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Fintech and the Physical World

The latest innovations in Fintech are transforming how we experience the world around us, from our daily physical interactions to our relationships with the many different spaces we inhabit and traverse.

The pandemic accelerated the adoption of some digital technologies. One trend that Fiserv highlighted in its 2021 Commerce and Fintech Midyear Review is cashierless checkouts. While self-checkout kiosks in grocery stores, pharmacies and other retail businesses have been common for years, Amazon has taken cashierless shopping to the next level in its physical Amazon Go and Amazon Fresh stores. They harness AI, sensors and computer vision technology to provide an even more automated and frictionless in-person shopping experience. New cashierless Whole Food Market locations opening next year will expand the use of this “Just Walk Out” technology, and wide adoption will surely follow—Amazon has already begun licensing it to third-party retailers.

Fintech is also reshaping the fan experience at sports and entertainment events. Milwaukee’s Fiserv Forum, home of NBA champions the Bucks, is one of many venues around the world now employing a connected ecosystem of omnichannel commerce, mobile phone integration and cloud-based point of sale technology to create a more efficient, safe and intuitive customer experience. Fans avoid long concession lines and spend more time in their seats enjoying the game, while the venues have new sources of data to analyze and improve operations.

Other technologies Fintech is using to connect the physical and digital worlds include augmented reality (AR) and biometrics. Retailers and brands such as Warby Parker, L’Oreal, IKEA and BMW already employ AR apps that allow customers to preview what their products will look like on their faces, in their homes and behind the wheel. Biometric authentication, which can verify a person’s identity by scanning their face, fingerprint, palm or voice, has emerged as a critical fraud protection technology and will serve as the foundation for the secure digital wallets of tomorrow.

The lines between physical and digital blurs further every day. The most influential and exciting Fintech innovations are those that bridge these worlds with hybrid solutions. It will be fascinating to see where such advances take us as we emerge from the pandemic and head back out into a changed world.

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