Today, there is extra urgency behind the need for a shift toward innovation: many new financial services competitors that are small, nimble and on the cutting edge of technology entered the market right after the financial crisis, when established firms were busy licking their wounds. The old guard is going to need to stay on top of innovation just to keep up with the new guard.
Today, integrated iPad POS and mobile technologies are able to bring people's online wallets -- services like PayPal and Google Wallet -- into the physical world, forever altering the retail landscape. Consumers have more options at savvy establishments, from cash to cards, to the existing balances in their online PayPal account -- and retailers around the world rejoiced.
Smaller or emerging merchants might be intimidated by today's business landscape, especially when considering they don't have the resources to outspend larger, more established brands in marketing, or provide rock bottom prices. So how are small merchants expected to draw customers to their local, independent locations?