The insurance industry is facing a massive evolutionary shift driven by competition and changes in consumer preferences. The competitive battle is easy to see, as insurers delve out billions in advertising and marketing expenditures in an effort to attract and retain customers, while maintaining top of mind brand awareness and differentiation. And adding to the pile on--retail banks are beginning to offer personal and commercial policies, which means insurers are no longer only competing with one another, but banks as well.
Insurance fits into the broader context of how we live our lives. So, the same technology trends and innovations that are changing the way we interact with each other socially as well as with other products and services – travel, entertainment, automotive, to name a few–are changing the expectations we, as consumers, bring to the insurance experience. Customers want to interact with their insurance provider in the way they choose, at the time they choose, across any access channel with any device. Read More »
Tags: Cisco, collaboration, customer experience, Financial Services, insurance, mobile advisor, remote expert, virtual expert
A recent poll by American Banker Magazine reported on the impressions of the future of banking and generated some interesting perspectives about what the future will be like. While there were several insights, one comment especially captured the essence of the future:
“The future model of banking will center around dramatically increased simplicity delivered through a mobile device (phone, tablet, wearable technology). The result will be an experience that makes banking part of other daily activities as opposed to a standalone event.“
In other words, the business signs on our banks will now read “Open 24 Hours.”
How different this is, when compared to the operational model on which banks have operated for most of the time. Banks have their roots in a pre-Internet/pre-electronic communications era. Like many retail companies, banks were designed around a ‘brick and mortar’ physical model of operation and distribution. We can categorize this as the physical business operating model and the bank of now is heading towards anytime, anywhere access. Read More »
Tags: banking, customer experience, Financial Services, mobile
Now more than ever financial services companies are wrestling with reducing costs, increasing revenue, and mitigating risk. Cisco Live Milan is a chance for Cisco customers and partners to learn more about innovations that can help address these challenges while meeting business goals.
This year at Cisco Live Milan, we have the following financial services industry sessions:
BRKIND-2111: Enabling Omnichannel Interaction to Capture Greater Wallet-Share in the Retail Banking and Retail Industries
Wednesday, January 29 at 11:30 a.m.
Today’s evolving financial consumer wants tedious transactions automated while valuing interactions that enhance their financial situation. Did you know 2/3 of banking customer segments want anytime-anywhere full-service banking … and will not do business without it? Learn how Cisco can make you a hero at your bank … by enabling omnichannel banking to increase your wallet-share!
BRKIND-2333: Capturing Trading Alpha with Performance and Intelligence in Financial Markets
Wednesday, January 29 at 4:30 p.m.
As ultra-low latency architectures become the foundation of trading fabrics, embedded analytics and instrumentation capabilities are critical to capturing key opportunities in a fast-paced market. Due to these growing data analytic requirements within the architecture, scalable fabrics—without compromised latency—are becoming more important. Learn how Cisco’s High-Performance Trading Fabric is unique in the marketplace in its ability to enable competitive advantage in the form of capturing sustained trading Alpha.
If you are attending Cisco Live Milan, we invite you to visit us in the Cisco Collaboration exhibit area in the World of Solutions where we will show you how you can transform your customer interaction business model to:
- Improve sales, cross-sales, and upselling
- Acquire customers faster
- Increase customer satisfaction and loyalty
- Control costs and boost efficiency
- Enhance regulatory compliance
We will be demonstrating the newest release of Remote Expert, a solution that is gaining adoption around the globe. Why? Here is what one financial institution is saying:
“The Cisco solution has helped us improve customer satisfaction and staff efficiency while at the same time increasing mortgage sales. The business case in favor of the Cisco solution stacked up quickly.”
Andrew Nation, Senior Manager,
Future Customer Outcomes at Nationwide Building Society
If you are already registered to attend Cisco Live Milan, you can register to attend these sessions on your Cisco Live Schedule Builder today. For more general information on Cisco Live, please visit the main event website here.
See you in Milan!
Tags: banking, cisco live, Cisco Live Milan, financial markets, Financial Services, High Performance Trading Fabric, omnichannel
The insurance industry is continuously looking for the simplest, most efficient method of providing consumers with the best service, while at the same time trying to reduce overall operating expenses. While insurance providers explore the right options for their business, one thing is certain, cloud-based environments are low-risk solutions that enable applications to increase business value. From Cisco research, we know that running desktop applications in the cloud can be attractive because it reduces complexity and increases security.
Aside from the insurance industry, other financial services institutions struggle to find a business structure that provides the desired flexibility and market savings necessary to provide excellent customer service. However, with the help of cloud computing and unified communications, these challenges are being overcome. Due to recent success and proven low-risk functionality, insurers are gradually adopting cloud solutions to help guide business operations and initiatives. In fact, Gartner is predicting that the cloud system infrastructure market to grow by 47.8% through 2015. Read More »
Tags: Cisco, Cloud Computing, Financial Services, insurance, insurers, unified communications
Enthusiasm was at an all-time high at BAI Retail Delivery 2013 in Denver, CO last week as we continue to see major transformation in the banking industry. Within the Cisco booth, we demonstrated a series of solutions that enable digital and physical channels to become more interactive and sales focused, while improving the customer’s banking experience. Attendees were excited to walk through various live customer business scenarios – all enabled by the same infrastructure – and available today.
Cisco’s Omnichannel Booth Experience
The Cisco Financial Services team led the booth tours that took attendees through an end-to-end omnichannel experience. Participants were asked to play the role of an existing customer for the entire demonstration and were shown how Cisco can assist financial institutions in their desire to be more intimate and responsive to their clients’ needs. We demonstrated a seamless customer experience that can drive increased satisfaction and wallet share. Read More »
Tags: Cisco, collaboration, customer experience, Financial Services, omnichannel, remote expert, retail banking, video, video banking