Disney has found success with wearable technology thanks in no small part to its efforts to educate and motivate customers about its MagicBand wristbands.
A payment and currency exchange system called the Ripple protocol makes dollars, yen, euros, Bitcoins, gold and even frequent flyer miles virtually interchangeable.
Under-35 consumers find more value in retailersÂ' loyalty programs than they do deposit accounts, and itÂ's up to banks to figure out how to capitalize on that transaction-first mindset.
While banks struggle to get consumers to use Near Field Communication-enabled phones for mobile payments, the video game industry is having blockbuster success with NFC technology.
Before banks launch new payment products and services, they should think carefully about their customer demographics, security and regulatory risks and data monetization.
Creating a more efficient way to do the same old thing isn't enough, says David Gerbino. Banks need to reconstruct some of their basic deposit products to truly innovate.
The financial industry should focus on creating new methods of identification, authentication and privacy protection that ward off fraud while keeping consumer inconvenience to a minimum.
Historical patterns of human innovation suggest that the ever-expanding array of payment technologies will eventually hit a wall. Some of todayÂ's most prominent payments platforms may not survive the next cycle.
