Payments have become the next the big area of focus for technology disruption. Everyone from financial institutions to Apple, Google, and even Amazon wants to improve the payments experience for their customers. This week, we explore how different companies, banks and credit unions are approaching innovation within payments. Also, we look at the rising usage of in-store tech, Amazon’s checking account rumors, and the rate of adoption for Apple Pay.
And if you really want to take a deep dive into the race to accelerate payments, join us at THINK 18 May 7-10 in Chandler, Arizona. During our “Race to Excellence” themed conference we will explore how credit unions can deliver an excellent member experience in today’s fast-paced, ever evolving world.
7 Brands Pushing the Limits of Mobile Technology
Maybe mobile payments really do make everything better. If you have your doubts, read up on Disney’s Animal Kingdom Lodge, where you never have to count out your cash or even flash a card. Magic bands do the paying for you. Wander the aisles of Amazon Go, then check out seamlessly without standing in line. Find out how these companies and five others are
happily blending the most innovative mobile technology with retail and payments to create better-than-ever experiences for consumers.
The Inevitable Rise of In-Store Technology
According to a LoyaltyOne report, 71% of customers who interacted with in-store technology when making a purchase reported a high satisfaction rate. The rise of in-store technology (virtual assistants, geo-location beacons,etc.) and its impact on the retail industry is a trend credit unions are closely monitoring (and for good reason).
Will Amazon Offer the Best Checking Account Ever?
Rumor has it that Amazon is looking to partner with major banks to offer a “checking-account-like” product to its customers. But the grapevine does not reveal whether this would be a profitable proposition for the online retailer, or what value Amazon might add to the checking experience. Stay tuned!
Mobile Wallets: Where’s the S-Curve?
Three years into its existence, is Apple Pay at the top of its S-curve – demonstrating maturity and peak sales volume – as the classic product lifecycle would suggest? PYMNTS reviews its most recent mobile adoption study data in an attempt to answer this question and shed some light on the growing mobile market.
Retail Branch Networks and Retail Experience in the Digital Age
Some big banks are closing down branches. Others, like Bank of America, are adding locations. In the digital age, what role should branches ideally play, and how can financial institutions evolve the branch experience to truly fit the needs of omni-digital consumers?
The original article 5 Must-Reads: The Race to a Better Payments Experience can be found on Insight Vault.