Digitalising the payment ecosystem
ACN reaches out to participants of the recent Cards & Payments exhibition for insight into how the payment and banking service market is evolving
Now in its 17th iteration, the 2016 edition of Cards & Payments Middle East drew impressive numbers with over 10,000 attendees, 500 delegates and 300 exhibitors present at the show. Serving as the GCC’s largest payment and banking services exhibition, the annual event saw over 1,000 chief executives in attendance, as well as 1,200 companies from 75 countries.
The show was abuzz with the latest technological developments and trends, particularly with recent advances in blockchain technology, the impact of mobile devices and wearables, M2M payments, big data and predictive analytics. Cards & Payments Middle East was also collocated with the E-Commerce Show, Retail Show and Mobile Show.
Participating at this year’s edition of the Retail Show was automation technology provider Advantech. The company showcased its intelligent store framework designed for retail business, as well as its recently launched customer experience management system.
When combined, the two systems offers store owners a wealth of raw data on visiting customers, collected from multiple intelligent devices, which can be then transformed into market intelligence, as well as aiding in revising operational approaches.
“Take the example of a home-grown restaurant chain facing large international franchises. Our intelligent retail framework can help them gather information on customers, for example their dietary preferences, considering that some customers do not even know what they like,” explains Allen Tsai, account manager, Intelligent Services Group, Advantech.
“The data can be used to find out what marketing campaigns work and help target more effective marketing campaigns. This is one of the few ways a local small business owner compete with the big players.”
Compatible with any Windows-based platform and boasting minimal integration, Advantech’s platform has already deploying in the GCC with select banking institutions, such as HSBC and Doha Bank, as well implementation at the King Khalid International Airport in Saudi Arabia.
Commenting on the adoption of technology across the region, Tsai highlighted the growing momentum for smart initiatives, particularly in the UAE, where both government organisations and local entrepreneurs are driving smart technology development.
“The sensors and the terminals are only the hardware foundational aspects though. This is only the first step to become an intelligent business. Ultimately, the customer experience management system-the platform- and the market intelligence you gather from these gadgets is what matters,” adds Tsai.