In my previous blog I introduced the series with the idea that financial services firms are now being expected to operate and be “Open 24 Hours.” Underlying this is the transition from the physical business model to the digital business model. This principle can be built upon by exploring the factors that are driving this change and some of the challenges that need to be addressed.
The explosion of digital devices, mobile apps, Wi-Fi everywhere, cloud computing and broadband internet together, provides consumers with increasing ways to explore and shop online. With increased use, shopping and buying online is quickly becoming the normal approach, especially with younger consumers. In fact, a recent study found that 64 percent of generation Y pays half or more of their bills electronically.
Increasingly, consumers start their purchasing journey in the digital space – primarily on the internet. This initial step is usually preceded by a referral from a friend, colleague or family member based on a superior experience. Regardless, the trend for consumers especially in the retail industry is to shop online and purchase offline.
How is this manifesting for retail banks? Just look at the forecasts of usage patterns and changing transaction mix across banking channels. Recent industry surveys all confirm that the volume and mix of transactions is forecasted to change over the next five years. Specifically, the internet, through mobile channels, is increasing in usage. The branch channel is expected to flatten and in developed markets, expected to decrease. In addition, the nature and type of transactions traditionally conducted in the branch is shifting to digital channels, as more technology-enabled solutions are deployed. Read More »
Tags: banking, customer experience, digital, Financial Services, transformation
As organizations mature, often they become silo’d into groups with similar charters but without a process to align their efforts. As a member of a team that is responsible for the overall strategy for of the company’s digital experience, this lack of alignment can cause inefficient resource allocation or worse yet, competing technology platforms. With speed of innovation in the digital space accelerating daily, the risk of misalignment increases exponentially.
In an effort to insure alignment across our organization, we recently led a cross organizational workshop to define and document our vision for what the digital presence of Cisco should become in the year 2017. We brought together over 45 subject matter experts, from over a dozen teams for a day and a half of interactive design thinking exercises. The exercises focused not on our internal processes, but on how our customers interact with our digital properties. The beauty of design thinking is that it breaks down personal bias in a team and focuses fanatically on the customer experience. By doing this, key themes were defined and agreed to across the teams.
We have all heard these key themes:
- content is king
- use of data to increase value to the customer
- agility over complexity
We all had similar challenges and understood the need to align. Seems easy enough, right?In an organization as large as Cisco, collaboration is critical. In order to drive that collaboration and alignment across the many digital teams, we formed a structure that provided a forum for alignment while keeping governance over the vision that was defined.
We do this through:
- commitment at the executive level
- driving agreement of the vision thru a cross-functional steering committee
- execution is driven through working groups aligned to specific aligned initiatives (such as analytics or partner experience)
The working groups (driving execution) are led by the organization closest to the effort, yet each has representation across several groups to insure alignment across all digital efforts. Each working group is then responsible to report progress to the executive level committees. We continue to build out and refine these processes as needed.
As the working groups have come back with their plans we have noticed the success of this effort was understanding that alignment is not the key issue, all the groups have similar requirements, expectations, KPI’s for success.
The true issue is a forum through which to drive the discussion in an agile fashion to align our digital vision. The expectation of failing fast and failing forward, understanding that the most exciting thing about the digital space is the pace of change and innovation. The journey is more rewarding than the destination, as the destination is always changing.
Tags: alignment, collaboration, design thinking, digital
SES ( soon to be called ClickZ) hosted a Digital Marketing Conference in Jakarta this week which is the meeting point for digital marketing and advertising professionals in the AP region.
Here the latest mobile marketing trends, best practices, new technologies have been discussed and presented, including Cisco’s CMX capabilities as part of meet the experts session called “Context marketing using Wifi location services”.
Some interesting observation and ideas being discussed include:
Multi-Channel Attribution modeling:
While online marketing investments are more measurable compared to conventional media such as television, however tracking what leads to sales conversion is becoming increasingly complicated.
The simple measures of last click or first click attribution are not fully meaningful to represent today’s omni-channel ultra-connected consumer. Therefore it’s not surprising that multi-channel tools and attribution modeling are one of the hot topics in digital analytics.
Data to underpin a successful digital marketing strategy:
Increasingly consumers are connected all the time – and with that every day around the world, connected consumers are being wooed by offers of better prices, better deals and better service.
How can marketers compete…often the only defence they think they have to fire back at competitors is to match those deals and price cuts.
However data is key, as more information about customers becomes more plentiful and more detailed, and as customers become more interactive with the companies they buy from, the competitive marketing landscape is becoming radically different. For many advanced organisations it is using data to deliver insight and analysis gives them a competitive edge to keep ahead of the pack. Read More »
Tags: analytics, attribution, best practice, click attribution, clickz, Conference, consume, content, context, conversation, crm, customer, digital, engagement, Industry, jakarta, location, marketing, mobile, mobility, model, multi-channel, network, omni-channel, purchasing, relationship, ROI, sales, services, SES, technology, trend, wi-fi, wifi, wireless
We all know about the importance of knowing your customer needs, and focusing on the digital journey. But all too often, we overlook the content that customer experiences — and how well it pays off the journey. A few months ago at the Word of Mouth Marketing Association conference, I shared five steps to tune the customer journey and the content needed to support it. Here are some lessons learned (and what you can do to get started).
1. Build out customer personas.
The first step is to bring your customer targets to life. Who are your customers and what do they care about? What are their key go-to sources for web, mobile and social? The key is to understand the roles these target buyers play and the interplay within the purchase process. At Cisco, we started with three target personas for our Data Center buyers and did a deep dive into careabouts for CEO, BDM and Technical Influencer roles. Read More »
Tags: Cisco, content, customer journey, digital, digital strategy
We all know how close we are to our mobile devices and digital technology, and how much we rely on these new tools – 87% of us use our mobile device while on the go and 81% of users read email on their mobile – and all of us use some combination of the web, mobile, video, social media, computing power, collaboration tools, and digital networks in our daily business lives.
We take advantage of advanced digital technologies for efficiency, effectiveness, and loftier performance in business, so why wouldn’t an athlete use these technologies to their advantage while in training or on the field of athletic competition?
- NFL quarterbacks have in-helmet speakers and microphones to get plays called-in from the coaches on the sidelines (as noted by the green sticker on the back of the helmet).
- The America’s Cup racing teams go to elaborate measures and spend incredible sums of money to hone their boat hull technologies for competitive advantage.
- Better strength-training machines (and outlawed performance-enhancing drug cocktails) optimize the human body for maximum performance.
- Special fabric technologies reduce wind- and water-drag for a few hundredths-of-a-second advantage in skiing and swimming competitions.
The examples are all around us, in virtually every sport or game, including the university-level, professional, and the Olympics. Read More »
Tags: digital, Mark Yolton, olympics, technology