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CES Hangover: Rethinking Wearables & the Quantified Self
The Consumer Electronics Show is over, but the enduring story of how wearables will be a part of everyday life persists. Just a month ago was the Indiegogo campaign to fund the production of the Embrace, a smart wristband designed to measure the wearer's electrical skin conductance, among other factors. The technology, spun off from MIT research into systems for autism support, is the latest in year full of wearables launches and announcements. A non-exhaustive list:
Plenty of ink has been spilled about how, since Dick Tracy's wrist communicator made its first appearance in Sunday comics pages, we have yearned for communications technology as easy to consult as a wristwatch. Now, big tech firms and venture capital alike are finally betting serious money on the assumption that that's the case. From where I'm sitting, a major part of the hype is the assumption that wearables will change the lives of older adults, making it easier for them (and the adult children who care for them) to track their fitness and vital signs, manage households, react to emergencies, communicate with loved ones, and more.
But I wonder if some of the hype is just that. After all, Dick Tracy promised us videophones too, and although we now have that capability, video calls haven't revolutionized the way we talk to each other. But you know what has? Texting. If you're anything like me, you make a video call maybe twice a month. But I now use my cell phone more to text than to call, and I'm not alone. Americans send far more text messages than they make phone calls, let alone video calls. The Jetsons and Dick Tracy got it wrong: the job we want telephonics to accomplish is more often a simple information transfer than a full social interaction. We voted with our thumbs, and texting won.
What I'm getting at is that it can be hard to predict what consumers will want until it's in front of them. And so, regarding the older adult market for wearables, I think some of the heightened level of excitement surrounding their incipient use is well founded, but I have some questions. One big one, actually: what is the value proposition?
After all, wearable technology designed to keep older adults safe has been around for decades. Remember "I've fallen and I can't get up"? That commercial is from 1989.
We all understand that wearable blood glucose, heart rate, blood pressure monitors can help people stay healthier for longer. People need things like these. My question for the makers and marketers of wearables is: Will people want them? How will your device not only do a serious job, but also excite and delight the older consumer (or the adult child buying such tech for her parents)?
I think there is a way to pull it off. Whatever the technology is, it must do the job that the consumer wants—kind of like how texts turned out to do the job of mundane communications better than video calls. In the case of wearables, one job that can't be overlooked is the reinforcement of the consumer's identity. After all, we're not talking about some PC tucked away at home, or even a phone hidden in your pocket, but accouterments that are visible on your person. What we wear conveys a message about us—and if an accessory sends the wrong message, it stays unsold.
So how do you make sure your wearable is on-message for your consumer's identity? One way is to approach a specific market segment that has defined interests. My sense is that Fitbit has taken this approach to an extent: appealing to people who wish to present themselves as active. On the other hand, I wonder about Intel's MICA smart band, which conceals its technology in an attractive but low-tech-looking wristband. I have a suspicion that the people who'd want their wearable tech disguised—almost like they're ashamed to be wearing it—are the same people who simply won't buy wearables at all (let alone perform the requisite upkeep and data management to get any utility out of them). I hope I'm wrong, but I have my doubts.
But the opposite of hiding wearable tech away—nerd chic—may be just as problematic. Now, I firmly believe older adults are tech-savvier than they're given credit for, and that will become more and more obvious as the boomers age. But there's a difference between "tech-savvy" and "wanting to look like “RoboCop." Google Glass falls on the RoboCop side of things, and there are now serious indications that Glass may not catch on in its current form. I think there's a simple reason: although many adore nerd or geek chic, many more avoid it. Most consumers simply aren't looking for that kind of look. Tech designers may be wise to take a page out of Arthur C. Clarke who suggested that the best technology works like magic…and is invisible.
Where is the middle ground?
I believe that while only some may want to present themselves as nerdy or fitness-oriented, many more will simply want to give the impression that they are competent and up-to-date on the latest trends. Now consider a device that does that and allows for expression of individual passions—fantasy football fanaticism, for instance, or an up-to-the-minute Twitter fixation. A sleek watch with the capability to support a fantasy football coach's fandom, but also track heart rate, is more likely to be worn on a daily basis than a dedicated heart rate monitor.
There are a number of other considerations to weigh—ease of use, battery life, etc. Regardless of the factor that excites the older user, the point is: The world will be a better place if older adults get more support from technology, and that will only happen with older adults' blessing. That means designing technology that people will buy because they want to, not out of obligation. Wearables, therefore, need to feel more like a watch—a useful engine of self-expression—than an ankle monitor.
MIT AgeLab's Luke Yoquinto contributed to this article
Physicist Frank Wilczek proposes new methods of searching for extraterrestrial life.
- Nobel Prize-winning physicist Frank Wilczek thinks we are not searching for aliens correctly.
