Finance Monthly - August 2022

choice means that if difficulties with automation do arise, the shopper is left bewildered and frustrated. Instead, provide both and have lengthy discussions with thirdparty partners implementing the technology to make sure that all employees are trained on how to navigate the system to deliver the seamless experience promised to customers. What’s more, it’s also important to remember that while most of the population is digitally native, there are over eight million adults in the UK relying on cash to make everyday payments and excluding this demographic has led to many financial serviceproviders stating that digital transformation has come too soon for many. This further cements the need for choice – as moving too quickly can lead to petitions such as ‘Stop the replacement of people by machines’. Now is the time to seize the moment Looking forward, the shift towards eCommerce experienced in the pandemic is unlikely to be reversed. However, what retailers with an instore presence can do is look at the benefits associated with a virtual basket and replicate these. As a nation, we’re undergoing a period of digital transformation and over the coming month, we will slowly see this technology shift from being ‘innovative’ to the ‘norm’. My key takeaway, plan for this rollout now but make sure it’s a soft transition - if you leave it too long, your competitor will have it up and running in no time. Finance Monthly. F i nanc i a l Innov a t i on & F i nTech 49

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