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Kiosks: Types, Uses, and Profitability

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Kiosks: Types, Uses, and Profitability


With the rise of automation and self-checkout options, kiosks are becoming a hot topic of discussion among many business owners. But what exactly is a kiosk, and is it a profitable piece of equipment for businesses? Today, we’re going to unpack everything you need to know about the different types of kiosks and whether they’re profitable hardware.

What is a Kiosk?

A kiosk is a small, computerized booth or screen with a digital display, usually a tablet or other touchscreen computer enclosed in a protective tablet wall mount. Kiosks are often found in high-traffic areas, and are intended to provide additional information or offer services to customers passing by. A kiosk may be manned by an attendant who can assist in a transaction, or it may stand on its own and be available to serve customers when human employees are busy. There are a few different types of kiosks that each offer unique services and advantages.

 

Different Types of Kiosks

Here are a few of the most common types of kiosks you may encounter on a daily basis:

Information Kiosks

An information kiosk is the most general type of device, and its sole purpose is to offer information to shoppers. Information kiosks can be a great way to provide customers with resources and answer their questions without bothering the staff. They can be interactive or non-interactive but typically feature a menu system to help customers find what they need.

 

Self-Service Kiosks

A self-service kiosk is a device that acts as a POS system where customers can check themselves out without waiting for a human cashier. It’s typically a tablet or touchscreen computer that allows customers to scan and pay for items. It may be monitored by a human employee in case there is a system error or customers have questions. Self-service kiosks are a great way to avoid backed-up lines when it’s busy and help reduce the cost of hiring cashiers.

Wayfinding Kiosks

A wayfinding kiosk is a device that exists to help visitors find their way around an area. You’ll often see them at the mall or in large buildings where visitors need assistance to find a particular store or department. Wayfinding kiosks can be a great way to show potential customers exactly where they need to go to find you, so they don’t get frustrated and simply visit another establishment. This can be especially crucial for businesses that aren’t easy to locate or are within a large complex with many other stores.

 

Advertising Kiosks

An advertising kiosk is a large, backlit digital display that shows advertisements for a business or event. It’s typically placed in a high-traffic area full of potential customers and intended to market products or services. It functions much like a billboard, although it offers additional flexibility and convenience because the display can be easily changed, or the kiosk itself can be moved to a different area.

 

Internet Kiosks

Internet kiosks are a particular type of kiosk that provides users access to the internet and other applications. They can offer visitors full access to the world wide web or restrict it to a particular page or application based on the goals of the provider. You can offer free internet access to encourage customers to try a specific software or application, or you can charge a small fee for use and attract those who just need to do a quick search while they’re out running errands. Internet kiosks are a great way to bring in new customers and offer exclusive access to a digital product or service.

 

Are Kiosks Profitable for a Business? 

The simple answer is yes; kiosks can be very profitable to many different businesses. However, it depends on your objectives and how you use it. For instance, self-service kiosks can be a great way to reduce the costs of hiring unnecessary employees, although they may not work for all businesses as certain industries benefit from human interaction.

Advertising kiosks are another device that can increase brand awareness and generate more sales. Here, you must have a solid marketing plan and research where your ideal customers are likely to hang out.

Kiosks are a relatively low-cost piece of hardware that serve a variety of different purposes and can certainly help you cut costs and boost revenue. They are also a great way to provide resources and information to customers that may not directly translate into sales, but can help create new interactions and build brand awareness that will ultimately help your bottom line.

However, like any piece of technology, you need to have a solid strategy and a clear set of goals to make money with a kiosk. If you simply plant the device in the middle of your storefront and expect it to magically sell your products faster, you’ll likely be disappointed. If you have a clear purpose and use your kiosk effectively, you’re sure to see a significant return on investment!

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Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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