- Instead of sending out and listening for signals, he proposes two new methods of looking for extraterrestrials.
- Spotting anomalies in planet temperature and atmosphere could yield clues of alien life, says the physicist.
For noted theoretical physicist Frank Wilczek, finding aliens is a matter of figuring out what exactly we are looking for. To detect other space civilizations, we need to search for the specific effects they might be having on their worlds, argues the Nobel laureate in a new proposal.
Writing in the Wall Street Journal, Wilczek says that it's a real challenge to figure out which among the over 4,000 exoplanets that we found so far outside of our solar system might host extraterrestrial life. The classic way of listening for space signals is insufficient and inefficient, says the scientist. What might really help are new developments in exoplanetary astronomy that can allow us to get much more precise information about faraway space objects.
In particular, there are two ways we should focus our attention to turn the odds of finding alien life in our favor, argues the physicist.
1. Atmosphere chemistry
Like we found out with our own effect on the Earth's atmosphere, making a hole in the ozone layer, the gases around a planet can be impacted by its inhabitants. "Atmospheres are especially significant in the search for alien life," writes Wilczek "because they might be affected by biological processes, the way that photosynthesis on Earth produces nearly all of our planet's atmospheric oxygen."
But while astrobiology can provide invaluable clues, so can looking for the signs of alien technology, which can also be manifested in the atmosphere. An advanced alien civilization might be colonizing other planets, turning their atmospheres to resemble the home planets. This makes sense considering our own plans to terraform other planets like Mars to allow us to breathe there. Elon Musk even wants to nuke the red planet.
The Most Beautiful Equation: How Wilczek Got His Nobel
2. Planet temperatures
Wilczek also floats another idea - what if an alien civilization created a greenhouse effect to raise the temperature of a planet? For example, if extraterrestrials were currently researching Earth, they would likely notice the increased levels of carbon dioxide that are heating up our atmosphere. Similarly, we can looks for such signs around the exoplanets.
An advanced civilization might also be heating up planets to raise their temperatures to uncover resources and make them more habitable. Unfreezing water might be one great reason to turn up the thermostat.
Unusually high temperatures can also be caused by alien manufacturing and the use of artificial energy sources like nuclear fission or fusion, suggests the scientist. Structures like the hypothetical Dyson spheres, which could be used to harvest energy from stars, can be particularly noticeable.
Similarly, there might be instances when our faraway space counterparts would want to cool planets down. Examining temperature anomalies of space bodies might allow us to pinpoint such clues.
Focusing on the temperatures and atmospheres of other planets might be not only a winning strategy but something specifically encouraged by other civilizations who want us to find them. "An alien species that wants to communicate could draw the gaze of exoplanetary astronomers to anomalies in its solar system, effectively using its parent star to focus attention," expounds the physicist.
You can check out Wilczek's full article here.
Wilczek: Why 'Change without Change' Is One of the Fundamental Principles of the ...
Fintech companies are using elements of video games to make personal finance more fun. But does it work, and what are the risks?
- Gamification is the process of incorporating elements of video games into a business, organization, or system, with the goal of boosting engagement or performance.
- Gamified personal finance apps aim to help people make better financial decisions, often by redirecting destructive financial behaviors (like playing the lottery) toward positive outcomes.
- Still, gamification has its risks, and scientists are still working to understand how gamification affects our financial behavior.
- YouTube www.youtube.com
The human brain is a pretty lazy organ. Although it's capable of remarkable ingenuity, it's also responsible for nudging us into bad behavioral patterns, such as being impulsive or avoiding difficult but important decisions. These kinds of short-sighted behaviors can hurt our finances.
However, they don't hurt the video game industry. In 2020, video games generated more than $179 billion in revenue, making the industry more valuable than sports and movies combined. A 2021 report from Limelight Network found that gamers worldwide spend an average of 8 hours and 27 minutes per week playing video games.
Good at gaming, bad at saving
It's not necessarily bad that Americans spend millions of dollars and hours on video games. But consider another set of statistics: 25 percent of Americans have no retirement savings at all, while roughly half are either living "on the edge" or "paycheck to paycheck," according to a recent report on the Financial Resilience of Americans from the FINRA Education Foundation. Meanwhile, experts predict that Social Security funds could dry up by 2035.
So, why don't people save more? After all, the benefits of compounding interest aren't exactly a secret: Investing a few hundred bucks every month would make most people millionaires by retirement if they start in their twenties. However, the recent FINRA report found that many Americans have alarmingly low levels of financial literacy, a topic that's not taught in most public schools.
Even for the financially literate, saving money is psychologically difficult
But what if we could infuse the instant gratification of video games into our long-term financial habits? In other words, what if finance looked less like an Excel spreadsheet and more like your favorite video game?
