In my last blog, I continued the discussion about the 24-hour bank and how banks must transition from the physical business model to the digital business model. As part of my series on the 24-hour bank, this post builds on the question of how banks could begin to develop the capabilities, enabled by technology, to address the operational and logistical challenges inherent in operating in a customer-driven 24-hour world.
First are the factors that shape our existing banking distribution model: the traditional route to market and how clients connect and interact with their bank. Starting with branches, the traditional distribution model has evolved with the development of technologies such as the telephone, ATM’s, and the Internet. While these technologies provided increased options for clients to interact and transact, they were still affected by constraints of the existing operating model– the availability of bank staff with the requisite skills.
How so? Contact centers, telephone, and online banking required a shift in staffing models to enable customers to interact and transact outside of the normal work day. ATM’s began to allow customer self-service for certain basic transactions at any time of day. Collectively, these technologies extended operating hours for clients, but services were limited due the fact that the expertise required for more complex services were still unavailable outside the traditional workday. Read More »
Tags: banking, collaboration, customer experience, digital, Financial Services, mobile advisor, remote expert, remote expert mobile, transformation
Solution architectures are typically derived from open-ended questions designed to discover customer needs. However, Cisco approaches customers with insights-based assertions that rest on the belief that true innovation emerges from disruptive ideas that make customers aware of unknown needs.
According to Gartner’s report “Agenda Overview for P&C and Life insurance 2014,” three concerns for change stand out for insurance companies -- profitability and business growth, cost savings, and customer centricity. The study further indicates insurance executives struggle to maintain legacy products while simultaneously addressing concerns and uncertainties of innovation. Read More »
Tags: Cisco, customer experience, Financial Services, insurance, Internet of Everything, IoE, remote expert, video, virtual expert
Accelerating organic growth across segments, products, and services is a prime objective for today’s banks. The rubber often hits the road with the account opening process. And that process can go flat, especially when a customer runs into difficulties that cause it to breakdown creating an undesired customer experience. Cisco and Ignite Sales know that those potholes can be avoided and that’s why we recently teamed up during the Save the Bank Challenge Technology Showcase at the American Banker Digital Bankers Summit, in Los Angeles, CA and demonstrated how cross-channel account opening is a core element of an engaging customer on-boarding experience.
Customers who have a great on-boarding experience are inclined to consider additional products or services from the bank and the best time to capitalize on this opportunity is at the point of sales, when they are already buying. With the Cisco and Ignite Sales solution, banks have an opportunity to make account opening the centerpiece of a compelling customer acquisition strategy. Our ‘Save the Bank’ demonstration showed an Omnichannel account opening process that closes the gap that all too often exists between digital channels and in the branch. Read More »
Tags: banking, Cisco, connected mobile experience, cross-channel, customer experience, Financial Services, mobile advisor, omnichannel, video
As we approach the second half of the year, banks are continuing to shift their IT and marketing budgets to focus on improving and differentiating the customer experience. Consumers are demanding more convenience from their banks, who are responding by expanding channel choices and offering differentiated services that attract these fickle clients. For existing clients, banks are investing in technologies to cross-sell, deepen relationships and reduce customer attrition as part of a larger customer journey initiative. I thought the insights provided by Penny Crosman in her December 2013 article, “Top 8 Ways Banks Will Spend Their 2014 IT Budgets” did a very nice job of highlighting how IT departments will invest to support these initiatives. I wanted to comment on a few of her points to add color with what I’m seeing. Read More »
Tags: branch, Cisco, customer experience, delivery channel, Financial Services, omnichannel, retail banking
Sooner or later we all feel like throwing up our hands and cursing the complexity of modern life. But while technology may seem the chief culprit in making things unmanageable, it is also the ultimate solution to complexity.
In the Internet of Everything (IoE) era, it is particularly important for business leaders to understand the power of technology to simplify our lives and support informed decision making. And this was a core theme at Sapphire Now 2014, an event in Orlando, Fla., that I was privileged to attend last week.
By using network technology to integrate people, process, data, and things, IoE counters complexity in unprecedented ways. In a city, this can involve something as simple as cutting the time it takes to find a (connected) parking space. Or IoE technologies can scale up to reroute traffic lights; for example, to head-off highway backups before, during, and after a large event.
In a brick-and-mortar retail setting (a key area of discussion at Sapphire Now), IoE can alleviate the complexity of managing customers, staffing, and products. With data from multiple sources comes heightened, real-time awareness, empowering managers to react faster than ever. For example, they can then stock shelves and reorganize staff in response to constantly changing levels of demand. With predictive analytics they can even respond before a customer rush begins.
The idea of hyper-aware, real-time decision-making resonated during a Sapphire Now panel discussion titled Thrive in the Digital Networks of the New Economy. I was honored to share the panel with such luminaries as Erik Brynjolfsson of MIT; Michael Chui of McKinsey Global Institute; and Jai Shekhawat, Deepak Krishnamurthy, and Vivek Bapat of SAP. And there was much discussion on the impact of bad decisions on failed organizations. Which is why we all take such an interest in technology that enables good ones.
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Tags: asset utilization, Big Data, Cisco, Cisco Consulting Services, connected supply chain, customer experience, decision making, employee productivity, innovation, Internet of Everything, internet of things, IoE, IoE Value Index, IoT, Manufacturing, retail, Smart Cities, supply chain, value at stake