Around the world, banking customers express similar frustrations: they believe the value they receive from their banks is declining, at a time when their trust in those banks already has eroded.
What’s more, according to a Cisco survey of 7,200 banking customers in 12 countries, four out of five customers would trust a non-bank, such as a technology company or retailer, to handle their banking needs. Some of those disruptive competitors are succeeding where banks fail: by engaging customers with convenient transactions and value-added services.
The Cisco study found that Internet of Everything (IoE)-enabled services can help restore the value customers expect from banking institutions. IoE — the networked connection of people, process, data and things — makes it possible for banks to offer a more relevant, engaging, and convenient experience for customers.
Of the $19 trillion in global economic value Cisco estimates IoE can create over the next decade, 7 percent ($1.3 trillion) is accounted for in the finance market and could be addressed with concepts included in this survey.
The digitization of business and society is happening at a rapid pace and people are looking for improved, digital services that make life easier. Banks need to embrace this pace of change and deliver relevant services or risk becoming obsolete in a market where other providers are stepping in to fill the gaps.
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Tags: analytics, banking, CCS, Cisco, Cisco Consulting Services, data, digital, Financial Services, hyper-relevance, innovation, Internet of Everything, internet of things, IoE, IoT, Wim Elfrink
In years past, a visit to the neighborhood bank branch often featured face-to-face meetings with a trusted advisor who would guide customers through their most challenging financial journeys — often over a cup of coffee. Today, many banks have ceded that privileged position of trusted advisor. While banks have made great strides in using technology to cut costs and streamline transactions, customer experience and engagement have suffered.
In a Cisco survey of 7,200 bank customers in 12 countries, 43 percent of customers said their primary bank does not understand their individual needs. As a result, many respondents feel that their choice is between bad financial advice or no advice all. Moreover, nearly one in four bank customers intend to choose another provider for their next financial product or service. Increasingly, that provider could be a non-bank such as Apple, PayPal, or a retailer. Four out of five customers would trust a non-bank to handle their banking needs.
Clearly, the perceived value that customers receive from banks is declining, along with their trust in banks to represent their interests. Banks are seen as commoditized — and replaceable — providers of transactions. Meanwhile, in the wake of the financial crisis of 2007-2008 and some well-publicized banking scandals, banks’ “trusted advisor” status has suffered. Moreover, it is easier than ever to switch to a non-bank that customers believe has a better understanding of their needs.
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Tags: analytics, banking, CCS, Cisco, Cisco Consulting Services, data, digital, Financial Services, hyper-relevance, innovation, Internet of Everything, internet of things, IoE, IoT
A couple weeks ago, I had the opportunity to travel to China and South Korea to meet with Cisco customers and partners. The meetings went well, but it was clear that these countries share what seems like a universal condition afflicting so many cities all over the world: traffic.
I know what you’re thinking, “Traffic? Really?” Fair enough, but bear with me on this one.
Admittedly, the traffic may have been top of mind for me because of a recent advertising campaign Cisco unveiled foreshadowing the last traffic jam. The irony is that sitting in bumper-to-bumper traffic in Hong Kong gave me time to think about this in a more critical way.
Why, in today’s modern, technology-advanced era, have we not yet discovered a way to avoid traffic or at least control it? Sitting idle in traffic for many is an accepted daily annoyance, but it can also present serious consequences to the welfare and economy of many people and organizations. In the U.S. alone, it’s estimated that traffic costs $124B in lost productivity, fuel waste and higher prices for goods as a result of higher transportation costs. Multiply this by a global factor, and you begin to get the enormity of this so called “annoyance.”
At Cisco, we’re focused on creating solutions that deliver business outcomes for our customers: faster decision-making, lowering costs, increasing productivity, etc. Being close to Cisco’s data center solutions and the company’s Internet of Everything vision, I got to thinking how we’re not that far off from leaving the traffic jam in the dust.
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Tags: Cisco ACI, Cisco UCS, data center, Fast IT, Frank Palumbo, IoE
This week, I’ll join my Cisco colleagues and industry peers at Strata + Hadoop World in San Jose. Participating in conferences such as this is one of my favorite parts of my job, because it gives us an opportunity as an industry to share information, learn from each other, and tackle challenges collectively with creative Data and Analytics solutions.
Cisco created an Analytics 3.0 architecture that enables data and analytics solutions in the Data Center, the Cloud, and at the network edge, and has made substantial investments in each of these areas as a company. As we have the opportunity to meet and collaborate at Strata + Hadoop World, the Cisco team can tell you all about our substantial investments in these areas. More importantly, you will hear about how Cisco is delivering solutions in partnership with innovative companies who are leaders in big data, analytics and business intelligence.
Speaking of innovative partnerships, today, I am excited to share the announcement of a joint Data Warehouse Optimization solution with Informatica. The solution provides a single platform for offloading processing and storage from data warehouses to Hadoop and enables organizations the ability to integrate and analyze more data and types of data. If you are attending the conference this week, I encourage you to visit the Cisco booth (#831) to hear more about this exciting new solution.
By bringing the best software, hardware and services from Cisco together with innovative and market leading capabilities of our partners, Cisco is enabling powerful solutions to the very real data problems our customers are facing. Data Virtualization is a key part of Analytics 3.0, because it allows you to connect multiple different data sources, make all the data appear as if it’s all in one spot, and serve it up with a consistent shape and format to an application and eventually to an end user. Take data from traditional data warehouses, Hadoop clusters, lots of edge places and make it all look to an application like its sitting in the data center in one central data base. This also saves application developers from re-writing applications to take advantage of data that lives at the edge. They can simply write applications as they always have and we can pull that data together wherever it lives – all across the network, in the cloud, and between clouds. Powerful on its own…even more powerful together with our partners.
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Tags: analytics, analytics 3.0, Big Data, big data analytics, data analytics, data virtualization
At Cisco, we often talk about the power of the Internet of Everything– to reduce traffic congestion, to refresh our refrigerators, to make our everyday lives more convenient. But now, the Internet of Everything is saving lives.
In 2012 alone, more than 1.7 million women were diagnosed with breast cancer — that’s more than 4,600 women diagnosed with this life-threatening illness every day.
It can be hard to wrap one’s mind around just how common, and equally devastating, cancer can be. It has affected me personally, as well as the lives of my closest family members and friends. When it touches your life, or those around you, the impact is deep and long lasting.
Statistics on the prevalence of breast cancer and the personal stories of those impacted can be frightening, but there is more than just hope. Incredible strides across all forms of cancer are happening, and in many cases, they come in the form of early detection through ground-breaking technology.
You’ve heard of the Internet of Things (IoT). In fact, you’re probably wearing a FitBit or Jawbone on your wrist. You may be the owner of a smart thermostat like Nest. Or you’ve recently heard the hype about self-driving cars.
These connected devices are changing the way we live, work and play – and there are many more to come.
Today, only 1% of all devices that could be connected to the Internet are connected to the Internet.
By 2020, 20 billion devices will come online, amounting to a $19 trillion market opportunity for businesses and consumers. This next era of the Internet – the Internet of Everything (IoE) – will connect not only things, but also people, process and data to transform how we track our fitness, regulate traffic, conserve energy, tackle poverty and more.
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Tags: Cisco, Internet of Everything, internet of things, InternetofEverything, IoE, IoT