Welcome to Five at Five, your late look at the day’s payments and commerce news. Today we have stories about Microsoft moving into Amazon territory, why Macy’s proved to be a good bet and the new technology chief at Equifax. RBC has a big plan to attract more banking customers, and retail had a good May.
Microsoft’s Business AI team is working on cashierless technology that would track the items placed in shopping carts, removing the need to go on a line and interact with a cashier.
Macy’s isn’t the only brick-and-mortar retailer that has seen a bit of a boost lately. Kohl’s shares are also sharply up on the year.
Bryson Koehler, an IBM vet, will work with the company’s product, data and analytics teams to drive technology and data insights for customers and partners.
RBC said it will invest in the technology with a goal of attracting more than 2.5 million new Canadian banking customers by 2023.
Areas that were marked as increases included car sales, building supplies, sporting goods, healthcare and clothing. Excluding auto sales, which have a tendency to bounce up and down frequently month to month, retail spending was up 0.9 percent.