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Connected Commerce: a Common Future for Banks, Retailers and Customers

Time, like everything else, becomes more expensive. Taking into account the needs of consumers, modern business strives to offer new, more innovative, solutions that save customers‘ time. Banking technologies producers do not lag either; they offer their solutions which might basically change the perception of banks as some secluded institutions with a rigid structure and procedures that are difficult to understand. 

Thus, Diebold Nixdorf, the world's largest manufacturer of banking equipment, introduced a new concept called Connected Commerce. Its essence boils down to the fact that two seemingly completely different sectors (banks and retail) can create an environment in which not only banks and retail chains can develop, but also satisfy the growing customers‘ expectations. 

One of the key concept success is the modern design of self-service devices, through which customers are offered a greater level of financial transactions security – and more opportunities combined with social responsibility and ecology. We talk with Tomas Augucevičius, Deputy general director of banking technology company BS/2 on the latest technologies and how might they change the customer service quality: 

- Tomas, what this Connected Commerce principle is about? 

- This is an entirely new look at the customer through the symbiosis of the banking and retail sectors. The main goal of Connected Commerce is uniting two seemingly different business sectors – and creating an environment that might facilitate their development, and fully meet customers‘ needs at the same time. 

- How does this idea attract consumers and entrepreneurs? 

First of all, the user gets a sense of integrity. No matter what services he uses, whether he withdraws cash from an ATM, or making a transaction in a bank branch, or pays for his everyday purchases in a store – he feels that he is doing the same thing. This not only reduces the boundary between various business sectors, but improves customer service quality and saves clients‘ time. As for business, this principle might open new opportunities for expanding the client base and developing their loyalty. 

- What is the future of the banking sector in terms of the application of the principle of Connected Commerce? 

As for Connected Commerce, one cannot be limited to just one sector. This is the future not only of banks, but of all other industries: it‘s a common development strategy, a common approach to the customer, and a common goal: to provide positive experience of the service usage.