73 hours after launching its
service in Apple Pay users added
data on a million credit cards to
the platform.
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If we analyze this phenomenon
in perspective, we cannot
forget that wearable devices are
only a part of a much greater
revolution – the Internet of
Things –, which is capable of
revolutionizing the use we give
to our data in real time... and
we cannot forget the fact that,
so far, banking has been one of
the main data repositories, but
also one of the least likely
players to do something
innovative with that data,
because of a combination of
external elements (legal
regulation) and internal
(mentality of the sector). But this
is a status quo that consumers
will no longer put up with once
they see the advantages of
"quantified self" in many other
more dynamic sectors.
It is all part of the Internet of Things
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Wearable devices are
just another form factor
for smartphones.
Consumers will quickly
embrace these devices
without the need to
educate them on the value
they bring.
First to market is a can't-
miss winning formula.
Power consumption
will not be a big issue. Wearable devices
are secure.
In an Accenture study several misconceptions about wearable
devices were identified, which are all widespread in several sectors,
including banking. The most noteworthy include:
Myths about wearable technology
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
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The rising value of wearables
04/INFOGRAPHIC
Is it just a fashion trend or will be a now mobile revolution? The wearable devices
begin to be gradually in some of our daily uses: at work, doing sports or playing, in
health centers ...
Map wearable
devices uses
For work uses
For personal use
Share Pinterest
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
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Wearable devices uses
Users value more the followings advantages
Advantages
Make us more efficient
Help us get more out of our time
Relieve stress
Improve customer service
Strengthen my connection
77%
76%
74%
72%
72%
While users show the following drawbacks
Drawbacks
Vulnerability to security breaches
Invade my privacy
Hurt our ability to relate humans
Dependence on technology
86%
82%
72%
68%
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
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This year we buy
If you buy a wearable this year, what device would be?
… although people sceptic do not
think they’ll actually use these products:
Consumer
willingness to
adopt wearable
tech when
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
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Patient
monitoring
Wearables can improve
Improved access
to medical
information
Higher clinical trial
participations
More accurate
diagnosis
Improve customer
experience
Improved payments
Improved loyalty
programs
More targeted advertising
health retail
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
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The potential of wearables as a companion to chronic patients
05/CASE STUDIES
Wearable devices like smartwatches and wristbands have found a
goldmine in the sports and health sector. These accessories that are
able to constantly monitor the user's physical activity can be extremely
valuable to people who suffer from chronic diseases like diabetes.
Diabetes is a chronic disease that affects more than 347 million people
all over the world, according to the World Health Organization. It is
calculated that this figure will skyrocket to 592 million in the next 20
years, as sedentary lifestyles and poor diet are the main causes of the
disease. In Spain there are more than 5.3 million diabetics and 25,000
people die each year from the disease, according to the Spanish
Diabetics Federation (FEDE). Diabetes, along with obesity ( ), is one of
the great pandemics of the 21st century ,
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This ailment can cause damage
to the heart, blood vessels,
kidneys and nervous system.
Sufferers need to monitor their
levels of blood insulin and their
blood pressure. They also need
to follow a healthy diet, watch
their weight and take regular
physical exercise.
According to a report on ICT
and personal health published
by the Telefónica Foundation in
2013, tools to monitor health
are set to become the key to
“raising awareness among the
population that the evolution of
their health is in their own
hands”. The document
sees wearable devices ( ) as a
major step forward in controlling
chronic health problems such as
diabetes and hypertension.
Diabetes is a disease that appears
when the pancreas does not
produce sufficient insulin, the
substance that regulates the
quantity of sugar in the blood.
Failure to control the amount of
sugar in our organism
produces hyperglycemia, which
can ultimately affect many of our
organs. This is the reason it is
essential for diabetics to monitor
their glucose levels frequently.
The report highlights that thanks
to its connectivity with
smartphones this technology
enables patients to monitor their
condition much more effectively,
and even to automatically send
alarms whenever necessary. It
also points to the usefulness of
this technology for reminding
patients when they need to
receive treatment, as one in
every three diabetic patients
occasionally misses a dose of
medication. These devices
include particularly
the glucose meters Glooko
and iBGStar, that are
synchronized with an app on
your cell phone.
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Google lenses
Recent months have seen the
appearance of a number of
other wearable technology
projects aimed at diabetics. The
most widely publicized thanks
to their futuristic design
are Google's lenses. In July
2014, the search engine
announced an alliance with the
pharmaceutical company
Novartis to develop and market
smart contact lenses designed
to help diabetics. These lenses,
which are still under
development, will analyze the
levels of glucose in tears
through a small antenna finer
than a human hair. This
information will be sent to
patients' phones and enable
them to constantly monitor
their condition.
Apple climbs
on the bandwagon
Watch, Apple's smartwatch
goes on sale in April and will
feature diabetes-related
applications. Dexcom, a
company that develops
packages to monitor glucose
levels is working on an
application for Watch and iOS
devices timed to coincide with
the launch of the watch.
Dexcom's patches will send the
data to a device for processing,
but from April they will offer the
option of managing this task via
the Apple watch, phones and
tablets.
The interest shown by these
titans of the technology sector
in the health industry highlights
the potential of wearable
technology in this field. Indeed
a number of specialized
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publications have recently
reported that the Watch was
originally designed as a device
targeted more specifically to
personal healthcare. Apple is
thought to have decided to
eliminate functions on the watch
such as heart-rate, blood-pressure
and stress-level monitors after
finding they were not sufficiently
accurate. Apparently, the sensors
did not work well on excessively
hirsute arms, on dry skins or on
users who did not tighten the
watch strap sufficiently, which
decided the makers to discard
certain features.
The wearable devices launched
by Microsoft to accompany their
Windows Phone operating
system also follow this trend:
they are accessories for sport
and fitness, but also for
monitoring health.
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
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In Spain, the Valencia-based
company imasD began
developing a smartwatch
intended for diabetics
called imasD Health, according
to a blog specializing in
technology applied to diabetes.
On the back of the watch there
is a reagent that comes into
contact with the skin and allows
the glucose concentration to be
measured every four minutes.
The device receives these data
and monitors them constantly.
It also offers geolocation
options and enables the wearer
to make an automatic call to
the emergency services when
necessary.
The project was already at an
advanced stage of
development and was due to
be completed between
November 2015 in February
2016; however the Valencian
company recently ceded it to
an American company.
INNOVATION TRENDS SERIE · FEBRAURY 2015 · www.centrodeinnovacionbbva.com/en
A watch for diabetics made in Spain
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Wearables continue to grow ( )
The latest report by Telefónica on the information society in Spain (2014)
shows that wearable devices have made major inroads in our country in
recent months. Gadgets that monitor physical activity such as the smart
wristbands known as smartbrands and smartwatches have become high-
fashion items in recent months. According to the study, in the first quarter
of 2014, 2.7 million smartbrands were sold, with the brands Pebble
Technology, Sony andSamsung como leading the field.
The report indicates that the wearables market will continue to grow in
coming months. It is calculated that 50 million wearable devices were sold
in 2014 and sales are expected to hit 90 million in 2015. The
accumulated sales predicted through to 2017 could be as high as 250
million devices.
In fact, 39% of Spanish users have expressed interest in accessing Internet
through their watch. However, this is not the element that most interests
Spanish Internet users: 42% would like to access the web through glasses,
whereas 57% would like to do so through their car.
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