The top trends in retail banking innovation
Chris Skinner
OCTOBER 4, 2017
I get lots of input from many sources, and one of the ones I like is the innovation survey of banking produced annually by EFMA with Accenture.
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Chris Skinner
OCTOBER 4, 2017
I get lots of input from many sources, and one of the ones I like is the innovation survey of banking produced annually by EFMA with Accenture.
Bank Innovation
MARCH 30, 2020
Given the significant challenges we’re facing with the ongoing coronavirus pandemic, INV Fintech and Bank Innovation conducted a brief survey from March 18 to 25, to gauge industry sentiment and understand practices going forward.
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PYMNTS
NOVEMBER 9, 2018
The ascent of eCommerce and the digital tools that support it have made it easier — in both theory and practice — for retailers to not only see how consumers browse and what they buy (to analyze the entire path to purchase), but to get to know them in the same ways as those old-time general store operators who served small towns.
Perficient
JUNE 17, 2020
Before the COVID-19 pandemic, retailers were already seeing enthusiasm from customers for more convenient ways to interact during the purchasing process. While some retailers have offered limited order pickup options for some time, this was often limited to certain verticals or a small sub-set of products. The Challenges.
PYMNTS
MAY 9, 2019
In today’s digital economy, with shopping as easy as the tap of a finger on a smartphone screen, brick-and-mortar retail businesses have no choice but to innovate to keep and grow their clientele. percent of these businesses view innovation as critical to their survival. More broadly, 44.8 and accommodation firms’ score of 34.1.
PYMNTS
DECEMBER 24, 2020
When it’s said and done there was only one story that mattered in the retail universe this year and it was the rise of the digital-first economy. The latest research shows 40 percent of surveyed shoppers report doing fewer activities in stores and more activities online — this is up from the 12 percent who reported doing so on March 6.
Bank Innovation
SEPTEMBER 14, 2018
Banks and fintech ranked artificial intelligence and machine learning as their top innovation priority, according to a Bank Innovation survey. Bank Innovation asked people in the banking and fintech community to list what’s top on their innovation wish list.
PYMNTS
SEPTEMBER 13, 2019
Voice recognition could soon play a bigger role in retail — especially in the world of quick service restaurants. The company said in an announcement that the arrangement is another bold step in advancing employee- as well as customer-facing innovations while bolstering the technological capabilities of the chain. Other Moves.
Bank Innovation
JULY 17, 2018
Banking consumers take a middling view of today’s mobile banking applications, according to a study by Bank Innovation. In the survey conducted this month by Bank Innovation, banking consumers gave mobile banking a net promoter score of 12, which is in the bottom 25% to 50% of all NPS scores.
PYMNTS
NOVEMBER 17, 2020
Customer experience platform Narvar is partnering with real estate investment trust Simon to facilitate easier retail returns, according to a press release. Despite our deep roots in eCommerce, we've always believed in the persistent power of physical retail," Amit Sharma , founder and CEO of Narvar, said in the release.
Bank Innovation
FEBRUARY 5, 2020
As consumers increasingly expect to complete bank interactions online, a survey commissioned by Lightico indicates that creating end-to-end digital journeys continues to be a struggle for many banks.
PYMNTS
APRIL 13, 2020
This ease explains why retailers and other businesses have been growing more interested in this area. Consumers are turning to their smartphones for everything from retail purchases to booking air travel and hotels to requesting refunds and other disbursements from online merchants. B2B Payment Innovation Struggles.
PYMNTS
SEPTEMBER 21, 2020
percent of respondents in an early March survey said they were using their mobile devices to shop more often. Still others are leveraging their mobile phones for innovative payment methods in brick-and-mortar stores, such as QR codes and other contactless payment options. The rise of omnichannel .
PYMNTS
JANUARY 19, 2021
Chuck Huang, founder and CEO of Citcon , explores how the pandemic has prompted retailers to capitalize on the surge in demand for contactless, digital payments. "As But we at Citcon believe it will also be marked as the year that prompted stunning innovation across industries. 2020 will be remembered by most as a year of trial. "As
PYMNTS
MARCH 26, 2019
When it comes to implementing innovation, trying and succeeding are two different things. percent of them said they want to innovate to gain a competitive edge, while 75 percent seek to boost their sales revenue. percent intend to use innovation as a way to improve customer loyalty. As much as 77.4 Another 62.2 Another 62.2
PYMNTS
NOVEMBER 19, 2018
But the same technology that enables those transactions also can bring the benefits of consumer intimacy to small and medium-sized businesses (SMBs) that are often struggling to win more market share in a retail world dominated by the likes of Amazon, Walmart and other large retailers.
