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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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Fast IT: Capturing True Value for the Digital Enterprise

Today’s CIOs lead in a world where rapid innovation is the key to success and disruption is a constant threat. Now, more than ever, technology is one of the biggest drivers of achieving successful business outcomes. In this new era of Internet of Everything (IoE) computing, CIOs are being called upon to streamline and optimize complex infrastructures, transform their operating models to drive innovation, and, as importantly, leverage this innovation to capture their share of the IoE Value at Stake.  Not an easy task for even the most experienced CIO.

Traditional IT infrastructures are complex, manual, and non-programmable — they can’t quickly respond to the needs of a given business. Because of this, the bulk of IT resources are often consumed with “keeping the lights on”, leaving few resources to drive transformation or innovation. Unfortunately, competitive pressures are leaving lines of business owners unwilling to wait for IT resources.   It’s become patently clear that a fundamental shift is needed Read More »

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The Hyper-Relevant Retailer: From Dark Assets to Dynamic Processes

As I was walking the aisles at the National Retail Federation “Big Show” in New York last week, I was impressed with the myriad of connected, smart solutions now available to retailers. Augmented reality, data analytics, video-enabled in-store robots and warehouse drones, you name it, it was there.

I’m just as dazzled as everyone else by these new technologies, but I believe it is important for retailers to view them within the wider context of making their organizations digital enterprises by taking action on the Internet of Everything (IoE). IoE is the networked connection of people, process, data, and things, and Cisco projects these connections to surge from 13 billion today to 50 billion by the end of the decade. With a total value of $19 trillion from 2013 to 2022, IoE is a profound market transition. Read More »

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2015 Predictions: The highest-impact IoE advancements in Retail

Co-Authored by: Shaun Kirby, CTO, Cisco Consulting Services

The IoE promises to revolutionize industries by providing access to a wealth of previously hidden information obtained from a myriad of new connected sensors fused intelligently by novel real-time analytics. Retailers have seen early success by connecting dark assets in stores, warehouses and other venues. This week at the Retail’s Big Show by the National Retail Foundation, Cisco shared specific stories about cutting edge IoE use cases in retail operations, , along with the release of a comprehensive, three-pronged research study on IoE in retail. Read More »

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New Study Tells Retailers: Win Consumers’ Trust to Deliver the Hyper-Relevant Experiences They Want

As Cisco’s chief marketing officer, an important part of my role is to build and maintain the trust of Cisco’s customers.In fact, “brand promise” ultimately relies upon the trust consumers have placed in a brand. Customers who are loyal to a brand will trust that the next product or service introduced under that brand will fulfill the brand promise. However, trust can also have more widespread impacts that affect an organization’s ability to compete and to provide the innovative customer experiences required in the Internet of Everything (IoE) era.

This week at the National Retail Federation’s “Big Show” in New York, Cisco released a new study that uncovered some unique insights about shopping behaviors and attitudes among U.S. and U.K. consumers in the digital age. The findings point to the need for retailers to provide “hyper-relevant” shopping experiences that deliver value to the consumer in real time throughout the shopping lifecycle. Hyper-relevance comes with the ability to dynamically compare real-time customer information with historical data, and the resulting insights allow retailers to improve operations and the customer experience. At stake, according to our research, is an estimated profit improvement of 15.6 percent for an illustrative $20 billion retailer that builds agile business processes for turning these insights into value.

Our research shows that consumers are looking for retailers to deliver hyper-relevance via three value proposition categories: efficiency, engagement, and savings. In the area of efficiency, for example, 77 percent of respondents said they would be “somewhat” or “very likely” to use a solution to optimize the checkout process. In terms of savings, 79 percent indicated a willingness to take advantage of in-store offers provided via digital signage, while 73 percent said they’d like to receive special offers through augmented-reality solutions. And, in the area of engagement, 57 percent indicated a desire to learn more about products in the store by using augmented-reality capabilities.

One of the points I found particularly interesting is that consumers are relatively willing to provide certain types of personal information to retailers—such as name, age, past purchasing history, interests, and hobbies—in order to get a more personally relevant shopping experience. But beyond this basic information, there is a “trust cliff,” a steep drop-off in willingness to share certain types of personal information. A significant 16 percent of respondents were not willing to share any personal information at all.

This trust cliff presents an interesting conundrum for retailers. On one hand, our study shows that customers want personalized and contextually relevant shopping experiences. But on the other hand, they are reluctant to share the very information that can help provide these “hyper-relevant” experiences.

Read More »

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