We’re happy to announce that Financeit Approvals was a finalist for the Technology Award at the Retail Council of Canada Excellence in Retailing Awards on the evening of June 3.
The Technology Award is given to a retailer who implements the best use of technology to improve or grow the business. Efforts of the initiative could focus on customer loyalty solutions, multi-channel software, social media capabilities, mobile initiatives, POS improvements, store merchandise systems, supply chain systems, Enterprise Resource Planning, Customer Relationship Management software, etc. Whether developed internally or in partnership with an outside vendor, the initiative must demonstrate successful results of implementation and a measurable return on investment (ROI). The results of the innovation must include an enhanced process, creation of value and long-term effectiveness. As well, it must demonstrate that the impacts of the change are felt throughout the company and by the consumer.
Debuting on the Financeit platform in late 2013, Financeit Approvals showed excellent early results from our partners – particularly with the case study on Fitness Experience, which allowed us to be eligible for the award process with RCC. Utilizing Financeit Approvals, Fitness Experience was able to track a notable increase in sales as a direct result of the retailing innovation.
Financeit Approvals allows merchants to simply email a loan application to customers, who can then complete the application at their convenience. This simplifies the financing process, and allows customers to privately enter banking and personal details at their leisure when making a financing application for a big-ticket purchase.
Financeit Approvals is a simple three-step process:
Email the customer a unique application from inside our secure application
Customer fills out secure application form with required information for financing (on web or mobile device)
Verify ID and complete loan documentation with the customer (in-store or in-person) to finalize the purchase
Competing alongside three other innovations for the final judging of the award, the innovations by Roots Canada Ltd. with their Roots 360 project took home the award. Roots 360 focused on the integration of their stores, social marketing, re-targeting, email campaigns, ecommerce, POS systems and inventory systems to provide a better customer experience. Our objective was to deliver both informative communications to our customers but also use those same communications to deliver on convenience and relevancy through personalization and access to inventory across all parts of their business.
Congratulations to Roots 360, and we’ll see you next year at the RCC Excellence in Retailing Awards!