While at the NRF’s 2020 Vision conference in New York last month, GDR CEO Kate Ancketill spoke to Aditya Khurjekar, co-founder and CEO of MEDICI, about how retailers are leveraging the latest technology and Fintech innovations.
During the conversation Kate discusses the importance of emerging technologies within retail, highlighting recent advances in computer vision that allow shoppers to enjoy personalised experiences at the shelf-edge as a standout example of this. She also outlines the benefits of Open Banking and reveals what Fintech innovations mean for the future of retail.
When speaking about how Open Banking is using data to help consumers achieve their life goals, she said: “What’s great about those kinds of services is it’s extremely contextual, it’s real-time. It encourages behaviours and also you can see the money is dropping into your effective savings account at the end of every week. So, it’s extremely kind of visceral and these kinds of services really appeal to millennials who have no problems about privacy whatsoever.”
“They are not high net-worth middle-aged individuals who care at all about the fact that some algorithm or AI is observing your general behaviour and then making suggestions to you. They are probably happy with that; they are totally down with it,” she added. “What perhaps retailers don’t always realise is that payments are where a lot of innovation is at and if you can understand the exciting nature of payment innovation then you can start to layer on services that make money much more interesting than just money.”
Click below to watch the full interview:
MEDICI is one of the leading data-driven research and innovation advisory platforms in the Fintech industry. Its mission statement is: “pioneering the definition and organisation of the new global Fintech industry for the benefit of enterprises, start-up’s and investors.”
If you want to find out more about Open Banking, or you’re interested in learning how GDR can help your company take advantage of innovations like those discussed here by Kate, email firstname.lastname@example.org