Let me set my stall out the beginning of this blog. There will be no DeLorean’s or references to time travel, I am in fact talking about the need for businesses to keep looking towards the future while also dealing with the challenges caused by COVID-19.

The challenges are unlike anything we have experienced in peace time. The devastation of COVID-19 has affected families who have lost loved ones and has stretched health care staff and resources across the globe to their limits. Millions of people are facing the consequences of sudden loss of employment and income. There is not an industry in the world that has not been affected in some way by COVID-19. Many retailers and other businesses have been forced to close, while others have had to alter their operating hours or ask their staff to work from home. The future may well look like we have travelled back in time (oops!)

What do I mean by this? A good example of travelling back in time is the return of plexiglass in retailers and bank branches. For years these industries have, rightly in many cases, been removing the physical barriers between staff and their customers. The reasoning behind these changes remains sound. To create more sales opportunities by designing more open and inviting environments for customers and prospects to feel comfortable in. The consequences of COVID-19 mean that while there is still a need create more opportunities, and great customer experiences. The customer experience still must be everything that businesses were striving for pre COVID-19 with added factors. Those added factors are safety and hygiene.

What is considered a good customer experience, will likely change what a good customer experience means. A good customer experience will now also encompass safety and maintaining an environment that promotes hygiene. The open and engaging environments are still desirable but will now face compromises. Social distancing measures that are enforced and concerns over physical contact in the general public will play a part in both the design of stores and branches, and how comfortable people feel in these environments.

It’s not just the issues of staff and customer safety that should concern retailers or financial institutions though.

TechCrunch reported that Google are launching a “smart” debit card which will have both a virtual and physical card for consumers. This is important in the context of getting back to the future. For a long time now, commentators have been talking about tech companies making moves into the territory of financial institutions. It is now a real threat - from Amazon lending to small businesses, to Apple’s consumer credit cards in the US. The development of Google’s debit card shows that these technology giants are not taking their eyes away from the future and how they can play in the markets that are traditionally dominated by banks and credit unions.

Another technology company who made waves in the financial industry was Facebook, when launching Libra - their own digital currency. It has emerged that Libra will not be limited to the Libra token, but will also support government backed currencies, for example, the Euro, Dollar or Yen. This could be another moment where the traditional FI’s must move fast to stay relevant. When Libra was first mooted by Facebook as a stable alternative currency that could potentially make transferring money across borders easy, many were sceptical. They were sceptical of both the ambition shown by Facebook to do this and the reasons behind the move. The French government for example, reacted by commissioning an experiment to establish what affect a digital currency supported by a central bank will have on a range economic and social activities. Central Bank Digital Currencies (CBDC) have been on the horizon for some time, but these movements appear to suggest that while there remains complexity in implementing these CBDCs, it appears that they are moving closer.

In the retail and hospitality sectors, self-service and socially distanced interactions will, most likely, continue to have importance. What are the implications of this? I think it is fair to suggest that the technology transformations that we have seen in the large fast food restaurants will continue and pick up pace. The ability to order food through self-service kiosks, and to pay with your payment choice without physical interaction will reassure customers and staff that they are in a safe environment.

Retailers should also be looking at the handling of cash. While there is little evidence to suggest that you are more likely to contract COVID-19 from cash than say, touching a self-checkout device or using a card payment terminal to enter your PIN, perception can affect how people feel. Providing customer facing cash handling devices gives staff the confidence that they can maintain social distancing between themselves and customers. That can lower the frequency with which staff are handling cash, and gives them greater confidence that they are not at risk.

If my calculations are correct I have made 3 references to Back to the Future, I tried not to, I promise. But also, if the assertions that have been made in this blog are correct, the future will look different. The differences maybe subtle, they may even be continuations of the transformation projects that were already underway. Whatever happens, customers will remain the focal point of businesses, as will having deeper connections and relationships. Safety will be in the minds of staff, customers, and those operating branches and stores.

Glory can provide solutions to enable staff and customers to feel safe, while not compromising on organisational goals, or their preferences on how they want to interact with your business.