Cisco Consumer Experience Report for Automotive Surprises Many: Consumers Desire More Automated Automobiles, According to the Cisco Study
I was fortunate enough to lead the Cisco team that looked at consumer experiences in the automotive industry, and the results were eye-opening. For those of you that didn’t know, the study surveyed more than 1,500 consumers across 10 countries. The global report examined consumer preferences of technology used when buying and driving an automobile. Consumers also identified preference for car dealers/manufacturers to provide a more personal driving experience, and their trust in future automotive innovation.
Some pretty interesting results emerged. Prior to purchasing a vehicle, consumers prefer to begin their process online. That’s not too surprising to most of us, since you’re reading this blog online right now, so you yourself are fairly comfortable with online research, I assume! But many had issues trusting the information on the manufacturers’ web sites.
- Most consumers begin their car purchasing process online: 83% of global consumers prefer to research online for information on a car, versus only 17% of consumers that prefer to call or go to dealership.
We were also educated on what mattered most to consumers. Consumers desire a more automated way to track car gas and maintenance costs:
- Impact of gas prices on customer experience: 52% of consumers want to track gas prices from a vehicle. Gas-price tracking was the highest priority, compared to 46% of consumers wanting to track insurance prices, 35% wanting to track roadside assistance availability, and 32% wanted to track recall information.
That was a little different to how folks wearing a manufacturing hat actually thought. Most manufacturing executives (57%) thought that auto manufacturer information is most important for consumers to track!
Consumers are also more willing to trade personal information for customization, security and savings:
- More Personal Security and Customized Cars: 60% would provide biometric information such as fingerprints and DNA samples in return for personalized security or car security. 65% would share personal information such as height/weight, driving habits, entertainment preferences if this allowed a more customized vehicle and driving experience.
“The survey shows consumers’ comfort with technology and need for immediate information whether they are researching, buying, driving or servicing their vehicle. While consumers in diverse parts of the world may expect very different experiences, their technology demand is more positive than many manufacturers imagine. Many consumers are just waiting for manufacturers to respond with better car buying, driving and service experiences augmented by technology.”
Peter Granger, Senior Industry Marketing Manager, Cisco Products Solutions Industry Marketing
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Tags: andreas mai, auto, Automotive, autonomous-car, biometric, BRIC, car, cars, connected car, connected vehicle, consumer experience, consumerexperience, customer experience, customerexperience, driver
The wealth management industry is under transformation. In an effort to win back trust, attract new customers and retain existing ones, firms are investing in new collaborative technologies that support their business model transformation from transactions to interactions focused on client centricity. Various McKinsey research and studies have shown that those who adopt more client-centric tools and processes can increase revenues up to 20 percent and profitability up to 2.5 times. Cisco’s own research has shown that wealth management firms that adopt client centric tools such as video can reduce client attrition, especially for the critical under-55 segment. Part of this transformation involves investing in video capabilities that enable firms and their experts to touch more customers, more often and in a more intimate manner than voice and email do today.
Getting the right expert to the right customer, at the right time is crucial in being able to offer superior customer service and improve cross-sell and up-sell rates. Another critical, competitive differentiator is embedding video capabilities into the mobile channels and applications customers already use. Read More »
Tags: Cisco, collaboration, customerexperience, Financial Services, omnichannel, video, wealth management
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 and thought leader in retail banking. He recently had the opportunity to discuss what comprises a high quality customer experience with Kelly McSwain-Campbell, Customer Experience Director at US Bank. In this role, Kelly is responsible for working across the enterprise with all lines of business and channels to help ensure teams deliver a differentiated customer experience that builds stronger and deeper relationships.
Delighting the Customer: Simple Works
As a banker and technologist, I’ve spent a lot of time dealing with systems that manage customer self-service channels like the ATMs and online banking, or with the systems that bank staff uses to interact with the customer. As a consumer of banking services myself, I’ve always been interested in the people side of services delivery and how banks can deliver quality experiences at the branch and the attended contact center.
I recently had a chat with Kelly McSwain-Campbell, SVP and Customer Experience Director at Minneapolis-based US Bancorp, and asked her for some insight into today’s challenges and how she manages to delight the customer in spite of the increasing complexity of the banking environment. Organizational and technology complexity sometimes work to hinder our ability to provide an excellent customer experience and we as bankers sometimes find ourselves even more distant from our customers.
But during my discussion with Ms. McSwain-Campbell, she made it clear that given the challenges with managing customer expectations across the multiple delivery channels, she is focusing on simple but effective ways to stay connected with customers at each point of interaction. We spoke about three areas that can ensure customers continue to enjoy the best banking experience possible. Read More »
Tags: branch, Cisco, customerexperience, Financial Services, personalized service, retail banking
Some might argue that retail banking is known more for its inconveniences than its convenience. As an example, the common term ‘banker’s hours’ is synonymous with “being open for the shortest and most inconvenient amount of time”. Despite that legacy, retail banks have made a concerted effort and real progress to extend services through various delivery channels to improve the retail banking customer experience.