PYMNTS
NOVEMBER 27, 2020
From restaurants to the farthest reaches of retail, rapid digitization is making the best of the COVID-19 mess while setting up conditions for an elevated set of future payments experiences. Payment innovations are essential in supporting the restaurants adapting to their customers’ evolving needs during this unprecedented time.
PYMNTS
MARCH 25, 2019
To help meet customer expectations in the digital age, retailers have to know who their shoppers are and what they want. While eTailers already have this information about consumers, brick-and-mortar retailers don’t have this in-depth knowledge. percent — of surveyed Canadian consumers would not mind autonomous vehicle deliveries.
PYMNTS
JANUARY 20, 2020
An idea that may get a splash of cold water is that the development of a digital fiat (at least, in Australia) would lead to a groundswell of payments at the retail point of sale — in other words, through a boost in use cases. There are inherent risks, too. The exploration and testing of the CBDC , however, does not mean deployment.
Bank Innovation
JUNE 11, 2018
Even with the most innovative features, if a mobile app doesn’t please customers, then what’s the point, right? Customer satisfaction is the best way to measure the success of a banking app. As the smartphone becomes the most popular channel for people do their banking, the pressure is high on banks to have a good […].
PYMNTS
JANUARY 27, 2021
A survey asked banks if they were currently working on CBDCs, additionally asking about their motives. There were 65 banks that responded to the survey, and the respondents represented 72 percent of the global population and 91 percent of global economic output, BIS said.
PYMNTS
JANUARY 22, 2019
To capture this spending, grocers are driving innovation through their brick-and-mortar stores with delivery and pickup efforts (among other initiatives). Almost a quarter — or 24 percent — of customers in the survey sample preferred Walmart. Nearly two in 10 — or 17 percent — of customers in the survey sample preferred Kroger.
Bank Innovation
JUNE 20, 2019
Although banks are not known for exceptional customer service, a Forrester Research survey released this week shows they’re making progress. For the second consecutive year, Navy Federal Credit Union and USAA topped Forrester’s Customer Experience Index across industries, ahead of retailers like Lexus, QVC, Zappos and Amazon.
PYMNTS
JUNE 19, 2019
The connected vehicle ecosystem is taking shape, and that brings new opportunities to retail. Some of the latest developments from the retail side of the ecosystem come from the world of QSRs. Cars and quick-service restaurants (QSRs) have been interconnected since drive-ins were the latest innovation. QSR Innovation.
PYMNTS
AUGUST 28, 2019
So-called Generation Z is also driving much of the innovation when it comes to retail. To reach consumers on the hunt for offerings that are “clean and natural,” the retail chain rolled out its Everspring household brand. And six in 10 shoppers said it factored into their decision of where to transact, Retail Dive reported.
PYMNTS
MAY 23, 2019
When it comes to innovation, go to the source. has joined the ranks of companies and brands setting up innovation labs. QSR Innovation. The PepsiCo innovation effort comes at a time of significant technology development in the world of restaurants, including quick service restaurants (QSRs). Mobile Innovation.
Bank Innovation
APRIL 11, 2017
Online retailers have several advantages over their brick and mortar counterparts. In a recent Piper Jaffray survey, teens’ favorite website was Amazon (43%), followed by Nike (5%). They have lower costs, plus a place on the smartphone screens (and in the hearts) of younger shoppers.
Bank Innovation
DECEMBER 20, 2019
The popular refrain in the industry is “innovate or die,” but community banks face added obstacles resulting from the costs and structural limitations of working with core tech providers.
PYMNTS
FEBRUARY 19, 2019
Those who work in and around high tech and innovation are lulled into a narrative about progress being on a march ever forward, rarely slowing, never stopping and certainly never turning around and marching in the wrong direction. . Even worse, it’s having an impact on how quickly their innovations can get to market.
PYMNTS
MAY 29, 2019
Gig, eCommerce and public utility firms are putting the spotlight on payment innovations to remain competitive in markets that are becoming increasingly saturated. Data: 200: Number of questions in the opening survey for customers of Trendy Butler. All this, Today In Data. 3 percent: Approximate share of payments in the U.S.
