Digitization, which harnesses the power of what we call the Internet of Everything at Cisco — the connection of people, process, data and things — will change everything from the way we work to how we serve citizens, and teach our young people.
I believe that France will lead in this new era of country digitization. The French government truly understands the economic and societal benefits digitization will bring. Last week, I met with Prime Minister Manuel Valls, and together we announced an ambitious partnership, pledging to transform France into a digital republic. By creating a connected ecosystem, there is tremendous opportunity to fuel economic growth, create jobs, foster innovation — even improve energy use.
Cisco will power this initiative through the network. France has a strong traditional infrastructure in place — roads, water lines, buildings, even parking spaces — and the country is now committing to build out their digital infrastructure, which will help increase productivity, create jobs, and improve the lives of citizens. Cybersecurity will also be enhanced for the country and its businesses and citizens, and the results for France could be dramatic.
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Tags: digitization, France, innovation, Internet of Everything, Prime Minister Manuel Valls, startups
Around the world, banking customers express similar frustrations: they believe the value they receive from their banks is declining, at a time when their trust in those banks already has eroded.
What’s more, according to a Cisco survey of 7,200 banking customers in 12 countries, four out of five customers would trust a non-bank, such as a technology company or retailer, to handle their banking needs. Some of those disruptive competitors are succeeding where banks fail: by engaging customers with convenient transactions and value-added services.
The Cisco study found that Internet of Everything (IoE)-enabled services can help restore the value customers expect from banking institutions. IoE — the networked connection of people, process, data and things — makes it possible for banks to offer a more relevant, engaging, and convenient experience for customers.
Of the $19 trillion in global economic value Cisco estimates IoE can create over the next decade, 7 percent ($1.3 trillion) is accounted for in the finance market and could be addressed with concepts included in this survey.
The digitization of business and society is happening at a rapid pace and people are looking for improved, digital services that make life easier. Banks need to embrace this pace of change and deliver relevant services or risk becoming obsolete in a market where other providers are stepping in to fill the gaps.
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Tags: analytics, banking, CCS, Cisco, Cisco Consulting Services, data, digital, Financial Services, hyper-relevance, innovation, Internet of Everything, internet of things, IoE, IoT, Wim Elfrink
Every day, entrepreneurs launch startup companies to create apps, services, products, you name it! But often these self-starters have limited resources, small staffs and thus encounter other challenges that every new company faces.
So what’s the key to any successful startup? Innovation. By finding new and creative ideas to operate a business, entrepreneurs can unlock more potential with their staff, as well as the products and services they deliver to customers.
But startups aren’t the only companies that innovate. While Cisco may be nearing 30 years old, the company proudly sees itself as a major contender in the innovation space, especially in connection to the Internet of Everything. Here a few examples on how Cisco is the new innovator: Read More »
Tags: innovation, innovation center, Internet of Everything, Startup
In years past, a visit to the neighborhood bank branch often featured face-to-face meetings with a trusted advisor who would guide customers through their most challenging financial journeys — often over a cup of coffee. Today, many banks have ceded that privileged position of trusted advisor. While banks have made great strides in using technology to cut costs and streamline transactions, customer experience and engagement have suffered.
In a Cisco survey of 7,200 bank customers in 12 countries, 43 percent of customers said their primary bank does not understand their individual needs. As a result, many respondents feel that their choice is between bad financial advice or no advice all. Moreover, nearly one in four bank customers intend to choose another provider for their next financial product or service. Increasingly, that provider could be a non-bank such as Apple, PayPal, or a retailer. Four out of five customers would trust a non-bank to handle their banking needs.
Clearly, the perceived value that customers receive from banks is declining, along with their trust in banks to represent their interests. Banks are seen as commoditized — and replaceable — providers of transactions. Meanwhile, in the wake of the financial crisis of 2007-2008 and some well-publicized banking scandals, banks’ “trusted advisor” status has suffered. Moreover, it is easier than ever to switch to a non-bank that customers believe has a better understanding of their needs.
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Tags: analytics, banking, CCS, Cisco, Cisco Consulting Services, data, digital, Financial Services, hyper-relevance, innovation, Internet of Everything, internet of things, IoE, IoT
Today’s banking consumers are used to experiences that reflect their likes, dislikes, past histories, and even their future plans. But not always from their banks. These kinds of interactions are more common when buying an online book, streaming a movie, or planning a vacation. Despite numerous omnichannel initiatives, many banks continue to lag in providing contextual, relevant, and convenient experiences to their customers. And while many customers yearn for personalized financial guidance, a Cisco survey of 7,200 smartphone users and bank customers in 12 countries found that for too many bank customers, the choice is between no advice, or what they perceive to be generic advice delivered inconveniently.
As a result, bank customers often try to attain their most important financial goals on their own, via “friends” on social media, or from non-traditional providers of financial services. Moreover, since the financial crisis of 2007-2008, banks’ brand equity has fallen. Read More »
Tags: analytics, banking, CCS, Cisco, Cisco Consulting Services, data, digital, Financial Services, hyper-relevance, innovation, Internet of Everything, internet of things, IoE