Banks may have closed the customer service gap with other industries, but like other industries, must stay ahead of the consumer to deliver an experience that provides profitable value and differentiation. According to a recent report, what most customers want from their banks is greater access and more personalized experiences (in the form of advice, products, and services).
It’s not a surprising conclusion especially to the banking industry which has adapted a retail industry term – omnichannel – to describe the needed capabilities to deliver a consistent customer experience across all channels.
The Cisco Connected Customer Experience Report for Retail Banking – a global survey of consumers and bank professionals conducted in early 2013 – highlights the opportunities and the challenges that banking institutions face in meeting current and future customer expectations. Globally, consumers ranked Read More »
Tags: branch, Cisco, customer, customerexperience, delivery channel, Financial Services, omnichannel, personalized service, retail banking
We’re entering the age of the Internet of Everything (IoE), which is about connecting the Internet to the physical world (people, process, data, and things). We’re early in the process, with approximately 10 billion devices already connected. By 2020, Cisco projects that this number will reach 50 billion “things.” One of the key areas of impact identified in the Cisco Internet of Everything Economy report, “Embracing the Internet of Everything To Capture Your Share of $14.4 Trillion,” is customer experience. The report estimates that IoE-driven customer experience advances — based on increasing customer lifetime value and growing market share by adding more customers — will drive $3.7 trillion of the estimated $14.4 trillion of IoE Value at Stake globally over the next decade.
IoE is enabling organizations to engage with their customers in whole new ways and to create new business models. IoE is all about making new connections possible: interactions among people, and between people and devices. It’s also about the ability of devices to communicate with each other, with applications, and with digital services, and then empowering those technologies to take action based on these communications.
When more of the world is connected, expect the delivery of your customer experience to shift beyond the boundaries of your current web and mobile sites, and past the walls of your offices and stores. New technologies connected to the Internet — including things like Google Glasses, IP-enabled lightbulbs, new gesture technologies, and sensors — will form the foundation of IoE. However, it is the data stream produced by all of these new connections that will have the greatest impact on your relationship with your customers.
With IoE, you will be better able to build customer loyalty and delight — creating emotional brand connections, personalizing the experience, and targeting offerings based on the data generated by IoE. Just think about what the IoE-powered future might look like across your customer journey.
- Transform the process of building awareness and encouraging purchases,by bringing together data from various sources, including sensors that pick up signals to help anticipate customer needs. Target these customers in real time based on history, location, and activity.
- Apps move from performing cross-brand product comparisons to enabling customers to determine where to find items based on criteria they set, including best price, product ratings, and the most convenient retail location to shop (automatically taking traffic and wait times into consideration).
- Connected vending machines, digital signage, and other surfaces will recognize customers and deliver customized content at the point of need.
- Items will be ordered on — and delivered to — a customer’s mobile phone, wherever it is located.
- Post-sale, connect with the personal side of customers’ lives to help them achieve their goals. This will enable you to add post-sale value to create new revenue streams and drive new insights for innovation. Look for ways to be proactive, anticipate and prevent issues before they happen, or make suggestions that will improve a customer’s life.
- Mobile devices or sensors react to the environment and are set to receive personalized messages placed by you or your customers’ social circles.
- Sensors on clothing monitor customers’ health, enabling them to analyze and collect information about themselves, optimize their personal behaviors, and alert caregivers when there is an issue.
- Connected cars move beyond monitoring an automobile’s performance to collecting data about customers’ driving habits, providing instant insurance quotes, and communicating with things along a route
These capabilities can be offered as services, and the great thing is they can be updated and improved over time. Companies like Nike are already way ahead with products like Nike Fuel. Nike has secured a role in my life around my fitness goals, and given all the history it has collected about me, I am not likely to switch to a competitor anytime soon.
If you want to be in a position to tap in to the potential of IoE, it’s time to get thinking about the role your brand will play in this new world. One of the first steps in designing your customer experience is good information about the needs and trends of your customers. Cisco is helping through primary research such as the Connected Customer Experience Report for Health Care, with more industries to come. Please also follow us on the new Cisco Customer Experience Facebook page and Twitter for updated information.
In Part 2 of this blog series, I’ll provide specific details on how to get started in realizing the benefits of IoE for improving customer experience. In the meantime, I’d love your thoughts on how IoE will redefine customer experience as we know it.
Tags: Cisco, customer journey, customer loyalty, customerexperience, IBSG, Internet of Everything, IoE, value at stake