Hyosung: Inspired Retail

On this special Hyosung Innovue podcast, Daniel Litwin sits down for an interview with Brad Nolan, Executive Vice President and Chief Marketing Officer at Hyosung Innovue, to discuss the power of brand in creating memorable customer experiences. The conversation begins with a discussion of the recent rebranding of Hyosung Innovue and the importance of brand in defining a company's soul, differentiating it in a competitive market, and fostering long-lasting relationships with customers. The discussion then moves to how Hyosung Innovue redefined itself as a global human experience maker bridging the physical and virtual worlds, harnessing its unique combination of a manufacturer's soul and an innovator's mindset to better customers' day-to-day interactions and journeys. This episode also dives into the process of conducting hundreds of internal and external interviews to define the company's core capabilities, as well as its direction and impact on the community. The conversation emphasizes that the rebranding process is all about aligning the company's messaging with the existing perception of its stakeholders, with the challenge of getting the new message out to those unfamiliar with the brand. The podcast concludes with a discussion of brand activation and the importance of getting the fresh message out to the marketplace.

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.

What will the future of retail look like in an increasingly cashless and digital society? On the podcast episode of “Inspired Retail,” host Tyler Kern talked with Michael Graham, the vice president of Banking Solutions and Strategy for Hyosung America. The two chatted about how the shift from cash to cashless is impacting the future of retail. Hyosung America is an ATM servicing company that is a growing leader in the ATM industry, and naturally, the company is a front seat witness to how these changes are happening and what to expect next. Kern said that the use of cash has dropped tremendously due to the transition to digital for many consumers. And this fact can be proven to be exceptionally glaring on any given day by simply questioning the amount of legal tender they both have in their wallets, stated Graham.“There’s probably not a ton between the two of us, and I think that just kind of represents a lot of what's happened over the last decade,” said Graham. “Obviously this trend towards digital … we continue to see this downward traffic trend from a physical perspective.”With less cash being circulated comes concerns about the direction this could all be headed. This concern was further extrapolated at the height of the COVID-19 lockdowns. With more people at home than before, online shopping saw an exponential increase. But Graham added that online shopping and quick delivery options benefit consumers in a way that has created a new cultural phenomenon. This along with the integration of digital payment options in retail stores creates less use for cash. As a result, it’s reduced cash circulation. On the contrary, cash remains a fundamental aspect of society that will retain a base of preferred uses and users.“People are returning to physical brick and mortar … but cash is still needed and we still see this need for cash,” he said.And even legislators agree. To ensure cash is being used and accepted in retail Congress passed the Payment Choice Act, making sure that all retailers accept cash in some way given the increasingly common ‘card only' trend. Graham said that this will be of benefit to consumers who do not have banking. He added that a segment of the consumer population has been ignored by banking institutions who favor mobile banking. These consumers, he said, are “unbanked and underbanked,” and how digital banking does more harm than good for these groups despite them helping the flow of cash usage.Cash being used in retail does come at a cost for the retailer because staff is needed to handle, manage, and secure all cash coming in and out. It also helps retailers focus on other priorities in growing the efficiency of their business, stated Graham.Nonetheless, Graham also stated that transactions under $50 and certain services such as landscaping have always relied on a cash payment. Those cash-preferred instances have more permanence. At Hyosung, Graham cited that the company particularly focuses assisting retailers with cash solutions at their locations, and also coming to a full understanding of their specific needs for improvement. He said that this varies in small businesses and big retailers. “As we’ve developed solutions, they’re really the result of customers telling us, ‘This is what we're looking for,’ and Hyosung has really prided itself in being around customizing what the customer is really asking for,” said Graham. Hyosung has a dedicated network specifically to work with retailers, and offering the best solutions to them.

The first medical program introducing the legitimacy of cannabis for treatment was in 1996. Fast-forward to today’s market for cannabis, there is roughly “8000 cannabis industries in the United States”, however, the industry is still operating “in the shadows, little bit of a grey area,” said Ryan Loebs, Director of TCR products for Hyosung America. Loebs continues stating that “A lot of the big credit card providers, VISA, MasterCard, AMEX, have to play by the rules.” Banking is on the sidelines with this industry as well, limiting customers of these businesses to only using cash as a form of payment. This creates a whole other entity of problems with secure cash management as logistics with physical dollars, USD, having to be counted, secured, moved, and not under a traditional CIT channel. “Hyosung’s DNA is in banking and retail,” said Mr. Loebs, and with Hyosung’s business model, they have leading capabilities for providing consultant services for these businesses, cash management solutions and providing current and next generation technology to help manage such a massive trail of cash and payments. Loebs believes that not one solution can be suitable for everybody, contacting Hyosung’s consultant group is the first big step in evaluating on site, the first-hand challenges these businesses face and providing solutions from there. “This is not the way it’s going to be forever, the industry will evolve,” said Mr. Loebs. In terms of their strategic plans, offering provisional credit, credit card payments, POS integration and digital, crypto solutions may be the next steps. As of current, their innovative Back Office Cash Management Automation technology serves the purpose of securely moving cash from the front to the back of the house in a large safe with cash recycler capabilities, and it is digital and physically secure.

The last two years of labor challenges, financial disruptions, and permanent changes to work and lifestyle has inspired the banking industry’s investment in solutions that will help ease cash flow disruptions. Daniel Litwin and Michael Graham, VP of Retail Solutions & Strategy for Hyosung, discuss how ATMs are meeting the needs of our changing banking landscape. The pandemic has sped up the banking changes that have ushered in the ATM over 50 years. But can the industry adapt to the closing of physical touchpoints, and will that shift from personal service lead to more innovation? "In general, banking has been the primary market and innovation driver for ATM solutions. But recent trends that have both dampened the banking market and shifted in-person service at large are giving way to new retail ATM solutions to meet new needs," says Graham.  With banking apps from Apple, Venmo and others growing in numbers, can the retail ATM improve and change, so it isn't left behind? And is it still a reliable and quality option for consumers? Join Daniel and Michael as they discuss how Hyosung is working to change the ATM experience.