How can Big Data improve your restaurant /business?

Posted by The Seo Media members
Welcome back to another exciting topic about restaurants. Today our leading actor is called BIG DATA, and I am glad to explain how we can take advantage of it to increase sales in Restaurants. Let´s get started! Sources: bookingblogmedia.blogspot.com What is big data? Big data represents a massive volume of both structured and unstructured data that is so large and difficult to process using traditional database and software techniques. Yet, the process can draw meaningful conclusions from datasets that seem entirely irrelevant to the human brain of even a less powerful computer program. Sources: YouTube.com Small restaurant with big data Sources: YouTube.com How to collect information Big Data Analytics?  Big data analytics provides relevant data in a few easy steps: POS system.  It all starts with the  POS system , as it keeps a perfectly accurate record of all orders and financial transactions per guest. Phone calls . Many visitors call restaurants ...
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Fintech technologies for Restaurants

Posted by The Seo Media members

 

Hello and Welcome to the Booking blog Media / 

Fintech for Restaurant! 

This Thursday: A taste of Fintech for Restaurant business. Apparently, every modern company needs to be a fintech company. Take Toast: The Boston company launched its best-known product as the way you might order dinner, but its S-1 reveals a company mostly built on financial services. (Pimentel, 2021). So, to understand better this sort of product it is essential to consider the most crucial aspects of FINTECH for restaurants.

The term ‘Fintech’ is used to describe new tech that seeks to improve and automate the delivery and use of financial services. ​​​At its core, Fintech is utilised to help companies, business owners and consumers better manage their financial operations, processes, and lives by using specialised software and algorithms on computers and, increasingly, smartphones. Fintech, the word, is a combination of “financial technology”. (KAGAN, 2020)

Facilitating technology use is essential for serving the products that users require daily. Consumer demand concerning the market is increasingly challenging, and this demand has driven the creation of new technologies that help minimise the management processes of any service. Therefore, it is essential to know how fast payment service has evolved; online banking and strong customer authentication are crucial to managing this type of service for both the business and the client. 

“Customer experience is even more important in today’s dynamic environment with countless changes accelerated by technology.” (Akten, 2021)

There are three vital benefits of payment transfer and more when these benefits can help Restaurants, Hotels and Bars to create trust for their customers at the time of payment:

1.    Real-time payments: Accept safe and transparent payments to your Strikepay account in real-time.

2.   Tap or scan to pay: Let customers pay you speedily using their phones. No app or terminal is required.

3.    Secure trackable payments: Receive secure, regular payments to your Strikepay account and cash out daily to your nominated bank.

Users can access the web and use various financial services on their smartphones equipped with mobile banking apps and digital wallets such as Google Wallet and Apple Pay. 

Business activities and so restaurants have to inspire trust in their clients when managing payments. In other words, all payments by transaction need to be fast, cheap and safe movements.



Source: freepik.com

Booking, QR menu and Payments by Smartphone

Mobile payments, in which consumers conduct transactions from their smartphones, are perhaps the most significant payment innovation since credit cards. It means FINTECH came to revolutionise the way how to do many things at the same time.

In the middle of Pandemic time, the majority of Restaurants, Hotels and Pubs had to adapt and evolve the way to manage their business to survive. Many systems are born, others have changed to provide solutions to that problem. A successful one thanks to its innovation is Flipdish, an online ordering system offering contactless dining solutions for restaurants, cafés, bars, and hotels. You can order your food, book automatically a table in a restaurant before you arrive there and do all of that simultaneously!


On the other hand, the same innovation allows businesses to free up staff, reduce costs, and increase their performance in sales. For example, contactless Dining is made easy with Table Ordering by Flipdish.


Your customers can now easily place their contactless orders and make payments securely, without the need for any interaction with your staff. With Table Ordering by Flipdish, customers can browse your digital menu using their smartphone. They can also make contactless orders using table-top tablets or scanning a QR code. Orders are sent straight to your back-end workflow using our integrations, making it easy to set up. (Kirman, 2020)

The video at the link below shows how this innovation contributes to dining solutions for restaurants, cafés, bars, and hotels.