A growing number of finance applications are making that a reality. By using the same strategies video game designers have been optimizing for decades, gamifying personal finance could be one of the most efficient ways to help people save for the future while reaping instant psychological rewards. But it doesn't come without risks.
What is gamification?
In simple terms, gamification takes the motivating power of video games and applies it to other areas of life. The global research company Gartner offers a slightly more technical definition of gamification: "the use of game mechanics and experience design to digitally engage and motivate people to achieve their goals."
The odds are you have encountered gamification already. It's utilized by many popular apps, websites, and devices. For example, LinkedIn displays progress bars representing how much profile information you have filled out. The Apple Watch has a "Close Your Rings" feature that shows how many steps you need to walk to meet your daily goal.
Brands have used gamification to boost customer engagement for decades. For example, McDonald's launched its Monopoly game in 1987, which essentially attached lottery tickets to menu items, while M&M's gained consumer attention with Eye-Spy Pretzel, an online scavenger hunt game that went viral in 2010.
In addition to marketing, gamification is used in social media, fitness, education, crowdfunding, military recruitment, and employee training, just to name a few applications. The Chinese government has even gamified aspects of its Social Credit System, in which citizens perform or refrain from various activities to earn points that represent trustworthiness.
Finance is arguably one of the best-suited fields for gamification. One reason is that financial data can be easily measured and graphed. Perhaps more importantly, financial decisions occur in the background of almost everything we do in modern life, from deciding what we eat for lunch to where we are going to spend our lives.
Gamification doesn't just make boring stuff fun; it's also an effective way to change our behavior. Used properly, it can also disrupt our habits.
The nature of habits
It's tempting to think that we make our way through life by thoughtfully considering the information before us and making sensible choices. That's not really the case. Research suggests that about 40 percent of our daily activities are performed out of habit, a term the American Journal of Psychology defines as a "more or less fixed way of thinking, willing, or feeling acquired through previous repetition of a mental experience."
In other words, we spend much of our lives on autopilot. From an evolutionary perspective, it makes sense that we rely on habits: our brains require a lot of energy, especially when we're faced with tough decisions and complex problems, like financial planning. It's relatively easy to rely on learned behavioral patterns that provide a quick, reliable solution. However, those patterns don't always serve our long-term interests.
Saving money is a good example. Imagine you have $500 with which to do whatever you want. You could invest it. Or you could go on a shopping spree. Unfortunately, the brain doesn't process these two options the same way; in fact, it actually processes the investing option as something like a pain stimulus.
Why gamification works
Saving is painful. But can't people simply choose to be more financially responsible? In short: Yes, but it takes a lot of effort. After all, when it comes to changing behavior, willpower is only part of the equation.
Some psychologists think willpower is a finite resource, or that it's like an emotion whose motivational power ebbs and flows based on what's happening around us. For example, you might establish a monthly budget and stick to it for a couple weeks. But then you get stressed. The next time you're out shopping, you might find it harder to resist making an impulsive purchase in your stressed-out state.
Pixel Art Lootvlasdv via Adobe Stock
"A growing body of research shows that resisting repeated temptations takes a mental toll," the American Psychological Association writes. "Some experts liken willpower to a muscle that can get fatigued from overuse." In the terminology of psychology, this is called ego depletion.
Gamification offers a way to outsource your willpower. That's because games offer psychological rewards that can motivate us to perform certain actions that might otherwise have seemed too boring, taxing, or emotionally draining. What's more, gamifying parts of your life is less of a change of mind and more of a change of environment.
A 2017 study published in Computers in Human Behavior noted that "enriching the environment with game design elements, as gamification does by definition, directly modifies that environment, thereby potentially affecting motivational and psychological user experiences."
The study argued that games are most motivational when they address three key psychological needs: competence, autonomy, and social relatedness. It's easy to imagine how games can tap into these categories. For competence, games can feature badges and performance graphs. For autonomy, games can offer customizable avatars. And for social relatedness, games can feature compelling storylines and multiplayer gameplay.
Gamification and the brain
Games can motivate us by satisfying our psychological needs and giving us a sense of reward. From a neurological perspective, this occurs through the release of "feel-good" neurotransmitters, namely dopamine and oxytocin.
"Two core things have to happen in the brain to influence your decision-making," Paul Zak, a neuroscientist and professor of economic sciences at Claremont Graduate University, told Big Think. "The first is you have to attend to that information. That's driven by the brain's production of dopamine. The second thing, you've got to get my lazy brain to care about the outcomes. And that caring is driven by emotional resonance. And that's associated with the brain's production of oxytocin."
