So This Guy Walks into a Branch…
I like to think of myself as a tech-savvy consumer, and that includes my banking habits. That means that I rarely step across the threshold of my bank’s branch, since most of what I need can be accessed online, or via my bank’s mobile app.
However, when it comes to complex interactions and larger spending decisions, I still prefer my local branch. What’s more, I have repeatedly gone back to the same bank as we have added new investments, even when they didn’t offer the best rate. Why? Because I value their expert advice, their understanding of my history, and, most importantly, their ability to see the whole picture — rather than just an isolated transaction.
Bank Customers Want It All
In this sense, I am not alone. The digitalization of banking has transformed customer expectations and behavior. Advances in technology have allowed customers like me to manage our own accounts remotely, from any place at any time. Yet for the more complex transactions, we still prefer personal interactions at our local branches.
An annual survey of 1,000 U.S. adults for American Bankers Association (ABA) by Ipsos Public Affairs, in August, 2014 found that consumers are embracing mobile banking in ever-increasing numbers. However, in-person branch visits are still popular with many customers. Preference for branch banking had increased year over year from 2013, from 18 percent to 21 percent, and 89 percent of customers who come to the branch required advice for complex financial products.
Today’s customers expect the best of both worlds: the convenience and easy access to online banking, along with the expert advice and personal guidance from their local branch. In short, they expect a blending of the physical and virtual, a value proposition that online-only banks cannot match. Read More »
Tags: analytics, banking, CCS, Cisco, Cisco Consulting Services, customer experience, data, digital, Financial Services, hyper-relevance, innovation, Internet of Everything, IoE
Several years ago, Cisco published predictions on the growth of Internet traffic – such as by 2017, there will be 5 devices and related connections for every Internet user worldwide. While the vision of the Internet of Things (IoT) is growing into reality, in just a couple of years, it’s expected to create more global network traffic than experienced in all prior “Internet years” combined. To leverage and prepare for the future of networked communications, businesses must transform the ways they manage their data collection and analysis. The old rules of capturing and storing information can no longer apply since the wealth of data is found not in a repository but in the place where data is actively collected – at the edge of your network.
Cisco estimates that 50 billion devices and objects will be connected online by 2020. With that in mind, can you imagine the ways your business can innovate its operations to best fulfill customer needs? Living on the edge doesn’t have to be intimidating – your journey to the edge begins with understanding the data that is vital to your business.
In your digital transition approach, begin with developing a strategic framework for your data processes:
- Real time analysis
- Data management
- Flexibility of use
Read more about edge analytics in the full article Connected Analytics: Learn to Live on the Edge – and Love It!
Tags: analytics, data, data management, Digital transformation, IoE, IoT
We all know that data is exploding and in more places than ever before. Without the right strategy in place, it can be a real monster. When tamed, data holds the key to great insights about an organization’s business that could help grow sales, improve the customer experience and save a lot of money.
Unfortunately, in real life we don’t have an ‘Analytics Man’ superhero that can turn data into insight magically with the snap of a finger. However; with the right IT strategy in place, data can save the day!
In that spirit, here are five ways to help tame your data:
Read More »
Tags: analytics, data preparation, data virtualization, Internet of Everything, internet of things, IoE, IoT
We see our customers across a range of industries are striving to become digital enterprises. Easier said than done in today’s hyper distributed environments. With over 14 billion devices online today and 50 billion expected by 2020, the exponential increase of data is being created by people and processes connecting from everywhere. It is becoming harder to reach that data, secure that data, and much less draw an insight and enable a person or process to take action on the data. The ability to secure, aggregate, automate, and draw insights from an organization’s own data – with speed – will define value for that organization.
At Cisco, we are making investments in software for analytics and automation to enable our customers to pull data from everywhere for real-time insights, integrate and automate increasingly complex systems and processes, and engage people in context. This is what it means to be a digital enterprise. This new blog platform will serve as an open forum for discussion on multiple topics related to analytics and automation, news and updates from Cisco as well as stories of success from our customers and partners.
I encourage you to actively participate by sharing your own challenges, best practices and topics you would like to see explored.
Join the Conversation
Follow @MikeFlannagan and @CiscoAnalytics.
Learn More from My Colleagues
Check out the blogs of Mala Anand, Kevin Ott, Jim McDonnell, Dave Goddard, Bob Eve, Nicola Villa and Hari Harikrishnan to learn more.
Tags: analytics, automation, data, digital enterprise
Not surprisingly, as a networking company Cisco frequently publishes predictions on the growth of Internet traffic. Bragging unintended, typically the forecasts are pretty accurate. In a 2012 report we predicted that by 2017 there would be 2.5 devices and related connections for every person on earth, while there would be 5 devices and related connections for every Internet user in the same year. In the same report, we also predicted that this burst in hyperconnectivity – including machine to machine connections that are increasingly prevalent with growth of the Internet of Things (IoT) – would create more global network traffic in 2017 alone than in all prior “Internet years” combined.
How correct were our predictions? You don’t have to wait until 2017 for an answer. Welcome to the early arrival of the future of networked communications – a future where the hyper-distribution of information is driving new business demands, and where the old rules of data management and analytics no longer apply. Data is no longer passive. Central stores of stale information aren’t sufficient. Analytics can’t be an afterthought. The new rules require that you live your business daily on the edge of your network, where vital customer and market data is created. And you need to be prepared to respond to what you learn immediately. Are you ready to live on the edge?
The Future is Now . . . Like it or Not Read More »
Tags: analysis, analytics, automation, business insights, digital business, Digital transformation, edge networking, hyper-distribution, hyperconnectivity