Welcome to Five at Five, your daily look at the payments and commerce news of the day. Today’s coverage includes new data that speaks to SMB frustrations with financial institutions, along with a new and high-profile tech test store for retail. U.K. officials want to overhaul rules for business lending, facial recognition is being deployed to fight bank fraud and Jet has new fuel for its competition against Amazon.
Only 37 percent of small business banking customers believe that their bank appreciates their business, while just 32 percent say their bank understands their business.
The location will test mobile checkout, a camera system for inventory management, electronic shelf labels, in-store navigation technology, augmented reality and artificial intelligence shopping.
A committee has published a 64-page report on small business lending, and said a financial services tribunal will be formed to hear small businesses’ complaints regarding financial services.
The banks are concerned that some of their would-be customers are lying about why they are taking out loans — so the banks have created systems using smartphone cameras to detect tiny facial expressions that can indicate if the person is being truthful.
The news comes as Jet has revamped its eCommerce website and has upped its competitive game against Whole Foods and Amazon.