The Retailer Winter 2018/19

Its a hard time to be a retailer, as economic headwinds combine with rapid innovation and changing

Adding fuel to the innovation fires This year will see the final two deadlines for complying with the latest European Payment Services Directives (PSDII), forcing those looking after customers’ money to allow secure access to their finances – with consent – to other third parties. These third parties could be other service providers, offering consumers the chance to control their finances by managing all their money – wherever it is held – in one place. But they may also include retailers, which could – with their customers’ consent – access bank account information and target consumers with far more tailored products or promotions, including at the point of sale. At Lloyds Bank, we are currently working hard to facilitate these changes, allowing us to help retailers to take and make payments directly to and from customers’ accounts in real time – bypassing card fees and being able to refund customers instantly at the point of return, further streamlining the returns process that is such a key part of omnichannel retailing. Seizing the moment It’s a hard time to be a retailer, as economic headwinds combine with rapid innovation and changing consumer behaviour. Simply knowing which new trend to invest in can be a minefield. The PSDII regulation promises to bring with it more secure payments to catalyse innovations like the one-click online payments or queue-free shopping in store. The speed and prevalence of such advancements will change the face of UK retail in the years ahead.

consumer behavior.

Philipp Gutzwiller // Philipp.Gutzwiller@lloydsbanking.com // lloydsbankcommercial.com

the retailer | winter 2019 | 19