How is fashion tech improving
experiences for banks and brands?
With the fashion tech to grow tremendously in the coming years, there is a high
potential for brands & financial institutions like banks to invest in the same. The most
recent market study on smart payment wears indicates that the given technology will
rise strongly. A major factor is the rise of contactless payments brought on by the
epidemic.
In particular, it is anticipated that the global market for smart rings will reach US$12.6
million by 2027. Although it is anticipated that Bluetooth-based smart rings will continue
to account for the majority of market volume, the NFC-based smart rings market is
anticipated to expand strongly!
Enhancing experience through Innovations for brands
Payment solutions rule the payments industry, making regular online and physical
transactions more convenient. While most of them are quite standard, there are smarter
and significantly more effective ways to handle your finances. Due to this, some of the
most distinctive contactless payment systems have been created today, making regular
transactions simpler and more secure while adding a touch of unmatched style to each
of them.
E-commerce has been the beginning of one of the first digitalization-related inventions
in the field of fashion that stands out the most. For many firms, 2020 accelerated
e-commerce and thus began digital reckoning for brands.
Next major breakthrough was the usage of cryptocurrency as a mode of payment for
shopping dresses during the pandemic days which enabled users who have
cryptocurrency investments to use their funds to shop from luxury brands.
The introduction of Artificial Intelligence (AI) for brands in recent years to improve
customer shopping experiences, analyze data, increase sales, forecast trends, and
provide inventory-related advice is a major boon that the technology has brought in. It’s
very common nowadays to get into fashion websites and see some kind of AI built-in.
For example, brands like GUCCI & Tommy now have digital showrooms & ‘Try-On
Designs’.
Recently, the most celebrated tech-events in the MENA region, GITEX Global saw
some of the most unique achievements in the field of fashion tech. Fintech Surge
organized by GITEX witnessed the launch of the world’s first fashion tech NFT- A classy
payment bracelet.
Banking – A Fashionable Affair
Every arena of the financial sector metamorphosing as a result of technology. But that is
not the only industry that is undergoing transformation. The fashion sector is expanding
quickly and will only keep growing. The entire sector is embracing risk-taking
opportunities, and technology is driving the surge. SO why not synergize the both
together?! And that’s exactly what’s happening in the banking sector.
The market has seen wearables become an essential accessory lately. Due to the
unsustainable nature of the fashion industry as a whole, digitalization of fashion
technology is also viewed as one of the key factors assisting in its continued
sustainability. You can now find functional and active wearables throughout the entire
domain of financial fashion technology in sports and outdoor clothing. It will gradually
gain greater general acceptance with more people concentrating on ease of living along
with wellness.
Various global financial institutions are working towards bringing payments to a wide array of
consumer products across the automotive, fashion, technology, wearables, and yet to be
imagined categories. The idea is to give consumers the freedom to shop using the device or
thing that is most convenient to them, with the highest level of security available.
Did any of us expect that contactless payments were possible just a few decades back
when we used cash to pay.. Now as the payment wearables are flooding the market already,
tech enthusiasts are looking forward to the next big innovation soon..
Read about how fashion accessories are transformed to contactless payment devices here.
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