Cheerful Father And Son Competing In Video Games At HomeProstock-studio via Adobe Stock
When released simultaneously, these neurotransmitters can put us into a state that Zak calls "neurologic immersion." In this state, our everyday habits have less control over our behavior, and we're better able to take deliberate action. It's an idea Zak and his colleagues developed over two decades of using brain-imaging technology to study the nature of extraordinary experiences.
As he wrote in an article published by the World Experience Organization, neurologic immersion can occur when experiences, including video games, are unexpected, emotionally charged, narrowing one's focus to the experience itself, easy to remember, and provoking actions.
"The components of the extraordinary come as a package, not in isolation from each other," Zak wrote. "It's the 'action' part that is key to finding immersion. Extraordinary experiences cause people to take an action, whether it's donating to charity, buying a product, posting on social media, or returning to enjoy an experience again."
Games can invoke these types of immersive experiences.. But how exactly are financial organizations using gamification to help people "level up" their financial futures?
Gamifying personal finance
Banks and financial companies have been using gamification for years. What started with simple concepts, like PNC Bank's "Punch the Pig" savings feature, has evolved into a diverse field of games that are helping people stick to budgets, save money, and pay off debt.
What's surprising about the gamification of personal finance is that some of the most successful apps are redirecting destructive financial behaviors, like buying lottery tickets, toward positive outcomes. One example is an app called Long Game, which uses an approach called "lottery savings."
"People actually really love the lottery," Lindsay Holden, co-founder and CEO of Long Game, told Big Think. "The lottery today is a $70-billion-dollar industry in the U.S., and the people that are buying lotto tickets are the people that least should be buying lotto tickets. And so how can we redirect that spend into something that's helping them in their lives?"
Long Game's answer is to encourage users to make automatic or one-time investments into a prize-linked savings account. As users make investments, they earn coins that can be used to play games, some of which offer cash prizes. But unlike the real lottery, the prize money comes from banks that are partnered with Long Game, meaning users can't lose their principal investment.
Blast is a savings app aimed at traditional gamers. The platform lets users connect a savings account to their video game accounts. Users then set performance goals in the video games, such as killing a certain number of enemies. Accomplishing these goals triggers a pre-selected investment into the savings accounts. In addition to earning interest, users can also win prize money by accomplishing certain missions or placing high on public leaderboards.
"Gamers tell us they feel better with the time they spend gaming when they know they are micro-saving or micro-earning in the background," Blast co-founder and CEO Walter Cruttenden said in a statement.
Young gamer playing a video game wearing headphones.sezer66 via Adobe Stock
Fortune City takes a different approach to gamified finance. The app encourages users to track their spending habits, which are represented by visually appealing graphs. As users log expenses, they're able to build buildings in their own virtual city. The expense categories match the types of buildings users can construct; for example, buying food lets users construct a restaurant. It's like "SimCity" meets certified public accountant.
The risks of gamification
Gamifying your finances might help you save money, but it doesn't come without risks. After all, receiving extrinsic rewards when we perform a behavior can affect our intrinsic motivation to repeat that behavior both positively and negatively. It's a phenomenon called the overjustification effect.
In addition, gamified finance apps can also be addictive and encourage risky financial behavior. Robinhood, for example, uses visually appealing performance metrics and lottery-like game elements to incentivize the trading of stocks and cryptocurrencies. But while investing in these assets might be a good financial decision for some people, Robinhood arguably encourages its users to be "players" in the difficult world of trading, not necessarily rational investors.
What's more, gamification doesn't seem to work for everyone.
"From social psychology and behavioural economics, we know that the most likely [result of] gamification [is that you] will motivate some people, will demotivate other people, and for a third group there'll be no effect at all," noted a 2017 study on gamification and mobile banking published in Internet Research.
But given that 14.1 million Americans are unbanked, and millions more struggle with financial literacy, it's reasonable to think that gamified finance apps could help many people work toward financial independence.
"One of the most interesting things we've found is that people want help when it comes to making difficult decisions," Zak told Big Think. "In my view, any app that helps you be a more effective saver is probably a good app. But I think we have to do a lot more work to really understand the underlying neuroscience of gamification. And so we need to continue to design games that teach you more about how to 'level up in life,' not just level up in the game."
Playing video games could help you make better decisions about money.
- The word is out on gaming—it's not just something that children do for fun anymore. Games are tools that can be used to teach new skills, reduce stress, and even change behaviors by triggering chemical reactions in the brain.
- These benefits and more have provided scientists and developers with a promising path forward. "Games reduce the stress of making decisions," says neuroscientist and professor Paul Zak. "App designers have now used game structures to help people learn new information, make new decisions; and one of the most exciting applications is in financial decision making."
- But simply turning something into a game isn't enough to see meaningful changes in habits. Developers of gamified apps like Long Game have found ways to combine the engaging and fun experience we expect from video games, with something that has traditionally not been very fun: saving money.