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 the Internet of Everything Era (IoE), analytics will occur throughout the network—from the edge, to the core, in the cloud, and everywhere in between. Cisco is uniquely positioned to deliver intelligent networking infrastructure that acts as a flexible data plumbing footprint and control plane, giving our customers the flexibility to send analytics to the data source for IoT use cases that require real-time insights—as well as data to the analytics for use cases that require historical data.
The most powerful analytics solutions apply the combined power of an innovative infrastructure and analytics software solutions that are uniquely designed to optimize one another. Cisco’s analytics-ready infrastructure has been proven to provide a high-performance, flexible, and efficient foundation for leading data management, data integration, and analytics software.
- Cisco UCS Integrated Infrastructure for Big Data is an industry-leading platform widely adopted in the industry that helps organizations deploy and scale Big Data applications faster to drive the revenue side of the business while significantly reducing risk and TCO.
- Cisco UCS Integrated Infrastructure for Big Data is the first and only platform to post certified results for the new TPC Express Benchmark HS (TPCx-HS), which was developed to provide enterprises with a vendor-neutral way to evaluate the performance and price-to-performance of big data implementations. Cisco UCS Integrated Infrastructure for Big Data demonstrated outstanding performance and scalability at 1TB, 3TB, and 10TB scale factors.
- Cisco UCS Mini, ideal for processing analytics at the edge and branch offices, has earned industry recognition for innovation in furthering the development of the data center industry with the InfoTECH Spotlight Data Center Excellence Award for 2014.
- And, Cisco Application Centric Infrastructure (ACI) and the Nexus 9000 also took home an InfoTECH excellence award adding additional proof of the strength of Cisco’s analytics-ready infrastructure. As analytics workloads increase in number, the network plays a critical role in ensuring that workloads are completed and insights are delivered on time, securely, and cost-effectively. Cisco ACI lets customers dynamically optimize cluster performance in the network, redeploy resources automatically for new workloads to improve utilization and lower TCO, and ensure isolation of users and data as resource deployments change.
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Tags: ACI, analytics, Big Data, UCS
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
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 »
Tags: analytics, banking, CCS, Cisco, Cisco Consulting Services, data, digital, Financial Services, hyper-relevance, innovation, Internet of Everything, internet of things, 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