The retail landscape is facing the same kinds of disruptive challenges we’re seeing in the financial sector. In 2015, we saw an explosion of mobile payments options – and now the race is on. Who will be the ultimate winner? Only time will tell. But one thing I’ve found at this year’s National Retail Federation (NRF) “BIG” Show is that the best innovations are transcending verticals – and mobile is trumping everything.
In fact, new research shows that in 2015, more Americans did their banking via mobile or tablet on a weekly basis than through a physical branch. So if mobile is fast becoming the primary, preferred touchpoint, how can we deliver a better user experience when consumers want to access their cash?
Our team has spent the past few days at the BIG Show demoing an answer to that question. Irving, our latest concept terminal, enables consumers to purchase items while they shop by scanning them through a store’s mobile loyalty app. When they’re finished shopping, they simply stop at an Irving terminal to confirm check-out, pay with cash or even get cash back through the terminal’s recycling functionality.
It’s an idea that began as a mobile-first cash dispensing concept unveiled at Money20/20. When we designed the terminal, we thought about how consumers are comfortable interacting today – and that’s through mobile. In response, our team stripped out the screen and PIN pad and shifted the entire experience onto a user’s smartphone.
At the BIG Show, we wanted to look at retail self-service through the lens of this type of technology, and deliver a shopping experience that’s enjoyable, frictionless and seamless. Touch screens, mobile connectivity and real-time interactivity are all things digital natives have come to expect. We believe when retailers create omnichannel experiences that facilitate easier connections between consumers’ devices and a payment terminal, mobile payments apps will swiftly become the default method of payment. Through Irving, the user experience of checking out is completely transformed.
For our Innovation Team, it’s all about delighting consumers – in ways that genuinely address some of the biggest pain points in their interactions, whether that’s in the financial industry, retail or any other vertical. With initiatives ranging from MCX to new payment wallets, the barriers to entry for retailers are lowering. The time is right for retailers to innovate their POS units in a way that matches quickly evolving consumer preferences.
We’ll be demoing Irving today, so come see us at the “BIG” Show, booth #204 if you haven’t already. Or connect with us virtually. Let’s start a conversation about your retail strategy.