Inspired Retail Episode 4
Hyosung is turning heads – again! Keeping new trends in mind, host Tyler Kern sat down with Michael Graham, VP of Retail Strategy & Solutions with Hyosung, to discuss the features of the new products coming to market and the trends influencing their production.
Excitement is in the air at Hyosung as they bring to market four new products. “This is not necessarily a reaction or a response. This is more about Hyosung listening to the market, understanding what’s happening in the market but also paying attention to what customers are saying and telling us, kind of reading between the lines,” described Graham, “…These four new products really represent a lot of the trends and impacts that are happening in the market.”
The current trends in the market are influencing new designs, software, and security. There has been a significant reduction in foot traffic in the traditional retail environment, leading to growth in the digital arena. At the same time, the pandemic pushed consumers online, which led to an acceleration in the digital market. There is also a widening gap between unbanked and underbanked consumers, driving alternative financial services. The excellent job shift over the last few years has led to a lack of available hospitality and service staff.
As consumers change with and influence these trends, there is a noticeable shift in spending platforms: from cash to the digital environment.
“The reality is…traditional things like ATMs that only do cash-dispense…now to be able to support cash-in because I want to do more at that ATM…I want to do more to get my cash into the digital economy or get cash out of the digital economy,” said Graham.
Banks need and want to be spread out into the retail space but are often slow to evolve except in the ATM environment. Hyosung produces products that help transform traditional services. Products like the X10 Cash-In Sidecar and the MetaKiosk are aberrations of the conventional ATM and extend the ATM’s original capabilities. Tools like the Hero Cash Dispenser introduce an upgrade with more capacity, higher software, and more versatility. The Cajera Cash Recycler recycles cash in and out for many functions.