Source: YouTube.com

FinTech Innovations Improve the Customer Experience

The FinTech customer experience (CX) goes beyond the in-app user experience (UX) and user interface (UI). Using the app requires a holistic approach to what the customer needs and wants to achieve. Today, even a payment service provider must think outside the box.

FinTech innovation starts with seven takes on a daily routine

People use FinTech tools every day, many times a day, in multiple locations, for different products, through numerous devices. They need and want convenience, security, and total management of personal finance. To help them and meet their needs, design your product around these problem-solving features and techniques:

People first:

1. Chatbots and virtual assistants for consumer education,

2. Implementation of seamless and responsive UX

3. Listen to customers and respond to their needs

And technology second:

4. Artificial intelligence for predictive analytics and making sense of financial data

5. Point-of-sale (PoS) implementation for data generation and management

6. Wide cloud adoption for increased security and access

7. Peer-to-peer (P2P) implementation for seamless transaction processing. (Ściślak, 2020)


Will FinTech replace banks?/ What the future holds

Fintech has already had a significant impact on e-commerce so far. We can expect it to continue to significantly impact the financial services industry, leading to a fundamental reorganisation. Although many examples of this evolution are already visible, many more are likely to emerge. With its robust interdisciplinary approach, the information systems domain may contribute by providing research from various perspectives and connecting engineering, computer science, business, marketing, and other disciplines.


Source: fintechblog.com

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Author: Fiorella Orellana

Keywords used in this note:

#fintechtechnologiesforrestaur

#realtimepayment

#fintechinnovation

#willfintechreplacebanks

#personalfinances

#costumerexperiences



References

Akten, M., 2021. World Finances / The voice of the market. [Online]
Available at: https://www.worldfinance.com/banking/digital-and-customer-focused-innovation-continues-to-be-a-bellwether-during-the-global-pandemic
[Accessed 8 February 2022].

KAGAN, J., 2020. Investopedia. [Online]
Available at: https://www.investopedia.com/terms/f/fintech.asp
[Accessed 8 February 2022].

Kirman, J., 2020. Flipdish. [Online]
Available at: https://www.flipdish.com/ie/what-we-do/ordering/table-ordering
[Accessed 8 February 2022].

Pimentel, T. G. a. B., 2021. Protocol. [Online]
Available at: https://www.protocol.com/newsletters/protocol-fintech/toast-fintech-pos-restaurants?rebelltitem=1#rebelltitem1
[Accessed 8 February 2022].

Ściślak, J., 2020. Code and Pepper. [Online]
Available at: https://codeandpepper.com/innovations-improving-fintech-customer-experience/
[Accessed 8 February 2022].

 
Location: Dublin, Ireland
The SEO Agency create the bookingblogmedia blog to demonstrate how companies under booking services and digital marketing are entirely connected in a digital world.

Comments

  1. J. Jonah Jameson11 February 2022 at 10:53

    Thanks for the information provided!
    nice note

    ReplyDelete
    Replies
    1. The SEO Media11 February 2022 at 15:43

      Thanks so much for your comment. We hope that you found it useful.

      Delete
  2. KarenAmezcua11 February 2022 at 11:00

    I'm still not sure if I want to have my business that digital or should I keep leaving it the way it is.
    I find it interesting the information here provided, in many ways, is helping me to see the digital world from another perspective. I also consider it too essential to adapt ourselves as entrepreneurs into this new era; otherwise, it will be easy for customers to bench us aside if they find themselves more comfortable with the technology.

    I think that the first thing that I can do is, as it was explained on the IoT note, start with something basic, such as a visa machine that allows customers to pay contactless.

    ReplyDelete
    Replies
    1. The SEO Media11 February 2022 at 15:58

      Thanks, Karen, for your considered comment.
      I’m glad that you found this post informative and helpful. The best way to find your path is by trying. You can start with an essential process like a visa machine and then get it passed on to Fintech, we are sure that you will feel satisfactory using that system, and you will provide your clients with a great experience on shopping.

      Delete
  3. Unknown16 February 2022 at 17:18

    Useful and insightful 👌

    ReplyDelete
  4. The SEO Media27 February 2022 at 12:44

    Thank you so much! Don't forget to follow us on LinkedIn and Instagram.

    ReplyDelete

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