Geoff is the Lead for Cisco’s Business Transformation solutions for the Financial Services Industry in Canada. To read Geoff’s full bio, please click Here.
This is the first in a series of blogs where I will discuss the capabilities that are driving innovation in the design and structure of retail financial services organizations. These capabilities shape where and how work is done, how resources are allocated and positioned, where geographic expansion is executed, how customer points of presence are designed and staffed and how workplaces are configured. In sum, these capabilities offer new ways to engineer retail financial services organizations, the service delivery models that are critical to superior client experience and highly productive and cost-effective operations. Organizations that embrace and implement these capabilities will have a significant edge.
Imagine for a moment that you and your executive team are working to establish a new upstart financial services firm in a market with established competitors.
How would you shape and structure your organization, operating model and service delivery system so that your retail bank, insurance and wealth management businesses can effectively compete with the established players?
What would you offer that would drive superior, clearly differentiated level of satisfaction to the point where more clients move their assets to your firm?
What factors would influence and guide your organizing model? Also, what capabilities would be essential to win market share, enable cost effective expansion and growth?
What choices would you make in terms of how you allocate and locate your critical knowledge experts to drive the differentiated level of service and simultaneously achieve high productivity and the requisite level of profitability?
What infrastructure assets would you decide to own and operate within your organization, and which would you choose to have outside and provided by others?
Finally, how much time and focus would you and your executive team place on those assets and capabilities that make these advantages possible?
These are a few of the decisions and choices that would be paramount to you and your executive team. Why? Because these decisions and choices will influence the success of your enterprise. Read More »
Cisco’s Financial Services Industry Marketing team is pleased to welcome a monthly contribution from industry professionals sharing their insights and observations on key trends in the Financial Services industry. The opinions expressed in these posts are those of our welcomed guests and may not reflect the opinions of Cisco.
Jerry Silva, Principal at PG Silva Consulting, is a 25 year industry veteran in retail banking business and technology, and advises institutions on technology strategy as well as contributing thought leadership to a number of industry conferences and publications like the Financial Times, the Economist, and the Wall Street Journal.
Time for Banks to Join Us in Our Daily Lives
I’ve been in the market for a new pair of earbuds. Due to the big storm that hit Boston a few weeks ago, my earbuds were lost during the hectic scurry to fly home before the blizzard hit. Once I was safe at home, I visited a few “big box” retailer online sites to check out the latest technology. Using the stores’ customer review sections, I found a suitable pair that seemed to fit my needs, then I checked prices and searched for physical locations near me that had them in stock. My local store didn’t have them, but another location five miles away did have a few. After a quick sales chat with a store representative, I bought them through the web site, drove to the store, and picked them up at the customer service counter saving me the wait at the cashier.
Most of you will recognize this series of micro-experiences as a typical, and more importantly, single event in our e-commerce lives. The experience was seamless to me; A single journey – using transparent channels – to acquire a new set of earbuds. I was able to get the “Three C’s” I needed to complete the transaction; Credibility from other consumers on the quality and reliability of several models, Convenience of homework and shopping from anywhere (using my smartphone at one point), and Choice having the earbuds shipped to me if I wanted, or in my case, picked up at a physical location.
This post is about Banking, so you know where I’m headed with this… Read More »
It’s more difficult than ever for retailers to stand out from their competition. The reason: Internet-based transparency, next-day supply chains, rapid product replication, and low barriers to market entry are rapidly increasing commoditization and driving down per-unit revenues across the retail industry.
As a result, margins tighten, private-label products proliferate, brand loyalty withers, and, inevitably, industry sectors go through a process of brand consolidation. And while consumer electronics (CE) retailers are currently in the “commoditization crosshairs,” almost all retail segments have gone through the process of brand consolidation.
To help retailers overcome these challenges, the Cisco® Internet Business Solutions Group (IBSG) conducted research to study the strategic options available to CE retailers.
“There’s nothing you can’t do, now you’re in New York” – An Empire State of Mind – JAY Z
JAY Z opens Barclays Center in Brooklyn next week, with the first of eight consecutive sold out concerts. Lead by a strategy where the latest technology innovations will fuel engaging fan experiences like never before, Barclays Center will show it knows how to throw a party. Concertgoers, Brooklyn Nets fans and all other guests visiting Brooklyn’s highly anticipated new arena will enjoy a new generation of fan experiences that complement the world class talent on the stage and hardwood court.
Recent research shows that 75% of fans attending live events are likely to have a mobile device, approximately 50% will take photos with the device, and close to 50% of them want to share their experiences with family, friends and the rest of the world through social media channels like Facebook and Twitter.
With tens of thousands of fans in stadiums and arenas trying to connect through the network to share their experiences and access a host of other media rich applications, it is often challenging to get a reliable connection or any connection at all. How many of you have been at a sports or entertainment event recently where poor reception left you disappointed? (Real Madrid Blog) Cisco and Barclays Center have addressed these complex issues native to high density environments through state-of-the-art technology offerings.Read More »
For those of us who didn’t know, Bombardier builds what they call “complete, sustainable rail transportation systems’. These days that’s important.
Bombardier’s customers are transit agencies around the world, and the company must continually innovate to help its customers operate trains efficiently, safely, and with a superior passenger experience. Bombardier came to Cisco for assistance in developing an on-board network that will give its customers efficient, cost-effective capabilities that enhance the passenger experience.
Peter Granger, Industry Marketing Manager talks about Bombardier’s implementation of a ruggedized mobile network
Customer comment: “Transit agencies purchase their railcar systems with the expectation of them lasting for many years,” says Erik Larsen, Engineering Specialist II, Network Communications and Security for Bombardier. “Cisco helped us design a network that provides leading-edge industrial intelligence to support agencies’ strategies for attracting and maintaining ridership while easily scaling to meet their changing needs over time.” Read More »