Perficient
AUGUST 2, 2024
In Forrester’s Priorities Survey, 2024, “64% of business and technology professionals said that bringing more development in-house would be a high or critical priority for their IT organization over the next 12 months.”
PYMNTS
FEBRUARY 6, 2019
To keep up with the competition, merchants recognize the need to innovate both online and in their physical stores. What’s more, 61 percent of health and beauty merchants stated that “they would not survive” without innovation, according to the latest version of the Retail Innovation Readiness Index. About the Tracker.
PYMNTS
DECEMBER 22, 2020
In today’s top retail news, former Macy’s CEO Terry Lundgren said he anticipates more store closings next year, while about half of Americans intend to travel for the December holidays amid the pandemic. Past Macy's CEO Foresees More Retail Store Closings In 2021. Past Macy's CEO Foresees More Retail Store Closings In 2021.
PYMNTS
JANUARY 28, 2019
Retailers have been testing out shelf-scanning robots to find out if they can handle restocking a store’s inventory when needed. A recent survey revealed that more than three-quarters of respondents aren’t able to track their inventory in real time. Frederic McCoy, a senior vice president at Jabil Retail, a unit of Jabil Inc.,
PYMNTS
FEBRUARY 13, 2020
You don’t get to be Simon Property Group with $2 billion in income during a bad year without being crafty about retail. The mall is still a compelling retail venue. It is being treated not only as a destination for locals and tourists, but as a retail incubator. But permanent, static retailing is not part of the plan.
PYMNTS
JULY 7, 2020
“Over the coming months, retailers also need to prepare for the continued — and maybe even swifter — move to mobile.” . Over the coming months, retailers also need to prepare for the continued — and maybe even swifter — move to mobile. Omnicommerce is new to millions of consumers and small businesses.
Bank Innovation
MARCH 22, 2017
The unit surveyed 200 global banking executives to investigate the challenges retail banks face in the years to 2020. Regulation is still shaping banks’ strategic thinking, says a new study by The Economist Intelligence Unit. In North America regulation was the top concern.
PYMNTS
JUNE 5, 2020
With the most recent COVID-19 studies from PYMNTS reinforcing the need for health and safety in the retail world, some retailers are stepping up to accommodate consumers’ concerns. A new survey from Ipsos found that U.S. Ipsos surveyed consumers and conducted mystery shopper visits at 45 of the top retailers.
PYMNTS
DECEMBER 17, 2019
The combination of consumer packaged goods and a single place to buy all the food that went on a consumer’s table from one big store ushered in a huge innovation in consumer convenience, as well as expanding the selection of food that went on those tables. Delivery stands as a big area of innovation. Delivery Trends.
PYMNTS
OCTOBER 20, 2020
jumped from 38 percent usage among consumers surveyed before the pandemic to 55 percent. Since the start of the COVID-19 pandemic, retailers, business leaders and consumers have all been trying to wrap their heads around the shifts in retail and payments. The following is an excerpt from What Did You Change?
PYMNTS
DECEMBER 12, 2019
The obituary for brick-and-mortar retail has been written many times. The results of a new survey found that most people — around 77 percent — plan on returning some of their gifts this holiday season, according to reports. About 20 percent of those surveyed said they would probably return upwards of 50 percent of their presents.
Perficient
JULY 11, 2022
Buy now, pay later (BNPL) is a type of point-of-sale installment loan that partners with retailers to allow consumers to pay for their purchases in multiple equal payments. When online shopping, if a retailer has a partnership with a BNPL platform, the customer can choose it as their payment method when placing their order at checkout.
PYMNTS
DECEMBER 24, 2020
In the economy, chief financial officers (CFOs) participating in a survey are reasonably optimistic about next year. Connected fitness product provider Peloton has moved to fix its manufacturing and order backlog challenge by buying Finland’s Precor.
PYMNTS
JANUARY 1, 2021
A PYMNTS vaccine survey released toward the end of 2020 demonstrates that consumers who have dramatically shifted their lives toward digital over the last nine months have done so because they are afraid of the risks associated with visiting brick-and-mortar stores, and are thus more likely to get a vaccine. How She Thinks About Vaccines.
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