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IoE Can Help Banks Regain Customer Trust by Delivering Better Advice and Mobile Services

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.

The Advice Advantage: How Banks Can Close the ‘Value Gap’ and Regain Customer Trust from Cisco Business Insights

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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The Advice Advantage: How Banks Can Close the ‘Value Gap’ and Regain Customer Trust

Today’s banking consumers are used to experiences that reflect their likes, dislikes, past histories, and even their future plans. But not always from their banks. These kinds of interactions are more common when buying an online book, streaming a movie, or planning a vacation. Despite numerous omnichannel initiatives, many banks continue to lag in providing contextual, relevant, and convenient experiences to their customers. And while many customers yearn for personalized financial guidance, a Cisco survey of 7,200 smartphone users and bank customers in 12 countries found that for too many bank customers, the choice is between no advice, or what they perceive to be generic advice delivered inconveniently.

As a result, bank customers often try to attain their most important financial goals on their own, via “friends” on social media, or from non-traditional providers of financial services. Moreover, since the financial crisis of 2007-2008, banks’ brand equity has fallen. Read More »

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The Power of a Complete Data and Analytics Strategy

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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Putting Cisco Entrepreneurs in Residence into High Gear: More Startup Innovations for the Internet of Everything

Cisco’s leadership in the emerging market for the Internet of Everything (IoE), Smart Cities and Big Data/analytics rests on our ability to harness the technologies and business models of our global partner ecosystem – especially those of early-stage startups who are building truly disruptive capabilities for the future. I previously shared my vision of Cisco Entrepreneurs in Residence (Cisco EIR) pioneering new ways for Cisco, already a successful innovator in the global IT space, to collaborate with innovative entrepreneurs in shaping the emerging technologies that will redefine our industry and change our lives. Since then, six startups joined our first incubation track last spring in Silicon Valley and began collaborating closely with Cisco business and engineering groups to co-create solutions for Cisco’s customers and partners. I shared various updates in the following months about the EIR program’s exciting milestones adding co-incubation partners across the US, taking the program to Europe and selecting the first startups to join our program there.

Today, I am pleased to share two more milestones marking the continued success of our open innovation strategy at Cisco, with Cisco EIR helping to lead the way.

Cisco EIR Demo Day 2014

On December 8th, 2014, we celebrated the successes of the startups in our inaugural cohort with our first Cisco EIR Demo Day (photos) a gathering of over 100 attendees, including Cisco business and technology leaders, VCs, partners and others from the Silicon Valley startup community.

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Cisco Big Data on Display at Strata+Hadoop World

Big data has become big business as businesses mine vast stores of data for insights that can help identify trends, predict behavior, and empower decision makers. And the Internet of Everything (IoE) is creating new analytic use cases and possibilities that were inconceivable just a few years ago.

Cisco’s rich portfolio of big data and analytics solutions can help you unlock your competitive edgeScreen Shot 2015-02-06 at 2.27.53 PM

  • From strategy to infrastructure
  • From edge device to data center
  • From access to analysis

Cisco’s unique approach to big data and analytics will be on display February 17-20 at Strata+Hadoop World in San Jose, California. This is the easiest way to learn about these solutions directly from Cisco experts and also see how these offerings stack up compared to other vendors.

One-on-One Demonstration and Discussions

Stop by the Cisco booth (#831) to get a first hand look at several key offerings in Cisco’s portfolio including:

  1. Data and Connected Analytics Portfolio
  2. UCS Integrated Infrastructure for Big Data
  3. Kaon v-Rack® mounted switches, routers, servers, and storage products.

I’ll be there, along with a number of other Cisco subject-matter experts. We would enjoy learning about your challenges and exploring how, with the right hardware, software, consulting, and services, we can help you transform IoE data into actions that create new capabilities, richer experiences and unprecedented economic opportunities.

If you aren’t already registered, take advantage of use code “Cisco20” for a 20% discount on 2 Day and All Access Passes.

Learn about Connected Analytics in the Solution Showcase Theater

Cisco® Connected Analytics for Events, a cloud-based analytic solution that venue operators use to enhance fan experiences, improve advertising and promotion efforts, identify operational and security issues, and provides the foundation for Why Event Analytics Matter on Wednesday, February 18 at 5:35 PM in the Solutions Showcase Theater by Rohit Shrivastava, General Manager of Cisco’s Connected Analytics Business Unit.

Listen to Cisco’s Point of View on Big Data with Analytics in an IOE World

Harness the Power of Big Data with Analytics is the title of Cisco’s keynote session on Thursday, February 19, at 4:50 PM in Room 210 B/F.  This presentation addresses the challenge organizations are experiencing due to unprecedented complexity in managing their data, with the rise of Big Data, Cloud and overall hyper connectivity of our world.

Cisco is building solutions to help our customers adopt Big Data solutions, solve business problems using Analytics, and harness the power of an intelligent infrastructure to provide highly differentiated Data and Analytics solutions. In this session, Mike Flannagan, General Manager of Cisco’s Data and Analytics Business Group, will provide an overview of these solutions, help demystify the relationship of Big Data and analytics and bring it to life through customer stories.

 

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Learn More from My Colleagues

Check out the blogs of Mala AnandMike Flannagan and Nicola Villa to learn more.

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