You order a movie online and additional suggestions pop up, based on a deep knowledge of your likes and dislikes. You plan a vacation and similar suggestions appear, reflecting your financial state, the climate in which you live (and may hope to escape for a time), and past travel history. These convenient, personalized interactions are common today — and even expected.
Yet according to a Cisco survey of 7,200 retail banking consumers in 12 countries, customer expectations for financial services are not being met. Many of the most valued customers — and not just tech-savvy Gen Y ones — feel disconnected from their financial services institutions. They state that their banks do not know them personally, and are providing advice only on the bank’s terms — in the branch, during banking hours, when staff is available, — if at all. Read More »
Tags: CCS, Cisco, customer experience, digital, digital bank, Financial Services, Internet of Everything, IoE, omnichannel, Personalization, remote expert, retail banking, video
It’s that time of year again! On November 12-14, the Cisco Financial Services team will be attending BAI Retail Delivery 2014. This year, we’ll be showcasing exciting solutions for the Digital Bank — innovations that provide seamless, cross-channel engagement and meet escalating consumer demands while reducing operating costs, and increasing sales within your institution.
Cisco financial services solutions help customers connect with their customers and deliver a personalized banking experience and gain a sustainable competitive advantage in the Internet of Everything age. In partnership with Verizon, NCR and Intel, Cisco will showcase our solutions portfolio that enables new delivery models and applications whether at home, in the branch, or on the road, to support Omnichannel customer experiences and grow your business.
Join Cisco at booth #4029 and learn how to:
Mark your schedules to attend our speaking sessions:
- The Innovation Showcase competition will give attendees a closer look at our enhanced Cisco Remote Expert Mobile solution with a new aspect that delivers an engaging, personalized onboarding experience. Led by Karl Hartmann, banking practice architect for Americas Business Transformation, we’ll demonstrate how to connect seamlessly with your customers on their preferred channels, to start strong and build more profitable relationships.
- During the “Creating a More Efficient Omnichannel Delivery Blueprint” panel session, Jim Henschel, banking practice manager for Americas Business Transformation, will share insights into why finding opportunities to drive efficiencies in distribution networks has never been more critical. The panel will also provide insights on how to manage margins and expenses while planning for innovative technologies that can maximize omnichannel performance. Make sure to read Jim’s recent “Branch of the Future -- Network Innovations” article before the show.
- Al Slamecka, banking practice advisor for Americas Business Transformation, will be taking part in the “Driving Efficiency in Your Distribution Network” panel session, where he will lead a discussion regarding strategies for making balanced choices amongst today’s evolving communications and delivery channels.
This year’s event takes place in Chicago, IL at the McCormick Place West Building. For more information about registering for BAI Retail Delivery 2014, visit the registration page here. We hope to see you there!
Tags: Cisco, customer experience, digital bank, Financial Services, Internet of Everything, omnichannel, remote expert, retail banking, video
Last week I was at Westminster Central Hall in London for the EMEAR and UK&I Customer Collaboration Sales Summit. It was great to hear about some of the successes that our partners and customer are having, and some of the new developments in Cisco Customer Collaboration solutions.
One of the highlights of the summit was listening to my colleague, Zack Taylor talking about customer experience. He outlined some of the ways businesses are measuring customer satisfaction and building cross-functional programs in which the contact center plays a key role. In his session, Zack discussed three popular metrics that business leaders are tracking:
- Effortless Experiences: Proponents of the Low-Effort measure argue that customers will become loyal to companies that deliver low-effort interactions over those who strive to provide a dazzling experience but are more difficult to engage with.
- Net Promoter Score: Developed by Frederick Reichheld of Bain & Company, the Net Promoter Score provides a simple way to measure a company’s performance. It provides qualitative data that can help companies improve their customer experience by assessing the willingness their customers to enthusiastically promote (or not) their product and services to friends, colleagues, or family members. Read More »
Tags: Cisco, collaboration, contact center, customer experience, Hosted Collaboration Solution, unified contact center express
The CIO’s Finance Summit and Insurance Summit were recently held in Atlanta, GA and Cisco was a main sponsor at both events. The CIO Finance Summit provided a great opportunity for executives to have in-depth discussions on the best practices and strategies necessary to build customer-centric organizations. The CIO Insurance Summit brought together C-level executives from the property and casualty, life and annuity, and health segments, along with innovative solution providers and analysts from the insurance industry to discuss the critical technology issues affecting insurance organizations.
Major themes discussed at the CIO Finance Summit:
Channel Integration: Bridging the Business – IT Gap: Many banks are now addressing the gaps between business and IT as they move forward with channel integration and an omnichannel strategy. Marvin Cortez, Cisco Banking Practice Advisor discussed the criticality of building an appropriate business with IT roadmap that supported these initiatives and how Cisco is working with retail banks.
Customer Centricity and Interaction – What Will it Look Like in 5 Years? Meaningful client relationships are fundamental to retaining and attracting consumer and commercial customers. Customer preferences and increasing tech sophistication are causing distribution channels to evolve. Al Slamecka, Cisco Banking Practice Advisor, outlined the evolution of customer interaction and addressed the challenges and opportunities banks are now faced with to create the optimal client experience.
Major themes from the CIO Insurance Summit:
As consumers become more educated and savvy about their insurance choices, carriers are addressing the need for greater customer centricity holistically with better insight, optimized processes, and enhanced customer reach through direct and indirect channels.
Bridging the Gap, Today and Tomorrow! This session focused on how business and technology gaps are creating both challenges and opportunities. Cisco’s Rob Cornwell, Insurance Practice Manager, and Don Canning, Financial Services Practice Partner Manager, addressed how insurance industry trends are impacting lines of business and the resulting impact on IT strategy across Data Center, Networking, Collaboration and Security as we move toward the Internet of Everything.
IoE for Insurance Roundtable: In this lively exchange, roundtable participants discussed how the Internet of Everything is affecting the Insurance industry. Cisco’s Insurance Practice Advisor, Jeff Tumpowsky, opened with the observation of how the industry is seeing new data sources and how this data is driving new products, intelligent processes, tailored communications and new insights around risk. He explained where opportunities lie, first mover advantages, and what value is at stake for insurers doing nothing.
These two summits provided an excellent opportunity to exchange ideas, share successes and paint a vision of where the banking and insurance industries are evolving to as they address customer centricity, omnichannel sales and service and creating new business models. If you attended, let us know your feedback from the event in the comments section below. And if you could not make the event, please join the conversation.
Tags: Cisco, customer experience, Financial Services, insurance, Internet of Everything, IoE, retail banking
Authors: Luis Martinez and Jeff Tumpowsky
Customers of insurance companies have been relying on the adage Uberrimae Fidei (Utmost good faith) since the first contract was written in 2100 B.C. within “The Code of Hammurabi” (ref.), meaning that when something goes wrong (accident, illness, death, etc.), the company they have been paying premiums to will take care of a customer’s claim, process a claim and pay the insured some form of reparation financially or otherwise to make the customer “whole.”
The equilibrium of the equation remains “stable” for the insurance company as long as the pool of premiums exceeds total losses and for the customer, claims are paid in a timely manner and service is sufficient. However, technological advancements have increased the average customer’s expectations. The Internet and mobile devices, as an extension, have granted consumers access to endless amounts of data about products, opinions of those products, and experiences with those products. The game has changed. Read More »
Tags: Cisco, customer experience, Financial Services, insurance