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Making the Branch Core to Omnichannel, and a Hub for Financial Expertise

I recently returned from a Financial Services Summit event in China, where I discussed trends in an omnichannel delivery strategy with an audience from 30 banks. A central part of my discussion was the notion that things are not changing, they’ve already changed. Consumers across the globe have a heavy appetite for digital services.

Digital consumers across all age groups are adopting new digital behaviors at a faster pace. For example, it took one European bank 10 years to have 20 million hits per month on their website, but when they introduced their new mobile banking app, it only took 1.5 years to reach 20 million hits per month.

In a recent Internet of Everything (IoE) in Financial Services consumer study conducted by Cisco across 12 countries, we saw that in China, there is a high interest for alternative banking solutions. However, this same group of respondents (72 percent) put the branch as their first preference for opening up an account. We saw similarly high scores across Brazil, India, Russia and Mexico. The U.S. consumers came in at 60 percent.

So, what does this tell us? For one, it tells us that we need to not only evolve our mobile strategy but also see the branch as a valuable asset that is complementary to mobile and still core to any omnichannel banking delivery model.

Yes, the branch still matters. From opening up an account, to applying for a car loan or even a mortgage, there is an educational and personal interaction component to that journey. Consumers often feel that they are not fully equipped to make decisions about financial products and services alone and often seek advice and guidance from a trusted banking specialist. Read More »

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Focusing on customers’ top digital journeys

I’ve often written about how we optimize to our Customers’ and Partners’ top journeys across our web sites and mobile apps. We’ve found that focusing relentlessly on the top things that visitors do with us online (versus following the latest cool digital fads) helps us stay grounded.  Customers and Partners drive their own journeys, and we’re reminded of this every time we run a user test with them or  look at the analytics from our sites.

Following this “top tasks” approach, we’ve been able to raise usability scores in key areas like Support by as much as 65 or 70%.  And, in areas where we still have challenges — as all sites do, by the way — the focus on top tasks keeps a spotlight on the work we have ahead.

I mention this again because usability luminary Gerry McGovern has recently published a nicely detailed overview of our top tasks approach on Cisco.com. It’s a great inside look at the process we follow, and is a great read if you’re interested in quality improvement or customer satisfaction in the digital space.

The techniques we’ve followed here for web sites and mobile also apply more broadly to omni-channel experiences, of which digital tasks are usually core. We’ve been exchanging notes with teams in other companies around this topic of measuring top tasks and journeys, and would love to hear about the experiences from you!

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Make Collaboration a Key Part of Your Litigation and Claims Handling Strategy

For those of us who have been in this industry awhile, the Property and Casualty (P&C) insurance market continues to be plagued by inefficiencies in claims handling and litigation management. Adjusters assigned to manage the claim are geographically dispersed, have varying degrees of expertise about the loss event, and handle multiple claims simultaneously. Disparate legacy systems still exist, and silos are prevalent between business, technology, and lines of business. This can result in wasted time and compromised claim performance.

Industry leading insurers should consider applying unified communications and collaboration technologies to lower claim expenses, while transforming the entire claims process into a seamless experience for all parties involved. Insurers continue to be challenged with diverse collaboration methods, especially for long-tail, complex claims in litigation, frequently with high monetary exposure potential and multiple collateral sources involved. A well-defined collaboration strategy can benefit customers, self-insureds, defense law firms handling insurer claims in litigation, agents, brokers, third-party administrators, government entities, court systems and reinsurers. Read More »

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“Hold Me Closer, Tony Danza” Customer Experience and Cisco Context Service

Due to a middle school crush, I became a fan of Elton John during the most prolific point in his career, releasing a series of records I still enjoy today.

Always looking to impress, I’d listen to the albums again and again looking to memorize the lyrics if the chance for a sing-along ever presented itself.  If a verse was hard to understand, I’d take my best shot, which occasionally produced comic results.

Little did I realize there’s a cottage industry of misheard song lyrics, with one of the most common being, “Hold me closer Tony Danza” from Elton’s song “Tiny Dancer”. Wow, talk about ruining the context of a song!

Context is an increasingly critical element of customer experience. The historical process of identifying and qualifying a customer during a real-time experience can backfire without context. Take my friend who called to report an outage on his cable service and was repeatedly upsold for an “enhanced” package during his queue time and agent interaction. We call this “doing the wrong thing right.”

Context provides the foundation for more personal, relevant and differentiated service – the battleground in the Experience Era.  Read More »

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The Connected Life: The Art of the Possible in Insurance

Gathering and Harvesting New Data through “The Connected Life”

The Connected Life, the digital life is steadily emerging. Today’s insurance consumers are increasingly tech savvy and want services on demand and expect them to be readily accessible anywhere, anytime. Because of this, the insurance industry and more specifically, the personal property and casualty insurance sector, is experiencing a significant period of change and opportunity. The primary change agent in this disruption is the significant amount of specific data that an insurance organization can gain for individual policyholders or prospective policyholders in this era of the Internet of Everything.

An industry steeped in tradition, legacy systems, conservative business practices and risk avoidance is now faced with the need for significant, rapid adoption of new technology accompanied by new data analytics models. This change is in-progress and data from the connected car, connected home and connected person is being gathered. The challenge facing the Insurance organization is not the data gathering, but the management, mining and “harvesting” of this expansive data. In fact, Cisco acknowledges five pillars in this space: Connect, Collect, Analyze, Decide and Apply. Focusing only on the first two areas of Connect and Collect will not provide an advantage over competitors. The key focus areas that will bring true value to insurers are Analyze, Decide, and Apply.

Put simply, a competitive advantage can be achieved by those organizations who effectively “harvest” newly gathered data from connected life solutions. Virtually all property and casualty insurance organizations with a top 100 ranking are investigating, testing, piloting or commercially deploying “Big Data” initiatives. These data gathering initiatives include connected vehicle/telematics, connected home and connected health of the individual, and further include value-added offerings for the consumer, while providing the opportunity for insurers to learn a lot about the policyholder or a prospective policyholder. Read More »

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